163FF: How to Set Up Financial Safeguards as a Therapist in Private Practice

Money Skills For Therapists

EpisodeMar 218m

163FF: How to Set Up Financial Safeguards as a Therapist in Private Practice

Money Skills For Therapists

EpisodeMar 218m

What financial protections do you need when you own your own private practice? In today’s Feelings and Finances episode, Linzy answers a question from Katie, a therapist transitioning to full-time private practice. Katie is wondering whether she should focus on building an emergency savings fund or invest in disability insurance, especially since she’s the provider in her family.Linzy discusses the importance of understanding your personal financial situation and making thoughtful decisions about insurance and savings. She highlights the value of disability insurance and life insurance as essential safeguards, especially when you’re the primary income earner. Linzy also shares her own experience with insurance and offers advice on how to balance building a savings cushion with purchasing insurance to ensure your financial stability.If you’re a therapist trying to figure out how to protect yourself financially while running your practice, this episode offers essential tips for managing risk and building stability. You’ll leave with a clearer understanding of how to create a plan that ensures your practice remains sustainable and your financial future secure.For a full transcript of the episode and much more, check out the blog post on our website! https://moneynutsandbolts.com/?p=17412 To watch a video version of this, check it out on YouTube: https://youtu.be/doEkcf9iEDY Have a question for Linzy? You can easily submit your question directly to Linzy’s SpeakPipe inbox. Just click the “Start recording” button, allow the use of the microphone if needed and press “Stop” when you’re done. Fill in your name (yes, you can use an alias) and your email address. It will take you less than 2 minutes, promise!Want to feel calm and in control of your finances? Connect with us!Subscribe to our YouTube channel: https://www.youtube.com/@moneynutsandboltsListen to the Money Skills for Therapists Podcast on your favourite app: https://moneynutsandbolts.com/podcast/Follow us on Instagram: https://www.instagram.com/moneynutsandboltsFollow us on Facebook: https://www.facebook.com/moneynutsandboltsFollow Linzy on LinkedIn: https://www.linkedin.com/in/linzybonham/

Top comments

Money can be stressful and confusing for therapists and health practitioners in private practice - dealing with all of our feelings and stories about it, understanding how to actually manage our business finances, and making money work for us in our lives can feel so daunting that many therapists just avoid dealing with money altogether. Join Linzy Bonham, therapist and creator of Money Skills for Therapists, as she demystifies all things private practice finances through short and sweet solo episodes, conversations with therapists who have transformed their relationships with money, and live coaching calls with Money Skills for Therapists students.

moneynutsandbolts.com/podcast

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