5 Financial Tips for the New Grad OD

Jul 3, 2019
4 min read
265 views

If you're planning to get your finances in order after optometry school, you're starting late! This article can help you learn what questions to ask and how to handle your finances as a new OD.

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You've graduated. Has reality set in yet? Years of hard work, sweat, stress tears, and way too many hours of studying have all culminated in you being able to call yourself a Doctor of Optometry! YES!

Now for a news flash: Do you know what comes next? I don’t mean to reign you back in so suddenly, but as the dust is begins to settle, you’re faced with a long list of questions that likely starts with "now what?" As a wealth advisor to many optometrists and recent graduates, I can tell you the #1 question that folks ask me is "What do I do now?" Alternatively:

  • "Is there a game plan I can follow?"
  • "How can I make sure that I’m set up for financial success?"

These questions are terrific, and I love it when people ask them because (while there’s never a one-size-fits-all approach to personal finances) there are absolutely some key things you can do right from the get-go!

1. Start working with a financial professional

One of the five key mistakes we find OD’s make is assuming they don’t have enough assets to work with an advisor. Get rid of that thought immediately. Ask your friends, colleagues, and most trusted mentors about who they are working with and why. A few areas you should be looking for right away include:

  1. Independent advisors who are comprehensive planners — they don’t represent any one specific insurance or investment product.
  2. Find yourself a fiduciary — someone, who by law, must act in your best interest not only today, tomorrow, and the day after, but each day after that. This is so important.
  3. Attend financial talks and dinners or get to know any advisors or firms that specialize in your industry. This is a great place to start.

Need even more reasons to work with a financial professional? Check out this interview on the benefits of working with a Certified Financial Planner!

2. Educate yourself on disability insurance

Find the appropriate terms, the right carriers for optometrists, and have this conversation right away with your advisor — trust me, they’ll bring it up 1st anyway. It’s that important.

3. Start planning for retirement

“What? But I’m just getting started?” Exactly! The truth is, if you’re starting now, you’re already behind. But that’s okay! It’s a challenge unique to doctors that you’re starting your career now, but the good news is that you are going to be a higher earner and can get caught back up quickly with dedication and a proper plan!

4. Create a budget

For some, this comes naturally. For others, it is a daunting task! If you fall in the latter camp, look for some financial technology apps to help try to make it fun! Taking control of where your assets go gives you the power and control to make great financial decisions. The sooner you master this, the closer you are to becoming financially successful.

Are you ready for a powerful budgeting tool to add to your arsenal? Check out our Personal Cash Flow Calculator to help you budget, spend, and (most importantly) save!

5. Obtain life insurance

If someone else is going to be dependent on your new income or your practice, you absolutely have to have a conversation about life insurance. Your independent advisor will specialize in the life insurance marketplace and educate you on the differences between term and permanent insurances.

They can also walk you through other policies that a new business owner may need to acquire, such as key person life insurance or buy/sell agreements. Business planning and insurance planning go hand-in-hand, and it’s extremely important to be proactive with both. Discuss with your advisor today. None of us have any way of knowing what lies ahead, and failing to plan is planning to fail.

If you act on all the above, you’re going to be in terrific shape as your career progresses. If all of this feels overwhelming, that’s okay. Go back to step one, and the rest will begin to fall into place. Remember, you are never alone, and those who work with professionals will be that much closer to achieving their financial goals.

To learn more about steps, please contact me using my information below! I look forward to helping you navigate through your financial path toward new worry-free goals and dreams. Let’s get after it!

About Michael Marino

Michael brings to GCG over 12 years of client service-related experience in both the golf and financial industries. He spent 10 years as a successful assistant golf professional at some of the most prestigious golf facilities in the country, including Augusta National Golf Club, Nantucket Golf Club, East Hampton Golf Club and Butler National Golf Club. He is a member of the PGA of America and is recognized as a Class ‘A’ Professional golfer.

Michael transitioned his career to managed futures and commodity trading with Lekka Capital Management, where he was responsible for business development, managed futures accounts, and trading in Eurodollar futures contracts, along with currencies, grains, and metals.

Michael is an active volunteer at both the Hinsdale Humane Society and the La Grange Public Library. As an avid sportsman, Michael is a scratch handicap golfer, and can most likely be found practicing his game at one of Chicagoland’s golf facilities in the summer. He also enjoys quality time with friends and family and continues to seek out new and exciting events, restaurants, museums and neighborhood festivals.


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