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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.

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Therapy For Your Money

Is it ever too late to start a private practice?

December 20, 2024 • Julie Herres • Season 5 • Episode 159

Financial Success at Any Age

In this episode of 'Therapy for Your Money,' host Julie Herres talks with CJ DeMarco, a therapist who transitioned to private practice later in life. They discuss setting up for financial success using the Profit First system. Key topics include the advantages of private pay, the importance of niching, and the potential of intensives for trauma therapy. DeMarco shares her journey from educator to trauma therapist, highlighting that it's never too late to achieve financial security. A must-listen for therapists venturing into business and those curious about Profit First strategies. "Today's the best time to then make decisions that are going to impact your life in the best of ways," says Julie Herres.

Show Highlights

00:00 Introduction to Therapy for Your Money
00:55 Meet CJ DeMarco: A Non-Traditional Path to Private Practice
02:36 Financial Strategies for Late Career Transitions
04:27 Specializing and Setting Rates in Private Practice
07:09 Retirement Planning and Financial Security
10:30 Exploring Semi-Retirement and Marketing Strategies
26:48 Considering Group Practice and Passive Income Options
34:00 Conclusion and Final Thoughts

Episode Highlights

00:00 Welcome to Therapy for Your Money
00:48 Common Financial Mistakes in Private Practice
01:17 Mistake #1: Short-Term Thinking
04:12 Mistake #2: Underestimating Startup Effort
07:11 Mistake #3: Misunderstanding Fee Retention
09:08 Mistake #4: Ignoring Taxes
11:02 Mistake #5: Feeling Guilty About Profit
13:45 Introducing the Money for Therapists Practice Startup Course
16:23 Conclusion and Disclaimer

Links and Resources

Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
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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