Episode 31: Building Your Private Practice's Financial Foundation (with Linzy Bonham)

When you build a solid financial foundation into your private practice, you set yourself up for success in the future! There are a number of ways you can begin building your foundation, such as automating financial systems, providing yourself a consistent paycheck, and familiarizing yourself with key business financial terms and practices.

Linzy Bonham is a therapist in private practice, a consultant who helps therapists feel calm and in control of their finances, and the creator of the Money Skills for Therapists course. As the daughter of an accountant, Linzy inherited a good dose of bookkeeping brain. She's half therapist, half bookkeeper! So when she went into private practice, she dug right into all the ways to build a healthy business that pays for her life and always has extra money in the bank. Now Linzy helps therapists develop peace of mind about their money. Since so many therapists were never taught about money, she focuses on the 'how' of making the financial side of private practice doable, and even super satisfying!

Episode Highlights:

• Figuring out your financial "baggage"
  • What is your money story? Do you have a habit of overspending and then feeling guilty immediately? Do you find yourself anxiously setting aside so much money that you aren't allowing yourself a comfortable income?
  • Once you determine your financial habits and the emotions that are tied to them, you can figure out what changes you would like to make and learn the skills to make those changes possible
• Separating yourself from the emotion of money
  • Therapists often feel guilty when putting a price on their services - often times, this leads to feeling a lot of fear and anxiety around your finances
  • Rather than focusing on the negative, take the time to value your skills - the work you do is very important, and you deserve to afford to eat well and take a vacation every once in a while!

Links & Resources:
Linzy Bonham
Money Nuts & Bolts
Profit First by Mike Michalowicz
GreenOak Accounting
Therapy For Your Money Podcast