SLP Money

A common financial goal that many speech language pathologists have in common is saving money for retirement. Many SLPs realize too late in their career that they have fallen behind on contributing to retirement and feel that they must play catch-up.

In this episode, I discuss the following reasons why SLPs fall behind in retirement…

• Failing to prioritize retirement over other financial goals
• Losing track of retirement as part of their overall financial plan
• Missing an employer match program on contributions to a 401(k) or 403(b)
• Starting to save too late
• Not paying attention to fees
• Withdrawing money from a retirement account too early
• Taking a hands-off approach
• Poor tax planning

I also talk about the 3 components to generate retirement income. These components include

• Fixed Income: From social security income or a pension
• Other Income: From part-time work or rental income
• Variable Income: Money susceptible to market volatility in a 401(k), IRA or other type of investment account

For all show notes, head over to utterlyfinancial.com/10

My guest on today’s podcast is Susan Arnold, the owner of a successful private practice that has been in business for nearly 20 years. She is also the president of an association called AAPPSPA, an organization created to help SLPs and audiologists run their business better. 

In this episode, we talk about the role that communities have in personal, professional and business growth. As a certified orofacial myologist, she discusses the benefits of joining an organization devoted specifically to determining the proper diagnosis and enhancing the research for these disorders. Similarly, as a business owner, she talks about having a trusted network of peers to collaborate and grow alongside with. 

We also dive into Susan’s Team based approach in 2 ways. First on the clinical side to improve her clients’ customer experiences. Later, we talk about assembling a business team to enhance her ability to run her business more optimally.

And stay tuned until the end where Susan & I discuss 3 action items that all SLPs, whether you are a private practice owner or just completing CF-Y, can take to enhance your career. 

For the shownotes and all links mentioned in today’s episode, head over to utterlyfinancial.com/9 

On today's episode, we discuss how to track your financial progress. Many SLPs are used to tracking client progress towards accomplishing goals, but they fail to do the same in their own financial lives. We talk about 5 specific metrics to measure your advancements towards achieving your financial goals.

These metrics are...

• Your Net Worth
• Private Practice Valuation
• Savings Rate
• Investment Rate of Return
• Marginal Tax Rate

For all show notes and links mentioned in the episode, head over to utterlyfinancial.com/8

On today's episode, we dive into the world of ASHA. As an SLP, I'm certain that you are aware of the American Speech-Language and Hearing Association. You are also most likely a member of this association.

While nearly all SLPs are affiliated with ASHA, we've encountered many practitioners that wonder if they are missing out on using the membership to it's full capacity.  

You can learn everything you need to know about ASHA by reading this guide that our team put together that drills deeper into some of the most overlooked benefits of your ASHA membership.

This includes...

• Looking at the insurance discounts offered by ASHA and affiliated organizations
• The benefits of joining a Special Interest Group
• The power of networking and how to use industry conferences to your advantage
• Why joining an association is necessary to determine what niche you should focus on during your career 

For all show notes and links mentioned in the episode, head over to utterlyfinancial.com/7

One of the biggest challenges for private practice owners is finding ways to attract, motivate and keep your most crucial employees. In today's episode, I discuss the following...

• Why you should carve out specific rewards for your key employees
• 5 characteristics of a strong incentive plan
• How to determine if you should issue a cash or stock bonus plan
• The Pros and Cons of using a stock based plan
• 3 different ways to offer cash-based bonus plans

For all resources mentioned head on over to utterlyfinancial.com/6

The Coronavirus Aid, Relief and Economic Secuity (CARES) Act was signed into law on Friday March 27, 2020. Whether you are still in college studying communication sciences or a retired speech language pathologist, there is something for everyone in this act.  The act contains five key areas of economic relief for SLPs…

• Recovery Rebates
• Coronavirus Related Distributions
• Unemployment Benefits
• Student Loans
• Small Business Owners

For all resources head over to utterlyfinancial.com/5/

Nearly every SLP and Private Practice owner is being impacted by the Coronavirus pandemic. With the closure of workplaces and municipalities, clinicians are worried about how to maintain an income and keep their clinic operational.  

In today's episode, we discuss some common questions that clinicians have been asking since the outbreak of this pandemic. 

-What Government Resources are Available During this Pandemic

-Where can I find cash on my personal and practice's balance sheets?

-What do I do with my retirement and investment accounts with stock market volatility?

-How can I be prepared for the next crisis?

For show notes and resources mentioned, head over to https://utterlyfinancial.com/4/

According to a CNBC Poll, 78% of small business owners say the proceeds from the sale of their business will fund 60-100% of their retirement income. However, 98% of owners do not have an accurate valuation of what their business is worth. How can there be such a disconnect between these two statistics?

In today's episode, I'm joined by Jason Early, the Chief Revenue Officer of BizEquity, to discuss how business owners can close the gap on those two statistics. We discuss the following...

• Why you cannot complete a succession plan, retirement plan, risk management plan or growth plan without knowing what your business is worth
• The reasons why business owners don't know the value of their businesses
• Do you need a certified valuation or fair estimate of value for your business?
• Understanding the differences between Asset Value, Equity Value and Liquidation Value
• The 3 most important financial metrics that shape the valuation of your practice

Insurance plays a critical role in every business plan and personal financial plan. It exists to mitigate the risk and consequences of an unexpected event that leads to economic loss. In today's episode, we discuss the following...

• The 4 ways to handle risk and when insurance should be used
• Defining the following types of insurance and why they are critical components to every SLP's financial plan...
• Long-Term Disability Insurance
• Life Insurance
• Professional Liability Insurance
• Excess Liability (Umbrella) Insurance

Every private practice owner will exit her business someday, either voluntarily or otherwise. In today's episode, we discuss the following...

• Explaining the benefits of an exit plan and why every business must have one
• The different people or entities that can become the successor owner of your practice
• Creating a timeline that aligns with your goal of when you want to leave your business
• How to calculate the amount of money you need to generate from
• Preserving and protecting the business in the event that you become incapable of running the practice