Therapy For Your Money

Finding Joy and Understanding Self-Love with Kasey ComptonIn this episode of 'Therapy for Your Money', host Julie Herres, an accountant and owner of Green Oak Accounting, talks with three-time guest Kasey Compton about her new book, 'In Search of You'. They delve into the journey of writing the book, its personal nature, and the process of self-discovery and vulnerability Compton experienced. 'In Search of You' explores themes of self-love, the quest for joy beyond achievements, and the impact of one's past on the present.  Kasey shares insights into her own life, including challenges with motherhood and personal growth, and discusses the importance of self-acceptance and understanding what true joy means. The conversation also touches on Compton's older work, highlighting the personal transformation and insights she has gained through writing and therapy.Highlights00:00 Introduction to the Podcast and Host00:46 Introduction to the Guest and Discussion Topic01:13 The Journey of Writing a New Book01:36 The Challenges and Vulnerabilities in Writing04:09 The Process of Deciding What to Include in the Book06:55 The Core Message and Ideal Reader of the Book08:59 Personal Reflections and Realizations12:30 The Impact of Personal Growth on Relationships24:49 The Takeaway Message from the Book26:43 Where to Find the Book28:08 Podcast DisclaimerLinks and ResourcesIn Search of You: https://www.kaseycompton.com/insearchofyou GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Unlocking the Power of Private Pay Practice: Expert Insights and AdviceIn this episode of 'Therapy for Your Money', host Julie Herres discusses the importance of private pay practices for therapists with guest Deb Legge, a mental health professional and business coach. Deb shares her experiences shifting towards private pay practices, emphasizing the importance of understanding value, the necessity of effective marketing, and the benefit of identifying and reaching out to key target markets. Furthermore, she discusses strategies for dealing with potential clients' insurance questions and reminds practitioners that their ultimate goal is to provide effective service to clients. Deb also shares information about her 'Private Pay Practice Program' and a special podcast series giveaway. In this episode, you will discover insights on: 1. Niche Services: Deb Legge emphasizes the importance of offering unique and specialized services that set you apart. She reveals strategies to identify niche markets and provide services that clients can't find elsewhere. 2. Expert Insights: As an industry expert, Deb Legge shares her wealth of knowledge on positioning yourself as the go-to professional in your niche market. She discusses the power of being the best choice for your target audience and provides practical tips on building trust and credibility. 3. Connect with Your Ideal Clients: Deb explains why focusing on a specific target market leads to better results and a stronger connection with clients. Discover the secrets to making your practice more memorable and effective by following Deb's advice in this episode.Episode Highlights00:04 Introduction to the Podcast00:51 The Importance of Private Pay Clients01:04 Guest Introduction: Deb Legge02:26 Understanding the Benefits of Private Pay04:16 Addressing Accessibility Concerns05:17 The Importance of Niche Specialization07:40 Effective Marketing Strategies10:35 Increasing Referrals13:47 Overcoming Barriers to Private Pay17:51 Starting the Transition to Private Pay17:59 Understanding Your Value18:55 The Role of Mindset in Private Pay21:49 The Importance of Professional Services24:02 Deb's Private Pay Practice Program27:15 Conclusion and Final ThoughtsLinks and ResourcesPrivate Pay Practice: More Information about Deb Legge and her servicesBook Recommendation: All In Startup: Launching a New Idea When Everything Is on the LineGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this episode of the 'Therapy for Your Money' podcast, host Julie Herres talks to mental health therapist and financial therapy practitioner Khara Croswaite Brindle. They discuss the prevalent issues of money avoidance and insecurity among private practice owners, often stemming from deeply ingrained beliefs and traumas about money. The conversation delves into the concept of 'noble poverty' in the industry, misconceptions around the pursuit of profit, and the importance of addressing these issues through financial therapy. Khara describes her approach to helping clients, often fellow therapists, to gradually confront their fears and cultivate a healthier relationship with money.Highlights00:00 Introduction to the Podcast00:48 Understanding Money Blocks in Therapy Practice01:21 Guest Introduction: Khara Croswaite Brindle02:12 Discussing Money Avoidance in Therapists04:05 Exploring Financial Therapy05:04 Unpacking Money Beliefs and Their Origins06:46 Addressing the Concept of Noble Poverty10:15 The Role of Financial Therapy in Addressing Money Issues13:24 The Impact of Avoiding Financial Responsibilities19:06 Khara's Money Momentum Group for Therapists20:54 Closing Remarks and Legal DisclaimerLINKS & RESOURCESBook Recommendation: Start with Why and The Road Back to YouCroswaite Counseling, PLLC: Alleviating Pain Points for Mental Health Therapists & Financial TherapistsGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

In this episode of 'Therapy for Your Money,' host Julie Herres and retreat planning expert Patrick Casale delve deep into the world of retreats. They discuss strategies for successful retreat planning, including creating a detailed budget, understanding the true costs, setting realistic prices, developing effective marketing strategies, and offering add-ons such as CEUs (Continuing Education Units), excellent accommodation, and local experiences to attract participants. Patrick's experience planning retreats and his tips for overcoming common challenges provide invaluable insights for anyone considering launching their own retreats.Show Highlights00:04 Introduction to the Podcast00:47 Guest Introduction: Patrick Gasol00:55 The Concept of Profitable Retreats02:00 Patrick's Journey into Retreat Hosting05:48 Challenges and Learnings in Retreat Planning09:41 Financial Aspects of Retreat Planning15:53 Marketing Strategy for Retreats25:15 The Role of Sponsors in Retreats28:19 Stressful Moments in Retreat Planning31:08 Advice for First-Time Retreat Planners32:44 Conclusion and Contact InformationLinks and ResourcesAll Things Private Practice - Podcast All Things Private Practice - InstagramAll Things Private Practice - WebpageGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding the Implications of Hiring Contractors vs Employees in Therapy PracticesIn this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices.Episode Highlights00:00 Welcome to the Podcast00:49 The Age-Old Question: Contractors or Employees?01:49 Understanding Audits and Their Implications04:50 The New Department of Labor Ruling06:52 Breaking Down the Six Factors of the New Rule16:36 Potential Liabilities for Misclassification17:25 What Does This Mean for Your Practice?21:19 Final Thoughts and Resources24:02 DisclaimerLinks and ResourcesNew DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemakingSmall entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guideFree webinar: https://www.greenoakaccounting.com/webinarGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this episode, Julie Herres and her guest Davia Roberts discuss the differences between the nonprofit and corporate mindsets in the therapy field. They explore the challenges faced by therapists working in nonprofits, such as low pay, unrealistic expectations, and the guilt associated with prioritizing financial security. They also debunk the stigma around therapists transitioning from nonprofit to corporate settings.Financial Challenges in Nonprofit SettingsThe conversation highlights the financial challenges faced by therapists working in nonprofit settings. Many therapists in these settings are overworked and underpaid, with unrealistic workloads and limited resources. Struggles include making a living wage, paying off student loans, and the overall financial stress that impacts the well-being of therapists. On top of that, there is the guilt associated with charging higher fees for services, despite the value and importance of their work.The Impact of StigmaDavia highlights the perception that going corporate is seen as being greedy or money-focused, while nonprofit work is viewed as selfless and dedicated to helping others. The conversation challenges these stereotypes, pointing out the importance of financial security and acknowledging that therapists should not be expected to sacrifice their own well-being for their clients. They discuss the need to break free from the guilt and reframe the conversation around the value and worth of mental health services.Shifting the MindsetThe transition from a nonprofit mindset to a corporate or private practice mindset involves a critical evaluation of goals, motivations, and expectations. This process is crucial for therapists considering such a shift. They need to align their financial goals with their career aspirations, highlighting the significance of negotiating appropriate pay and understanding their worth. Additionally, the conversation addresses the necessity of financial planning and budgeting. Awareness of the seasonal fluctuations in income that can occur in an entrepreneurial or private practice setting is also a key aspect of this transition.LINKS & RESOURCESBook Recommendation: The Wealthy Speaker 3.0 More than a Therapist: Listen to the Podcast and join the community!GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Lessons from Successful Business Owners: Strategies and Habits for Profitable PracticesHost Julie Herres discusses the habits and strategies common among the most successful business owners. She emphasizes not to equate the appearance of wealth with actual success. She suggests that successful business owners often do not overextend their resources but smartly use credit cards and plan investments. Successful business owners rarely take uncalculated risks. They value their time and spend it wisely on the business. They have emergency funds, focus on perfecting one revenue stream before moving on to others, and rely on experts for various business requirements. These strategies have helped drive their businesses forward in a financially sustainable way.Episode Highlights00:00 Introduction and Background00:50 Lessons from Successful Business Owners01:24 Understanding Wealth and Spending Habits03:27 The Importance of Planning and Saving05:28 Evaluating Return on Investment06:13 Taking Calculated Risks07:50 Valuing Time and Focus09:20 Maintaining Financial Security11:16 The Power of Focus and Expertise14:29 Conclusion and Final ThoughtsLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Episode Summary:In this episode, Maira Holzmann and Julie Herres delve deep into the intricacies of managing finances in the world of therapy practice. They discuss the challenges and revelations they've faced, from reevaluating their perceptions of debt to the importance of joy spotting amidst the stresses of business. Maira shares her transformative journey with money, emphasizing the need for prioritization and respect in handling finances. Julie offers insights into the dual-edged nature of business ownership, highlighting the balance between control and uncertainty.Episode Highlights:Talk very plainly about fears. This clears the way for growth.  The shift in perception regarding debt, recognizing it not just as a burden but also as a potential tool for growth.Look for joy: Maira's technique of “joy spotting” and savoring what you have right now as a means to alleviate the stresses of business, emphasizes its physiological benefits.Embrace what you love: Embrace simple small pleasures like reading, cooking, or taking care of what you have. Links and Resources:More Thriving Therapists Somatic Therapy partners GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

How to Increase Your Income in Private Practice: Three Levers All Practice Owners Can UseIn this podcast episode of Therapy for Your Money, host Julie Herres discusses levers that therapy practice owners can control to increase their income. The first lever is the number of sessions provided by the practice, in which an increase should generate higher profits. The second lever is the average fee per session, increasing rates should lead to higher income, assuming overheads don't rise. The final lever is the allocation of income, more specifically, how much owner's pay they assign themselves. By skillfully managing these levers and expenses, practice owners can improve their personal income without necessarily needing to increase their gross earnings.Highlights00:04 Introduction to the Podcast00:15 About the Host and Her Mission00:35 Introduction to the Book 'Profit First for Therapists'00:51 Increasing Your Private Practice Income01:08 Three Levers to Increase Your Income01:44 Lever 1: Increasing the Number of Sessions03:38 Lever 2: Increasing the Average Fee per Session05:05 Lever 3: Managing Your Expenses and Allocation06:40 How to Use These Levers to Your Advantage07:25 The Importance of a Profitable Practice08:16 Using the 'Reverse Engineer Your Practice' Tool09:09 Conclusion and Legal DisclaimerLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

In this episode, Julie Herres, the host of 'Therapy for Your Money' speaks with Sarah Riley, the business development manager at Green Oak Accounting, about reimagining the role of an intake coordinator to work more like a salesperson. They discuss how a sales-oriented approach can significantly improve a therapy practice's conversion rates, making it more profitable. They also explore practical tips on how to implement this approach, deal with ethical concerns, and how choosing the right person with a sales mindset can help provide better service to clients.In this episode, you will discover:The role of intake coordinators as salespersons in therapy officesThe benefits of having a sales-minded intake coordinatorDifferent sales positions that could be a good fit for an intake coordinator roleThe importance of a sales mindset for intake coordinatorsHow a sales-minded intake coordinator can improve conversion ratesThe potential impact of a sales-focused intake coordinator on practice caseloadsDifferent compensation structures for sales-minded intake coordinators, and ethical considerations in sales tactics.Section Highlights00:04 Introduction to the Podcast00:15 About the Host and Her Mission00:49 Introduction to the Topic: Intake Coordinator as a Salesperson01:31 Guest Introduction: Sarah Riley02:05 Understanding the Sales Role in Therapy Practices04:07 The Importance of a Sales Mindset in Intake Coordination08:14 Benefits of a Sales Mindset in Therapy Practices17:47 Potential Concerns and Ethical Considerations20:15 Conclusion and Preview of the Next EpisodeLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

In this episode of "Therapy for Your Money," Julie Herres and Linzy Bonham discuss the various types of financial professionals that therapy practice owners might work with or encounter. They highlight the importance of understanding the roles and responsibilities of these professionals to make informed decisions for one's business.Bookkeepers and Accountants for Therapists The discussion starts with an overview of bookkeepers and accountants. Bookkeepers manage the financial records, transactions, and basic financial tasks, while accountants have a more comprehensive understanding of taxes, bookkeeping, and payroll. Accountants might also provide forward-looking analysis, helping business owners plan for the future.Fractional CFOs (Chief Financial Officers) for Therapists The hosts introduce the concept of fractional CFOs, who are like strategic financial partners for businesses. Fractional CFOs help with big financial decisions, budgeting, measuring financial key performance indicators, and achieving financial goals. They play a vital role in guiding businesses through periods of growth and keeping them on track.Financial Coaches and Profit First Professionals for TherapistsFinancial coaches focus on educating and empowering business owners to manage their finances effectively. They address mindset and emotional aspects related to money, helping business owners develop skills and habits for informed financial decisions. Profit First Professionals specifically use the Profit First methodology to prioritize profit in business finances.Payroll Services and Financial PlannersPayroll services automate payroll-related tasks, ensuring compliance and accuracy. Financial planners, on the other hand, offer guidance on investments, retirement planning, and insurance products. It's important to distinguish between fee-for-service financial planners and those who may also sell financial products, as this can affect the advice and recommendations they provide.Tips for Practice Owners: When seeking financial professionals, make sure to clarify their roles, responsibilities, and compensation models upfront. Assess your business's needs and goals to determine which professionals align best with your requirements.Regular communication with your chosen professionals can help you make informed financial decisions and stay on track toward your objectives.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyMoney Nuts and Bolts - Learn More about Linzy and her servicesPodcast Production and Show Notes by Course Creation Studio

In this enlightening episode of "Therapy for Your Money," host Julie Herres dives into the crucial topic of embracing your full fee as a therapist and getting comfortable with it. She is joined by Alyse Freda Colon, a seasoned therapist with 18 years of experience in private practice. Shifting the Mindset Around Fees Alyse encourages therapists to recognize the immense value they provide through their work and to overcome the fear of charging their worth. As she aptly puts it, "We are doing kick-ass life-changing work, and you need to acknowledge that you are providing a very valuable service."Transitioning from Insurance to Private Pay The episode delves into the process of transitioning from accepting insurance to practicing on a private pay basis. Alyse's experience serves as a powerful reminder that therapists have the right to set their fee structures based on their own needs and circumstances.Overcoming the Fear of Charging Your Worth Challenging the notion that therapists shouldn't focus on making money, Alyse emphasizes the importance of confidently charging your worth. She advocates for therapists to take ownership of their fee structures without apology or hesitation. Action Steps💡 Tip 1: Own Your Value "Therapists provide life-changing work. Acknowledge the value you bring and don't shy away from charging what you're worth." - Alyse Freda Colon💰 Tip 2: Shift Your Mindset "Stop telling yourself you can't make money. Change your money mindset to attract abundance and financial success." - Alyse Freda Colon🗣️ Tip 3: Confident Communication "When stating your fee, be firm and silent. Avoid justifying or apologizing. Your fee reflects your expertise." - Alyse Freda Colon📆 Tip 4: Choose Sustainable Fees "Set a fee that supports your life and practice. Sustainability ensures you provide quality care while thriving financially." - Alyse Freda Colon🚀 Tip 5: Embrace Specialization "Specialized therapists can confidently charge higher fees. Your expertise deserves appropriate compensation." - Alyse Freda ColonThe episode serves as a reminder that therapists provide invaluable services and deserve to thrive in their businesses. As Alyse aptly states, "We gotta stop all the shaming around therapists who want to do good work and make a good living." With determination and a renewed perspective, therapists can embrace their financial worth and achieve sustainable success in their private practices.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - https://www.profitfirstfortherapists.com/academyBook Recommendation: You are a Badass at Making MoneyGet support from Alyse: Coaching WIth AlyseAlyse Freda-Colon Therapy PagePodcast Production and Show Notes by Course Creation Studio

In this episode, we explore the intricacies of achieving financial freedom in the digital era with our guest, Adam Carroll. We discuss the changing dynamics of financial transactions and innovative strategies that have reshaped our relationship with money, making it seem less tangible and possibly affecting our spending habits. We also introduce the "Shred Method," a groundbreaking approach to debt management that offers a faster path to financial independence.Highlights:The Illusion of Money in the Digital Age: In today's society, money feels less "real" due to the prevalence of digital transactions. This change in perception can influence spending habits, as people might not hesitate as much when spending digitally compared to using physical cash.The Shred Method: This new approach to financial management focuses on optimizing income efficiency, helping individuals avoid letting their money sit idle in checking accounts, and instead, using it in ways that foster financial growth.The Power of Compound Interest and Investment: Adam shares his experience of paying off a substantial mortgage in just over three years and the subsequent journey of building a significant investment portfolio through the strategic use of asset liquidity.Asset Liquidity and Future Planning: Emphasizing the importance of creating liquidity in assets and planning for future expenses as vital steps in avoiding debt accumulation and paving the way to financial freedom.As we conclude, we reflect on the wealth of knowledge shared by Adam Carroll, highlighting the necessity to adapt to the changing financial landscape and utilize innovative methods for efficient debt and investment management. This conversation illuminates the potential of compound interest and the importance of flexibility in financial planning, encouraging listeners to make informed decisions for a prosperous future.Join us in the next episode for more insights into shaping a financially secure future.Links and ResourcesThe Shred MethodMoney Mastery for Students Winning the Money GameGreen Oak accountingTherapy for your Money PodcastProfit First for TherapistsProfit First AcademyIG: @Adam.CarrollIG: @The.ShredMethod TW: @AdamCarrollPodcast Production and Show Notes by Course Creation Studio

Welcome to Therapy for Your Money, a podcast dedicated to all things money and finance for therapy practice owners. I'm Julie Herres, an accountant and owner of Green Oak Accounting. With years of experience working with private practice owners, my goal is to share the best practices I've learned to help you build a profitable private practice. In this episode, I talk about starting your year off right by implementing Profit First. In this episode, you will discover:What is Profit First: You will gain a clear understanding of what Profit First is and how it differs from traditional accounting methods. By flipping the accounting equation and prioritizing profit, you'll discover how this cash flow management system can help you make better financial decisions for your therapy practice.The Benefits of Implementing Profit First: This episode highlights the advantages of implementing the Profit First system in your practice. You'll learn how it can increase your creativity in managing expenses, reduce unnecessary spending, and ultimately lead to higher profitability. By setting up multiple bank accounts and allocating funds strategically, you'll gain control over your cash flow.The Importance of Regular Assessments and Adjustments: The episode emphasizes the importance of conducting regular assessments of your practice's financial health. You'll learn how to perform an instant assessment to understand your current financial standing. Moreover, this episode highlights the need for ongoing adjustments as your practice evolves, allowing you to align your Profit First system with your changing goals and priorities.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - https://www.profitfirstfortherapists.com/academyPodcast Production and Show Notes by Course Creation Studio

We've got an exciting new episode of our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!On today’s episode, we’re joined by none other than the creator of Profit First, Mike Michalowicz! Julie chats with Mike about her experience writing Profit First for Therapists and the impact it’s had on the therapy community, as well as some exciting new projects that Mike has in the works.Check out the new book by Mike Michalowicz:All InLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy

Setting Effective Financial Goals for 2024In this episode of 'Therapy for Your Money', host Julie Herres discusses tips on how to make 2024 the most productive financial year yet for private practice owners. She encourages listeners to evaluate previous successes and align future goals with their personal ambitions, focusing on both financial and non-financial targets. Additionally, she emphasizes the effectiveness of setting SMART goals. Finally, she announces an upcoming 'Make 2024 Your Best Year Yet Workshop' where attendees can work on their goals and financial plans.Aligning Personal Goals with Financial Goals: When setting financial goals, it's essential to align them with your personal aspirations. While having a revenue target can be motivating, it's equally important to consider what truly matters to you. Increasing your take-home pay or achieving a better work-life balance may be more significant than merely attaining a specific revenue milestoneThe 10X Goal Mindset: Embracing the 10X goal mindset can be transformative. It challenges you to rethink everything in your business. Setting a goal that is significantly beyond your current position forces you to examine what needs to change to make that goal possible.Putting Goals into Action: Once your goals are set, it's time to develop a plan to achieve them. Utilize the SMART goal framework – Specific, Measurable, Achievable, Relevant, and Time-bound. By creating goals that meet these criteria, you can clearly track your progress and make necessary adjustments along the way.Monitoring Progress and Making Adjustments: Regularly review your progress and ensure that you're on track to achieve your goals. At the end of each month, evaluate your outcomes and make any necessary adjustments.Conclusion:As we enter a new year, take the time to set financial goals that align with your personal aspirations. Reflect on your past accomplishments, consider audacious 10X goals, and develop a plan using the SMART goal framework. By setting clear and actionable goals, you can make 2024 your best year yet. Remember, your financial success is within reach when you combine intentionality, strategic planning, and the drive to reach new heights.LINKS & RESOURCESWorkshop: Make 2024 your best year yet!GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

In this podcast episode, host, Julie Herres discusses the challenges faced by therapy practice owners. Topics covered include the ongoing trends of low referrals and low conversions in the fall of 2023, difficulty in achieving productivity goals, and the importance of tracking metrics and establishing robust financial systems. Julie goes on to recommend solutions that can improve the financial conditions of therapy private practices, underlining the importance of clarity and accessibility in financial systems while noting the difference between accounts receivable from different practices. The episode also delves into the significance of having an effective billing system for maintaining regular cash flow in a practice.Highlights:02:11 Challenges Faced by Practice Owners02:55 The Importance of Productivity and Setting Expectations04:39 The Paradox of Earning More by Working Less05:29 The Importance of Tracking Metrics and Systems06:18 The Role of Financial Systems in Your Practice09:54 The Importance of Billing SystemsLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

In this enlightening episode of “Therapy for Your Money,” we had the pleasure of hosting Emily and Julie Herres. Both experts dive deep into the intricacies of state taxes, the importance of hiring tax professionals, and the potential pitfalls of self-preparation. Their insights are particularly valuable for those in the counseling and therapy fields, aiming to strike a balance between their passion for helping others and the practicalities of running a profitable business.The Complexity of State TaxesEmily emphasizes the complexity of state taxes, noting that they can be even more intricate than federal taxes. She points out, "Your state taxes are probably even more complex and unique than the federal taxes." As businesses expand or deal with clients and employees across state lines, understanding multi-state apportionment becomes crucial. Julie adds, "Multi-state apportionment is extremely complex...every state has a different formula for it." This underscores the importance of being well-versed in the tax requirements of not just one's home state, but potentially multiple states.The Value of a Tax ProfessionalBoth Emily and Julie champion the benefits of hiring a tax professional. As Emily states, "Your tax professionals can help you save money and save tax." They are equipped with the knowledge of all possible deductions, tax credits, and strategies that can be leveraged to one's advantage. Julie further elaborates on the potentially costly mistakes one might make when self-preparing, such as missing due dates or filing the wrong tax form. She mentions, "Filing the wrong return...can be a really, really expensive mistake."Time is MoneyOne of the standout points of the discussion is the value of time. Emily succinctly puts it as, "It's not worth your time." For business owners, especially those in the therapy field, their expertise lies in their practice, not in tax preparation. Julie observes that successful practice owners surround themselves with experts in various fields, allowing them to focus on what they do best. She notes, "They are not trying to be experts at everything."Tips:Always consider the implications of state taxes, especially if you have a presence in multiple states.Invest in a tax professional to avoid costly mistakes and to ensure you're maximizing your deductions.Prioritize your time. Focus on your core competencies and let experts handle specialized tasks.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy

On Episode 118, join our host, Julie Herres, and special guest, Jacquie Kiefer of Green Oak Accounting, for a guiding discussion about the fourth-quarter financial trends and challenges faced by therapy practice owners. In this captivating dialogue, they delve into issues that are impacting the industry's monetary climate, from dwindling referrals to the implications of accelerating inflation on private practices. The conversation also sheds light on the rising popularity of therapy applications, such as BetterHelp, and its corresponding effects on the industry.The discussion concludes with valuable end-of-year financial strategies designed specifically for private practice owners, aimed at ensuring monetary sustainability and resilience in unpredictable times. Through this episode, gain critical insights into the financial realities within the therapy sector and pick up substantial advice on managing your practice's finances.In this episode, you will discover:Trend Analysis: Slowing Referrals - Get a deep understanding of the present trend of slow referrals during the 2nd and into the 3rd quarter. Recognizing these market trends early can allow practice owners to plan better and optimize their marketing strategies.The Impact of Inflation on Private Practices:  Unearth how heightened inflation levels impact private practices, particularly those that are solely private pay, and strategies to manage these impacts. Learning how to navigate this economic wave can result in a more robust, resilient practice.The Rise of Therapy Applications: Dive into the examination of therapy applications like BetterHelp and debate their growing dominance in the sector. Knowledge about these apps' impact on private practices can help owners plan their strategies more effectively.Fuel your practice's financial health by arming yourself with the knowledge presented in this eye-opening episode! Stay informed, keep learning, and let's face it together because we want you to have a profitable private practice—let's make that journey together.LINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

We've got an exciting new episode of our Live Stream Launch Party Series! On May 2nd, 2023, Julie released her book, Profit First for Therapists. We threw a huge online launch party with GreenOak Accounting team members, real practice owners who tell their stories in the book, and the original creator of Profit First, Mike Michalowicz to celebrate this exciting event. We wanted to share the stories told during our launch event with our podcast listeners so you could be part of the celebration with us!  On today's episode, we're joined by Jessica Tappana, Whitney Owens, Uriah Guilford, and Gordon Brewer! These industry leaders have expanded their businesses from private practice to podcasting to consulting and so much more. They were so excited to share their stories with our Launch Party viewers, and are even more excited to share with our podcast listeners today. LINKS & RESOURCES 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