Money management for counselors is not something most of us learned in grad school. So how do you craft a no-nonsense money management plan as a therapist? The best starting point is to change your money narrative from fear to ‘I got this!' and my interview with Turning Point Financial Life Planning founder David Frank will help you do just that. Listen now!
TCCBB Episode #16 Money Management for Counselors: My Interview With David Frank
What’s the best way for a counselor in private practice to manage their finances?
Turning Point Financial Life Planning founder David Frank: You’re a business owner. You’re a private practice owner. That means not only do you have your personal finances to manage, everyone has those challenges, and that’s challenging enough in a lot of cases. Now, you also have the finances of your practice to manage, and so there’s all kinds of things that really need to get taken care of and there’s no way you can solve everything in one setting. You can’t treat it as a singular project to sit down and complete once a year or once a quarter.
Why is money management important to an entrepreneur?
David: As I kind of alluded to earlier, when you are an entrepreneur, you’re running your own small business, your own practice, money management becomes even more important because when you’re an employee and you’re just getting a paycheck from someone else, you can count on that money coming in, you sort of know what it’s going to look like, a lot of the taxes are taken care of, and then when you transition into being a solo practitioner, all of the sudden, everything is kind of on your plate.
What are some money management skills you recommend?
David: I think especially for folks just getting started, I have on my website, and I call it my Private Practice 101. You sign up for it, and there’s a 40-minute recorded webinar where I walk through a lot of the basics that we’ve been hitting on today, but in more detail. I’m talking about a profit and loss statement and thinking about taxes and just planning for setting up your business. Even though sometimes you think, it’s not a business, it’s a private practice, it’s like, it’s yes/and. Your private practice is a small business.
It's ok to ask for help to manage your practice revenue and personal income. My guest today, David Frank, is the founder of Turning Point Financial Life Planning. He helps mental health professionals learn how to manage their money without losing their mind in the process!
Blog post by Kate Walker Ph.D., LPC/LMFT Supervisor