What is the best path?

[fkajoshaj]

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hello everyone, I just want to know what is the best path to take after graduating optometry school in terms of making the most money? I am not in it just for the money, but frankly if I am going to put in all those years of school, I would like to make the most out of my time and money spent for tuition. What path of optometry is the most paid? Any Optometrists here that can answer this for me, I would appreciate it a lot. Thank you! 🙂

 

[JAZZEYE]

You have alot reading to do on these boards , if you want to get up to speed .
A great place to start would be with KHE.... look up his previuos posts back to 7/23/07 when he began the series the way it is.
The way it is Part 1
followed by
The way it is Parts 2 & 3
These will provide a lot of info toward what you are getting at.
IMO

 

[eyestrain]

Not in it for the money, huh? That's the biggest load I've heard in a while. Anyway, get into private practice somehow. You won't make the big bucks right away, but that's where the money is eventually. But based on that post, I'm not optimistic that you'll be willing to wait...

 

[IndianaOD]

Better apply to dental or med school if you want that much pay.

 

[hello07]

My opinion, best path from your statement would be to become an optician. You can open up an optical store in a great location or buy an exisitng one from a franchise or not; hire OD's young and old to work for you and you can make a killing. Again, this is no guarantee. But if you have a high volume office, with low overhead, your path to becoming a millionaire can be reachable. Med school, sorry to disspoint you might not get you that big pay you want. Getting into Diagn. Radiology and a few other $$ lucrative specialties is a long shot.
Good Luck.
If you wanna become rich, Optometry is not gonna do it for you. You'll be comftable but not wealthy. Hasn't for me. But then again my 2 cents.

 

[fkajoshaj]

Wow its unbelievable how words get twisted on these forums. I NEVER said I want to be wealthy and make millions. I am aware you cannot become a millionaire with Optometry. NO i do not want to be an optician thank you very much. If it was ALL about the money I wouldn't be going into Optometry. All I was asking is WHAT PATH AFTER GRADUATING OPT. SCHOOL CAN ONE TAKE TO MAKE THE MOST MONEY AS AN OPTOMETRIST? Some have said private practice and thank you for the direct answer. I was wondering if there is any medical approach to optometry rather than working in a commercial? I am not too knowledgable on the options one can take after graduating opt. school which is why I am on these forums wanting to learn. So if there are any optometrists that can help me out, I would appreciate it. Those of you who are bored and want to be wise as__s can keep their comments to themselves.

Any medical approach to optometry? (AND NO I DO NOT WANT TO BE AN MD SO PLEASE DO NOT TWIST MY WORDS AROUND)

 

[eyestrain]

I don't think it is unreasonable to get the replies you did after your first post. Go back and read it. No one was twisting your words. Just because you say you aren't in it just for the money doesn't mean its true.

 

[fkajoshaj]

Any sane person will know that Optometry isnt the field to go into if you want to come out a millionaire. Optometry is my field of interest. Now there is no one that doesnt like more money. If I am going to be an optometrist I want to be making the most out of it. So I asked which way I can make the most money as an optometrist, does not mean I want to be an optometrist JUST for the money. There are many fields such as business and law where I am sure you make bigger money. But why work as an optometrist and make 70K a yr when there is another way you can still be an optometrist and make 100k? Are you comprehending now? Dont be too quick to jump the gun and make your own interpretation. If I was in it just for the money I would not have any shame in saying it, but optometry is not the best way to make big bucks. So can anyone stop beating around the bush and answer my questions or is this site a lost cause?

 

[eyestrain]

No one is beating around the bush. I answered your question in my first reply. Get into private practice.

 

[KHE]

Any sane person will know that Optometry isnt the field to go into if you want to come out a millionaire. ?

Not so...I know many optometric millionaires and I'm more than half way there after being out of school for 7 years. My accountant says I make more money than most of his MD clients.

The key is to get involved as the owner of or a partner in a large, multi doctor practice.

You may not make a million dollars a year, but you can easily become a millionaire as an optometrist. It's just going to much much harder as long as you're working for someone else.

 

[file014]

I better be a millionaire by the time I retire. I would expect most every OD to become a millionaire. 100K/yr x 10 yrs equals what?

I agree with what eyestrain and KHE said. If you want to make money long term, you should probably go private.

However in your case, I say go commercial. Its gonna make you more money in the first 5 years, which sounds like what you want.

How can you ask if one job is going to pay 100K vs another at 70K? Have you investigated OD wages at all? I work at 6 different places. I know how much I make in a given day, but I dont know how much I will make this year or next year or the next. Chances are you will not get to slide into a full schedule at a private office on a 20% take. I am lucky to work 3 days private and fill in for the other couple of days. I probably average 4 days per week. Though sometimes its 3 days in a wk and sometimes I work 9 days straight.

The reality is, the more money you make, the more you will want. You will see it run out as fast as it comes in. You wont want to drive a cavalier every day for 10 years after graduation. You wont want to rent an apartment for years and years. Married with kids and a mortgage? Better dish out money for disability and life insurance. The more money you get used to making, the more insurance you need. Its a conundrum. I was way less stressed when I was a resident making 30K with a $200 rent.

If there was an easy way to make big bucks everyone would be doing it. Everyone with law or business degree is making more than an OD?

Welcome to the real world! On the upside, I love working at my private office and the rewards will come.

 

[Ben Chudner]

100K/yr x 10 yrs equals what?

It equals a million dollars, but it does not equal a millionaire. There are many optometrists that do not become millionaires. There are plenty of private practices that gross under $500,000 a year where the owner is taking home under $100,000 a year. You can be very successful in this profession, but you have to work hard and in most cases you have to sacrifice in the beginning.

 

[stonegoat]

I would buy a private practice that has lots of potential. Pick an area where the other OD are naering retirement. Be the only young guy in the area, renovate the practice, offer mid to high end only and you will make serious $$$.

Initial sacrafice = millionare

 

[KHE]

I would buy a private practice that has lots of potential. Pick an area where the other OD are naering retirement. Be the only young guy in the area, renovate the practice, offer mid to high end only and you will make serious $$$.

Initial sacrafice = millionare

???

Wouldn't we all like to do that...

I searched for YEARS before I found the practice that I ultimately bought and I can tell you after looking at probably more than 50 practices and having visited countless more as part of my former job, I can honestly say that 95% of practices owned by ODs nearing retirement age have little to no potential and are worth next to nothing.

Most of them have not been upgraded, or had a single cent put into them for over 10 years because "Hey! I'm retiring! I'm not putting any money into this place." Outdated equipment, decor, and practice model with little growth or expansion for years have bred a staff and patient culture resistant to change, and not willing to take it to the next level. The majority of these doctors have been on cruise control for years. No matter how much you renovate a Motel 6, it will never be a Ritz Carlton.

Mid to high end isn't the answer, and in fact m y experience has been that it is almost impossible. "Mid to high end" people almost always have good jobs with good insurance benefits and they want "what their plan covers (usually VSP) and nothing else." I always found that mid to low end was better because it was much more cash and carry. If you want high end, you have to go super duper ULTRA high end, which doesn't work in 98% of the country.

 

[file014]

It equals a million dollars, but it does not equal a millionaire. There are many optometrists that do not become millionaires. There are plenty of private practices that gross under $500,000 a year where the owner is taking home under $100,000 a year. You can be very successful in this profession, but you have to work hard and in most cases you have to sacrifice in the beginning.

I honestly dont know what defines a millionaire, but I was just making a point 😉 I just figure that after a career in this biz you should be doing ok, regardless of mode of practice.

 

[KHE]

I honestly dont know what defines a millionaire, but I was just making a point 😉 I just figure that after a career in this biz you should be doing ok, regardless of mode of practice.

Most financial advisors define a millionaire as someone who has a networth of over a million dollars, excluding their primary residence.