Photo courtesy of Dr. Vittorio Mena, OD, MS, who is seen here in one of his exam rooms. Dr. Mena shares tips for creating a financial defense plan.
Creating a financial defense plan.
By Vittorio Mena, OD, MS
Sept. 10, 2025
With summer winding to a close and the start of the fall, back-to-school/back-to-work season upon us, let’s talk about something we don’t always like to discuss—protecting ourselves financially.
In my last column, I broke down how much money optometrists might need in retirement depending on the state they live in, plus a few ways to calculate those numbers.
This time, let’s shift our focus to financial defense.
No One’s Invincible: Why We Need Defense
It’s easy to feel like we’re “incident proof,” that nothing bad will happen to us or our practices. We hope we’ll make it to retirement in our mid-60s, and for most of us, that’s true. But every year after the Fourth of July, for example, people still suffer injuries—like losing a finger, eye injuries or, tragically, even death. This year at least 10 deaths were reported from fireworks accidents.
Just when we began to feel safe, Hurricanes Helene and Milton devastated parts of Florida and Georgia, causing some of the deadliest destruction the U.S. has seen since Hurricane Katrina. Then, only three months later, the 2025 Southern California wildfires (including the Palisades and Eaton fires) caused an estimated $250 billion in damage and around 440 deaths. They’ve been called among the costliest natural disasters in U.S. history.1
Organizations jumped in to help, including the American Red Cross, Salvation Army, American Legion Post 283, the Center for Disaster Philanthropy and many more. One group that stood out to me, since we’re in eye care, was the Power of Sight Foundation. Led by President and Founder Gianny Cardenas, their volunteers—many local optometrists—gave up their weekends to provide free eye care and hundreds of pairs of glasses to those affected by the fires. The gratitude from the community was overwhelming.
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Offense vs. Defense: Are We Missing Something?
As optometrists, we talk a lot about investments—that’s our “offense”—but sometimes we overlook defense. How can we protect ourselves financially? A few things come to mind.
Most of us don’t love when patients ask, “Do you take my insurance?” Your front desk says yes, or sometimes has to say no (even if they wish they could just avoid that hassle altogether). Honestly, self-pay is easiest for our bottom line. But when it comes to protecting ourselves, insurance is critical.
Most of us have health, car, homeowner, renters, malpractice or dental insurance. But too many optometrists skip some of the essentials: disability insurance, life insurance, pet insurance if you own a furry friend, flood insurance, long-term care insurance, legal protection or identity theft protection. I also see a lot of colleagues who haven’t created a will or trust, which can lead to their loved ones dealing with probate headaches and big legal bills.
A Quick Reality Check: What Are You Really Missing?
Whenever I speak at events, I ask, “Who here has malpractice insurance?” Nearly every hand goes up. Next, I ask, “Who thinks they’ll get sued during their career?” Not many hands. We buy malpractice coverage “just in case.” But when I ask, “Who here is going to die someday?” every hand should go up, yet half the room doesn’t have life insurance.
According to the Social Security Administration, a 20-year-old has a 25 percent chance of becoming disabled before reaching full retirement age—and the risk is even higher for men.2 If you skip these critical types of coverage, you’re gambling that nothing will ever go wrong. In sports, winning teams play both offense and defense.
You insure your $50,000-plus Mercedes or Tesla, so if you crash, insurance covers it. But you may not have life insurance to protect your family or business partners if tragedy strikes—even if you’re earning well over $100,000 a year.
Making a Financial Game Plan
There are so many types of policies available. My goal is to get you thinking about your own situation. In a future article, I plan to dive deeper into different types of coverage—what you need, what you might not and how to create a financial game plan that works for you, your family and your business.
I will discuss the details and distinctions between the following insurance types: whole life, indexed universal life, infinite banking, term, disability (short-term or long-term) and long-term care insurance.
For now, remember: Defense wins championships. Thanks for reading, and I hope you’ll join me next time.
Read part 2 and part 3 of Dr. Mena’s financial defense strategy series on ROB.
This column is for informational purposes only, based on hypotheticals, and does not constitute financial advice. There is always risk and potential for loss with any investment. Please consult a licensed financial advisor before making choices about investments.
References
Vittorio Mena OD, MS, is the sports vision director with Optical Academy. Dr. Mena is also an Optometric Financial Coach, with Series 6 and 63 investment licenses and Series 2-14 life and variable annuity licenses. To contact him: menavitt@gmail.com
