Episode 116: What is the number you need to feel financially secure as a business owner?

In the ever-challenging landscape of the mental health industry, private practice owners often grapple with burnout. Julie Herres highlights the significance of having a clear financial goal or "number" to navigate these challenges. "It has been a hard couple of years in the mental health industry," Julie remarks, emphasizing the power of a financial target to bring clarity and direction.

What You'll Learn:

• The importance of balancing income with liquid assets for financial security.
• The "comfort number": Why having 3-6 months' worth of personal expenses and 1-2 months of business expenses can be a game-changer.
• Why it is good to have a conversation about the different comfort numbers from the other people in your household

Conclusion:
Financial well-being transcends mere numbers. It's rooted in the peace of mind derived from financial security. By grasping the balance between income and assets and pinpointing a personal "comfort number," practice owners can confidently face industry challenges. As Julie succinctly states, "Knowing your financial goals and working towards them can provide the motivation and security you need to thrive in your practice."

Links and Resources

• Green Oak Accounting
• Therapy for your Money Podcast
• Profit First for Therapists
• Profit First Academy

Podcast Production and Show Notes by Course Creation Studio