RECENT OPTOMETRY SCHOOL GRADUATES

Building a Strong Financial Foundation

Hannah (26) is excited to soon graduate from optometry school. She's worked to minimize student debt, but knows the real financial journey starts now. Jacob, her partner, works as a software sales representative and has a strong earning potential but variable income due to commissions. They dream of achieving financial stability, homeownership, and enjoying travel together.

The Challenge

Starting her career as a new OD, Hannah anticipates a lower initial salary along with student loan payments. Having relied on Jacob's income during school, they now face new challenges:

  • How to budget with variable income, handle student loan payments, and reach their savings goals?

  • What investment strategies balance risk tolerance with the need for steady growth?

  • How can they protect their future income in case of unforeseen setbacks?

  • What should Hannah focus on in her first employment contract to maximize long-term financial benefits?

The Process

Seeking guidance, they reached out to a financial planner specializing in advising young optometrists. The process focused on both immediate needs and leveraging their unique income streams:

  • Variable Income Budgeting: Developed a flexible spending plan to accommodate Jacob's sales cycles, ensuring consistent saving amidst fluctuations.

  • Financial Education: Explained long-term investing principles, emphasizing the importance of maximizing retirement savings early.

  • Income Optimization: Reviewed Hannah's contract, highlighting negotiation points on benefits, future equity potential, and optimizing retirement saving options.

The Solutions

The financial planner equipped them with a tailored plan:

  • Debt Repayment Plan: Outlined various student loan strategies, considering future household income changes and Jacob's sales peaks.

  • Strategic Investing: Opened age-appropriate retirement accounts for Hannah and adjusted Jacob's existing investments for better alignment with their risk tolerance and shared goals.

  • Protection Mindset: Discussed the importance of both life and disability insurance, especially for Hannah as she finds her way as a high earner and Jacob's potential for higher risk coverage due to commission-based sales.

The Results

  • Financial Empowerment: Hannah and Jacob understand how to manage their finances in sync with their career trajectories for optimal growth.

  • Income Maximization: Hannah is prepared to negotiate her contract with a clear picture of how to secure the best financial terms.

  • Growth Foundation: They have established saving and investing habits designed to capitalize on their combined income while ensuring stability through income fluctuations.

Case Studies

1: Recent Optometry Grads

2: Balancing Career and Family

3: Planning for Practice Ownership

Note: We protect our clients’ personal information. This hypothetical case study does not involve an actual Foresight Financial Planning client. No portion of this content should be construed by a client or prospective client as a guarantee that he/she will experience the same or a certain level of results or satisfaction if Foresight Financial Planning is engaged to provide investment advisory or financial planning services.

Let’s build your financial health together.

✓ Feel confident about your finances so you can achieve your professional and personal goals.

✓ Become inspired by your own progress towards financial independence.

✓ Be thrilled by the possibilities that come with a well-managed financial portfolio.