Optometry Financial Planning: Optometrists and Optometry Students

Defocus Media Eyecare and Optometry Podcast Network

Content provided by Defocus Media Eyecare and Optometry Podcast Network, Defocus Media Eyecare, and Optometry Podcast Network. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Defocus Media Eyecare and Optometry Podcast Network, Defocus Media Eyecare, and Optometry Podcast Network or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

6d ago 42:04

MP3•Episode home

Takeaways

Budget balance mindset. Start optometry financial planning in school by estimating real living costs and your future monthly loan payment, not just the loan balance.
Invest in passing boards. Treat board prep like an investment with a lifetime return on investment. Do it right the first time to unlock income sooner.
Systems beat willpower. Behavioral finance in optometry works when saving is automated, goals are intentional, and money is treated as a tool in service of your purpose.

Adam Cmejla, CFP® is a CERTIFIED FINANCIAL PLANNER

Optometrists earn well and impact lives, but what happens to that income if the optometry financial planning foundation is missing. In this Defocus Media episode Dr. Darryl Glover speaks with Adam Cmejla CFP. He is host of the 20/20 Money podcast. Together they unpack the behavioral and emotional side of money that is often skipped in school. From optometry student debt to habits, mentorship, and spending with purpose this conversation reframes finance as a clinical essential.
This companion post distills the episode into practical steps an eye care professional can use today. Whether you are budgeting for boards, a new graduate seeing the first twelve thousand dollar month hit the account, or an owner building a practice and a life on purpose, the emphasis is on behavioral finance in optometry. Simple systems, consistent habits, and choices aligned with your values.

The Student Start Budget Balance Mindset

Before the first exam block build a simple budget. Adam advises not to calculate only what you can borrow but what you need to cover school and life, and what that debt means as a monthly payment after graduation. That single number grounds optometry financial planning in reality and informs choices about housing, travel, and extras.

Balance matters. Students are not asked to stress over every grocery dollar, but they should connect borrowing decisions to their future. This mindset compounds beyond money. Discipline in budgeting mirrors the discipline required for studying continuing education and clinical excellence. Summary, budget the basics, balance needs and wants, and adopt a money mindset that supports long term goals in behavioral finance in optometry.

Boards Treat Preparation as an Investment

Boards are expensive and unavoidable. The message is clear, pass the first time. Invest in proven prep such as KMK or the resource you trust, and treat it like equipment for your career. In optometry financial planning this is a positive investment. Passing earlier accelerates income and reduces fees for retakes.

Practical advice, budget the full boards journey including registration, travel, and prep resources a year in advance. If family or work provides supplemental income, earmark a portion to a boards fund. You are not just spending on a test, you are buying back time and accelerating your earning curve which is vital when optometry student debt repayment begins.

Should Students Invest While in School

Usually no. Most students are stretched. If you are the exception, for example supported by family or earning side income, start small with a reputable platform like Vanguard, Fidelity, or Schwab. The point is not chasing returns but building a habit. Adam notes, we do not rise to the level of our goals, we fall to the level of our systems. That is behavioral finance in optometry in one line.
Even a fifty dollar monthly auto invest builds muscle memory. But if you are carrying optometry student debt and every dollar is tight, skip investing for now. Focus on passing boards and preparing for a clean launch. You are not missing the boat, you are sequencing decisions. After graduation turn on the saving system from day one.

New Grad Money Tool First Toys Later

The surprise for many is not debt, but income. A one hundred fifty thousand salary equals about twelve thousand dollars gross per month. Without a plan, spending quickly matches the paycheck. Adam reframes money as a tool. Ask yourself, what am I doing this for, in service of what, and at the cost of what. Then put intention into practice.

Action plan for optometry financial planning in year one. Automate saving on payday into retirement or brokerage so habits drive spending. Model the loan payment you projected while in school. Choose a repayment path that matches your goals. Define your first three goals such as building an emergency fund, cleaning up small debts, and funding continuing education. Write a one page plan. When saving is first, spending becomes intentional rather than restrictive.

A Statement of Financial Purpose

Adam recommends writing a simple statement of financial purpose. Example, spend quality time with family, primarily outdoors. Every purchase runs through that filter. If it aligns, proceed. If it does not, pass. This turns vague goals into behavioral finance in optometry.

Practice owners can do the same. Example, deliver excellent care while growing profitably and funding team development. Equipment decisions, staffing, and marketing then align with mission and metrics. Purpose turns money into a lever, not a temptation.

The One-Two-Three Rule

A lesson from grandparents applies. One, work hard. Two, save before you spend. Three, then enjoy nice things. Most people follow the reverse, work hard, buy the nice thing, then try to save what remains. In optometry financial planning, following one two three creates wealth.

New graduates who automate fifteen to twenty percent to savings and loan repayment from the first paycheck rarely feel the difference. They never saw the money in checking. Mid career professionals who start later can still succeed. The regret Adam hears most often from older doctors is not starting sooner.

Mentorship and Conversations

Money is personal, but silence is costly. Talk with a mentor, a practice owner, or a financially steady friend. You do not live long enough to make every mistake yourself. Learn from others. This is behavioral finance in optometry at the human level. Build a small board of directors for your money. Include one peer, one mentor, and possibly a fiduciary planner who understands optometry student debt, compensation models, and practice metrics. Meet quarterly to review goals, systems, and progress.

Buying Is Emotional

Patients buy with emotions, and so do doctors. Social media makes comparison natural, from cars to homes. The solution is not to avoid life but to design clarity into purchases—practical tips for optometry financial planning. Use a forty-eight-hour pause for purchases over $500. Keep a future joy list with your partner. If the item still matters after thirty days and aligns with your purpose, move forward. In practice, make the patient journey experience rich so emotions support care and profitability. Then reinvest profits per plan.

Strong clinical results come from repeatable systems. Strong financial results do too. Treat money like a tool. Automate saving first. Align spending with purpose. Talk to mentors and peers. Follow these habits, and optometry financial planning becomes less about sacrifice and more about joy.
Call to Action. Subscribe to Defocus Media for more practice-ready insights. Explore the 20/20 Money podcast for optometry-specific finance guidance. Share this episode with a student or new graduate who needs a clear plan.

18 episodes

#Fitness #Medicine #Podcasting Education #Defocus Media Eyecare Podcast Network