The Optometric Minute

Set a Strong Career Business Plan

March 23, 2016

Kenneth Daniels, OD, FAAO, Dipl. ABO, owner of See Life – Hopewell & Lambertville Eye Associates in Hopewell and Lambertville, N.J., recommends setting a strong career business plan right from the start. Live conservatively and save aggressively to establish a financial backup. Also, increase your earning potential with additional training and a residency.

 

ASSESS YOUR DEDICATION. With $120,000-$150,000 of optometry school debt, be certain beforehand that this profession is for you.

INVEST TO INCREASE EARNING POTENTIAL. Newly graduated ODs typically earn $80,000-$100,000 annually. Adding a residency increases your earning potential.

BE FINANCIALLY CONSERVATIVE. Live like a student for at least a few more years after graduating, buying a used instead of a new car, and otherwise putting off expensive new purchases. Put away as much as 20 percent of earnings into savings for unforeseen events.

INVEST EARLY. Invest in high interest yield savings accounts, mutual funds, bond funds or municipal funds, and real estate. Buy adequate medical and life insurance.

SET ADEQUATE PROFESSIONAL FEES. Be sure your professional fees are high enough to take into consideration your student debt, and the value of your skills.

Kenneth Daniels, OD, FAAO, Dipl. ABO, is owner of See Life – Hopewell & Lambertville Eye Associates in Hopewell and Lambertville, N.J. To contact him: kennethdaniels@att.net

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