Most people have a complicated relationship with money. We often feel uncomfortable discussing it, yet it’s a critical part of our daily lives. That’s why, on today’s Power Hour episode, host Eugene Shatsman invited certified financial planner Adam Cmejla to discuss common money mistakes practice owners make and how to avoid them.

Adam Cmejla founded Integrated Planning & Wealth Management and hosted the “20/20 Money” podcast. As a third-generation business owner and the husband of a practicing optometrist, Adam has a unique perspective on the financial challenges facing ODs. 

In this episode, Adam shares the three biggest money pitfalls he sees practice owners fall into: neglecting practice financials, lacking personal financial planning, and inefficient use of time. He provides actionable tips to help you optimize your cash flow, minimize taxes, and make the most of your limited hours in the week.

Adam and Eugene discuss simple ways to find “found money” in your practice, whether it’s $1,000 or $100,000, to give you a strong return on your time investment. They also explore strategies for maximizing your time, a scarce resource for busy practice owners. As a fan of living life intentionally and efficiently, Adam shares his disciplined approach to freeing up time and using those finite 168 hours in a week more effectively.

Whether you’re looking to find the hidden value in your business or get your personal finances on track, this episode is one you won’t want to miss.

Key Takeaways:

  • Common financial errors: The three biggest money mistakes practice owners make are neglecting practice financials, lacking personal financial planning, and inefficiently using time.
  • Maximize your ROI: Adam Cmejla provides practical insights to help practice owners uncover hidden value in their business and personal finances, including tips for optimizing cash flow, minimizing taxes, and identifying “found money” opportunities.
  • The art of intentional living: Find disciplined approaches to time management, emphasizing strategies for freeing up time and using the finite hours in a week more efficiently to live life intentionally.

     

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    In this episode:

    04:25.55 Three categories of mistakes made with money

    11:12.44 Inefficiencies with cash flow

    17:21.91 Treasury management at your practice

    21:35.60 Personal financial planning principles

    23:58.23 ‘Pay yourself first’ methodology

    30:41.91 Owner compensation profit 

    33:51.80 Tax traps

    38:43.86 How to save money on taxes 

    46:12.18 Preserving time for resources you want to invest in

    54:59.60 Bookkeeping

    56:55.45 Time delegation hacks

    01:04:28 Upcoming book release – a collaborative project

    Contact Information

    Connect with Adam Cmejla:

    Adam Cmejla is a certified financial planner and the founder of Integrated Planning & Wealth Management, a financial planning firm in Carmel, Indiana. As a third-generation business owner and the husband of a practicing optometrist, Cmejla has a unique perspective on the optometry profession that sets him apart from other financial planners. He dedicates his time and efforts to helping optometrists nationwide “plan life, on purpose” through a personalized and collaborative financial planning process that addresses their personal, professional, and financial goals.

    Website – https://integratedpwm.com/

    LinkedIn – https://www.linkedin.com/in/acmejla/

    Connect with Eugene Shatsman:

    Website – https://www.eugeneshatsman.com/

    LinkedIn – https://www.linkedin.com/in/eugeneshatsman

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