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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 176: What's the Balance? Frugal Spending vs. Investing in the Future
Budgeting vs. Investing: Smart Financial Decisions for Therapy Practice Owners
In this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, discusses how therapy practice owners can navigate the challenging decision of when to be frugal versus when to invest in growth. Julie offers a step-by-step guide on setting up a startup budget, allocating funds, and revisiting financial milestones. She also explores the pros and cons of taking on debt and the importance of marketing investments in the early stages of a practice. Key action steps include knowing your startup budget, dividing funds strategically, and continuously evaluating financial needs as your practice grows. Julie emphasizes the need for using accounting software and saving for taxes to ensure a financially healthy practice.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:45 Deciding When to Spend or Save in Your Practice
01:57 Setting Up Your Startup Budget
03:32 Allocating Your Budget Wisely
09:22 Marketing and Growth Strategies
11:43 Managing Debt and Financial Caution
15:18 Final Tips and Resources
16:57 Disclaimer and Legal Information
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
GreenOak Courses: https://www.greenoakaccounting.com/courses
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio