Episode 141: What it Takes to Be a Wealthy Therapist

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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