In this episode of the Wise Practice Podcast, host Whitney Owens interviewed David Frank, a financial planner who specializes in working with therapists. During the discussion, they covered various topics related to wealth, financial planning, and the intersection of faith-based counseling and wealth. Frank shared his expertise on managing profit and loss statements, personal budgeting, student loan debt, and retirement investing.

A little Background on Frank

Although Frank enjoys reading about tax code and spreadsheets, he also has a deep understanding of philosophy, including the teachings of Pema Chodron, a Buddhist monk and first ordained member of a certain tradition in North America. Frank emphasized the importance of a faith-based mindset when dealing with money, as money is a charged and emotional topic in society. He urged listeners to approach their financial resources with awareness and intentionality and to cultivate a money practice to align spending and earning with how one wants to live their life.

Is it ok for a therapist to be wealthy?

The conversation explored the concept of wealth and its negative connotations. Frank argued that wealth should be perceived positively as it enables individuals to show up and do good things in their personal and professional lives. However, people are not trained to think about money and often avoid the topic due to conflicts and taboos surrounding it. Frank encouraged people to be honest about their emotions and to clarify their financial goals to align with their desired lifestyle.

The importance of therapists looking at their own money despite advising clients to do the same was also discussed. The speakers recommended setting aside time for an ongoing and consistent money practice, which involves looking at the finances of the private practice and understanding them. They also emphasized the importance of profit and wealth in reinvesting to grow the business and help more people.

The Challange for a Therapist as a Small Business Owner

The conversation continued with a discussion on the challenges of being a small business owner and the importance of mindset. The speakers suggested setting aside at least 30 minutes every week to understand and expose oneself to the finances of the private practice. They also highlighted the importance of getting comfortable with difficult emotions such as anxiety and overwhelm when engaging with finances. The speakers suggested focusing on various aspects of the business such as bookkeeping, budgeting, and income generation.

The importance of being clear about how time is being spent when earning money and the importance of setting rates appropriately to avoid doing oneself a disservice were also discussed. The speakers provided tips for growing wealth, such as being smart about using different retirement and investment accounts available to business owners and starting to save for retirement early, even if it's just a small amount.

Therapists need to develop healthy financial habits

The show emphasized the need to start small when developing healthy financial habits, such as contributing small amounts to an emergency savings fund and retirement account. They also cautioned against stashing all extra cash into a retirement account and emphasized the importance of balancing saving for retirement with having accessible funds for unexpected expenses.

Throughout the conversation, the importance of taking action and not letting money intimidate oneself was emphasized. The speakers encouraged listeners to experiment with managing their finances and to reach out for support when needed. They also shared information about Turning Point, a financial planning firm designed exclusively for licensed mental health care professionals, which provides free resources on financial planning.

In summary, the conversation covered various aspects of wealth and financial planning, with an emphasis on cultivating a money practice and approaching finances with awareness and intentionality. The importance of mindset, setting rates appropriately, and balancing retirement savings with accessible funds for unexpected expenses were also discussed. The speakers encouraged listeners to start small and experiment with managing their finances, as well as to seek support when needed. They also shared information about Turning Point, a financial planning firm designed for licensed mental health care professionals.

Links and resources

• Connect with David on Linkedin

• Turning Point

• Turning Point Resources

• Whitney Owens on Instagram

• Wise Practice Facebook Community Group

• Visit Whitney Owens Consulting

• Email your questions to Whitney