Episode Details

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this first-ever OD listener Q&A episode, we tackle seven questions covering practice ownership, retirement accounts, student loans, and tax strategy. From why your practice is your most important investment to navigating the backdoor Roth IRA maze, we break down what actually matters for ODs at different career stages.

Submit Your Questions to the Podcast:

Submit your questions for future Q&A episodes: OptometryWealth.com/podcastquestion

Listener Questions We Tackle:

• What can younger optometry practice owners do to build wealth in the first few years of ownership?
• How are "backdoor" Roth IRA contributions recorded on an optometrist's tax return?
• Why does a traditional IRA "ruin" the "backdoor" Roth IRA contribution for optometrists?
• Why is a 401(k) plan "better" for optometry practices than a SIMPLE IRA?
• Are owner's distributions from optometry practices taxable?
• Should optometrists pay down student loans or save for practice ownership?
• If an optometrist is on the PAYE plan for student loans, does he/she need to switch repayment plans due to the One Big Beautiful Bill Act?

Episode Chapters

[00:00:52] What can younger optometry practice owners do to build wealth in the first few years of ownership?

[00:06:08] How are "backdoor" Roth IRA contributions recorded on an optometrist's tax return?

[00:09:01] Why does a traditional IRA "ruin" the "backdoor" Roth IRA contribution for optometrists?

[00:12:29] Why is a 401(k) plan "better" for optometry practices than a SIMPLE IRA?

[00:17:25] Are owner's distributions from optometry practices taxable?

[00:20:42] Should optometrists pay down student loans or save for practice ownership?

[00:25:34] If an optometrist is on the PAYE plan for student loans, does he/she need to switch repayment plans due to the One Big Beautiful Bill Act?

Resources Mentioned

• Submit your questions for future Q&A episodes: OptometryWealth.com/podcastquestion
• The Optometry Money Podcast Ep 151: How Filing Taxes Separately Impacts Student Loan Outcomes for Optometrists
• The Optometry Money Podcast Ep 143: How the Final One Big Beautiful Bill Act Impacts Optometrists – Taxes, Student Loans, and More!
• The Optometry Money Podcast Ep 68: Financial Planning Considerations When Preparing for Practice Ownership
• The Optometry Money Podcast Ep 69: Financial Planning Considerations for the Early Years of Practice Ownership
• The Optometry Money Podcast Ep 70: Financial Planning Considerations for Owners of Established Optometry Practices
• The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.