Back to Basics: The Way of Budgeting That Works
Episode description
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
April is National Financial Literacy Month! In honor of that, Evon dives into some foundational topics around how to manage and prioritize your cash flow.
He talks about four foundational financial questions you should ask yourself about financial health:
- Are you taking the right amount of risk?
- Are you using your income appropriately?
- Do you have the right mix of assets?
- How much wealth do you need to make work optional?
He guides optometrists on how to quickly track the "health" of your cash flow through four metrics/vital signs:
- Savings Rate
- Spend Rate
- Debt Rate
- Tax Rate
Lastly, he talks about reverse budgeting - a.k.a., the way of budgeting that works.
Ultimately, it's about prioritizing the things that are most important to you and creating a system of saving that's automated. Once you've tackled the priorities, you have total freedom to spend what's left however you'd like.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get Your FREE Financial Health Assessment
- Spreadsheet - Cash Flow Analysis
- The Optometry Money Podcast Ep. 27: How to Check the Health of Your Cash Flow
- The Optometry Money Podcast Ep. 23: Is There Balance In Your Balance Sheet?
- The Optometry Money Podcast Ep. 22: How To Track Progress Toward Financial Independence
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.