Episode 141: What it Takes to Be a Wealthy Therapist Artwork

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.

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Therapy For Your Money

Episode 141: What it Takes to Be a Wealthy Therapist

May 10, 2024 • Julie Herres

Therapy for Your Money: Becoming a Wealthy Therapist

In this episode of 'Therapy for Your Money,' host Julie Herres discusses her insights on wealth accumulation for therapists. The economic rules discussed include spending less than what one earns, saving at least 10% of annual income, using debt wisely, having term life insurance if one has dependents, having emergency funds personally and in business, and ensuring one has a will. Lastly, she emphasizes the need for consistency in practicing these habits and that becoming wealthy is usually gradual.

Episode Highlights

00:00 Introduction to the Podcast
00:51 The Wealthy Therapist: Breaking Down the Stigma
02:39 The Six Rules to Financial Success
02:39 Rule 1: Spend Less Than You Make
04:31 Rule 2: The 10 Percent Rule
12:03 Rule 3: Term Life Insurance for Dependents
15:58 Rule 4: The Importance of Having a Will
16:31 Rule 5: The Necessity of an Emergency Fund
17:46 Rule 6: Using Debt Wisely
18:39 Book Recommendation

Links and Resources

Book Recommendation: The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially Independent
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy

Podcast Production and Show Notes by Course Creation Studio

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