Is that not our goal?  For some optometrist, practicing is for the love of the game.  For others, it is a means to an end.  Whether you are passionately practicing optometry or using it to retire early or travel more, retiring by 50 is in your grasp.  Many graduating optometry students fear the reality of a $150,000+ school loan.  For those who decide that they are going to retire at 50, putting away a school loan is the first step and begins by extending the school living into your first years of practice.  If you want to retire at 50 consider these 3 ways to do it.

1. Live like no one else – When graduating from optometry school many graduates start spending money like they just won the lottery.  There is an anticipation spending splurge that goes on for the new graduate.  Time during optometry school was spent studying, sleeping, and studying.  Oh, maybe a party or two, but mostly non big ticket items, non-school tuition of course.  The 50 year old that retires spends the first 5-7 years of practice living simple and funneling most of their income to paying off debt.  Although this has created much push-back, your school loan should be out the door by your 10th year in practice.
2. Invest in commercial real estate – Start by buying into the building that your practice is renting from.  Many of you that practice in the larger markets will not have the privilege of doing this, however, the majority of practicing optometrists will in some form or fashion have the opportunity to purchase the building they practice in.  If this cannot be done, then by all means look for other investments that you can start now as you have 20 years to build equity.  Many optometrists wait to invest and don’t take advantage of the benefits of starting young.  Most ODs graduate optometry school before the age of 30.
3. Buy a practice in a small town – Gold mine!  This is where the money is at.  If you have from 30 to 65 to work once you graduate from optometry school.  Why not cash it in from 30 to 45 and sell.  Many of you want to live the big city life in your 30’s.  The decision does not come without the cost of working more years to amass the incomes that many small town ODs are making.  The economics of small town have early retirement written all over it, and the ability to travel as big dollars can come on a 3 day work week.  Many of you naysayers are baching at the practicality of this.  Don’t take my word, speak to some small town ODs and you will find that they are living small now so they can live big later.

There will be many doubters with the simplicity of this, however, it is not within reach if your priority is to spend more of your life with family and friends then it is to work at the office.  Optometry is a fantastic profession but life is more than your profession.