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Therapy For Your Money
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Therapy For Your Money
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
Podcast Production and Show Notes by Course Creation Studio