Financial Success at Any Age

In this episode of 'Therapy for Your Money,' host Julie Herres talks with CJ DeMarco, a therapist who transitioned to private practice later in life. They discuss setting up for financial success using the Profit First system. Key topics include the advantages of private pay, the importance of niching, and the potential of intensives for trauma therapy. DeMarco shares her journey from educator to trauma therapist, highlighting that it's never too late to achieve financial security. A must-listen for therapists venturing into business and those curious about Profit First strategies. "Today's the best time to then make decisions that are going to impact your life in the best of ways," says Julie Herres.

Show Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:55 Meet CJ DeMarco: A Non-Traditional Path to Private Practice
• 02:36 Financial Strategies for Late Career Transitions
• 04:27 Specializing and Setting Rates in Private Practice
• 07:09 Retirement Planning and Financial Security
• 10:30 Exploring Semi-Retirement and Marketing Strategies
• 26:48 Considering Group Practice and Passive Income Options
• 34:00 Conclusion and Final Thoughts

Episode Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:48 Common Financial Mistakes in Private Practice
• 01:17 Mistake #1: Short-Term Thinking
• 04:12 Mistake #2: Underestimating Startup Effort
• 07:11 Mistake #3: Misunderstanding Fee Retention
• 09:08 Mistake #4: Ignoring Taxes
• 11:02 Mistake #5: Feeling Guilty About Profit
• 13:45 Introducing the Money for Therapists Practice Startup Course
• 16:23 Conclusion and Disclaimer

Links and Resources

• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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 
• Podcast Production and Show Notes by Course Creation Studio

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Planning for Your Best Year Yet: Financial Goal Setting for 2025

In this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and the owner of Green Oak Accounting, shares valuable insights on planning for a prosperous 2025. With her extensive experience working with therapy practice owners across the US, Julie emphasizes the importance of reflecting on the past year to set realistic financial goals. She discusses various financial targets, like revenue and profit margins, and the significance of creating a detailed plan to achieve them. Julie advises focusing on one or two specific goals and tracking progress regularly to ensure success. As she wisely states, 'What gets measured gets attention.' Listeners will learn the importance of aligning business goals with personal aspirations and making necessary adjustments to ensure a balanced and fulfilling year ahead.

Episode Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:52 Planning for Your Best Year Yet
• 01:22 Reflecting on the Past Year
• 05:14 Setting Clear Financial Goals
• 07:57 Creating a Plan for Success
• 12:13 Conclusion and Final Thoughts

Links and Resources

• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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 
• Podcast Production and Show Notes by Course Creation Studio

Why I believe Whole Life Insurance is a Bad Investment
In this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, shares her strong opinion that whole life and universal life insurance policies are poor financial products. Julie delves into her personal experience with these policies, explains why they don't make financial sense for most people, and advocates for term life insurance. Focusing on keeping finances straightforward, she emphasizes separating life insurance from investments. Listeners will learn about the pitfalls of whole-life policies, the substantial savings with term life insurance, and how to protect their loved ones properly.

Show Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:47 Unpopular Opinion: Whole Life and Universal Life Insurance
• 01:50 Personal Experience with Universal Life Insurance
• 05:46 The Case for Term Life Insurance
• 07:56 How to Choose the Right Life Insurance
• 14:20 When Whole Life Insurance Might Make Sense
• 15:49 Conclusion and Final Advice

Links and Resources

• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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 
• Podcast Production and Show Notes by Course Creation Studio

Marketing Strategies for Therapy Practices with Joshua Brummel

In this episode of 'Therapy for Your Money,' host Julie Herres dives into the intricacies of marketing with Joshua Brummel, the founder of Therapy Flow. They explore how therapy practice owners can optimize their marketing spend, categorizing it into infrastructure and ongoing activities. Joshua shares crucial metrics such as cost per lead and client acquisition cost, emphasizing the impact of these on overall profitability. They also discuss the importance of setting a marketing budget per clinician and the effectiveness of non-traditional marketing avenues like email campaigns, networking, and social media. This episode is packed with actionable tips for both maintaining and expanding a therapy practice.

Show Highlights

00:00 Introduction to Therapy for Your Money

00:51 Meet Joshua Brummel: Marketing Expert

01:54 Understanding Marketing Categories

03:23 Determining Your Marketing Budget

04:36 Key Marketing Metrics: Cost Per Lead and Client Acquisition

06:57 Marketing Strategies for Private Practices

11:20 Optimizing Marketing Spend Per Clinician

23:24 Non-Traditional Marketing Investments

25:51 Conclusion and Contact Information

Links and Resources

Therapy Flow: https://mytherapyflow.com/

Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup

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 

Podcast Production and Show Notes by Course Creation Studio

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Navigating Retirement Plans: Avoiding Costly Financial Pitfalls

In this episode of Therapy for Your Money, host Julie Herres dives into the complexities of retirement plans, focusing on the pitfalls of cash balance plans and the benefits of simpler options like 401ks and IRAs. Triggered by a recent client experience, Julie passionately argues against high-fee plans pushed by financial planners who are more interested in commissions than client welfare. She offers actionable advice, including three critical questions to ask your financial planner, and highlights the importance of choosing low-cost, high-value options like Gusto's integrated 401k plans. As Julie puts it, 'If anyone tries to force you into a cash balance plan, you need to run away. Do not walk, run.'

Three Questions to Ask Your Financial Planner

Episode Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:47 A Rant on Cash Balance Plans
• 01:41 Understanding Retirement Plan Options
• 04:02 Questions to Ask Your Financial Planner
• 06:24 The Pitfalls of Cash Balance Plans
• 08:20 Simple and Effective Retirement Solutions
• 12:13 Client Success Story
• 13:42 Conclusion and Resources

Links and Resources

• Gusto: https://gusto.com/r/julie4343
• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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 
• Podcast Production and Show Notes by Course Creation Studio

Financial Mastery for Therapy Practice Owners: Investing, Retirement, and Real Estate Insights

In this episode of Therapy for Your Money, host Julie Herres delves into essential financial strategies for therapy practice owners with certified financial planner David Frank. The discussion spans various areas, including the importance of emergency funds, distinguishing between personal and business finances, and the advantages of fee-only financial planners. Listeners will gain valuable insights into managing excess cash, understanding tax-advantaged accounts, and setting up business emergency funds. 

Simplified retirement planning is also covered, emphasizing target date funds and consistent savings. The episode touches on the intricacies of financial planning, including risk management, estate planning, and real estate investments. Practical advice on life insurance options and detailed resources on retirement plans are provided to help ensure the financial stability and growth of therapy practices.

Episode Highlights
00:00 Welcome to Therapy for Your Money

00:50 Introducing David Frank: Financial Planner for Therapists

01:15 Investing Basics for Business Owners

04:34 Emergency Funds: The Foundation of Financial Security

08:14 Navigating Taxable Brokerage Accounts

15:10 Retirement Planning: Choosing the Right Accounts

20:01 Solo vs. Group Practice Financial Strategies

21:03 Calculating Your Retirement Number

22:04 Approaching Retirement: Financial Tips

23:52 Overcoming Financial Anxiety

25:41 Risk Management and Insurance

26:40 Real Estate Investments: Pros and Cons

34:33 Life Insurance for Practice Owners

38:04 Free Webinar and Resources

Links and Resources

• Investment Webinar with Dave Frank: https://youtu.be/UJOdyvLvU50
• Get a Free Initial Fit Meeting: https://turningpointhq.com/ 
• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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 
• Podcast Production and Show Notes by Course Creation Studio

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Mastering Tax Debt: Strategies and Solutions for Therapy Practice Owners

In this insightful episode of 'Therapy for Your Money,' host Julie Herres of Green Oak Accounting provides therapy practice owners with essential guidance on managing tax debt. Julie covers crucial steps for addressing IRS notices, exploring payment plans, and applying for offers in compromise. She warns about the potential consequences of neglecting tax responsibilities and explains IRS procedures before drastic actions like wage garnishment or account seizure are taken. The episode also highlights the importance of timely payments, strategies for managing large debts, recognizing tax-related scams, and common IRS errors like misplaced payments. Additionally, Julie promotes a detailed tax course designed to help business owners better manage their finances. Tune in to gain control over your financial situation, avoid pitfalls, and keep your practice profitable.

Episode Highlights

00:00 Welcome to Therapy for Your Money

00:45 Dealing with Tax Debt: An Overview

01:41 Understanding IRS Power and Consequences

03:01 First Steps: Responding to IRS Notices

05:18 The Importance of Professional Help

06:31 Options for Managing IRS Debt

08:10 Importance of Timely Payments

08:46 Offer in Compromise: When and How

10:01 Requesting More Time from the IRS

10:32 IRS Mistakes and How to Handle Them

12:40 Beware of Scams

14:50 Conclusion and Additional Resources

Links and Resources

• Everything you need to know about taxes as a business owner: https://www.greenoakaccounting.com/tax
• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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
• Podcast Production and Show Notes by Course Creation Studio

GreenOak Accounting Manager Jacquie Carter joins the conversation for this quarterly episode mainstay - Industry Updates!  Julie and Jacquie cover the latest issues that are on practice owners' minds and advise how to wisely manage the financial side of business ownership in these latest industry hurdles. Also find out what's recommended for end of year financial security!

Episode Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:45 Quarterly Recap with Jacquie Carter
• 01:23 Current Trends and Challenges in Private Practices
• 03:17 Insurance and Payment Delays
• 04:49 Struggles of Private Pay Practices
• 06:13 Hiring Difficulties in Group Practices
• 07:58 Expectations and Realities of Group Practice Ownership
• 14:14 Challenges for Solo Practice Owners
• 22:50 Advice for the End of the Year
• 26:24 Conclusion and Disclaimer

Links and Resources

• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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
• Podcast Production and Show Notes by Course Creation Studio

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi

Avoiding Common Financial Pitfalls in Private Therapy Practice

In this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners.

Episode Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:48 Common Financial Mistakes in Private Practice
• 01:17 Mistake #1: Short-Term Thinking
• 04:12 Mistake #2: Underestimating Startup Effort
• 07:11 Mistake #3: Misunderstanding Fee Retention
• 09:08 Mistake #4: Ignoring Taxes
• 11:02 Mistake #5: Feeling Guilty About Profit
• 13:45 Introducing the Money for Therapists Practice Startup Course
• 16:23 Conclusion and Disclaimer

Links and Resources

• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• 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
• Podcast Production and Show Notes by Course Creation Studio

Navigating Partnerships in Therapy Practices: Risks and Considerations

In this episode of 'Therapy for Your Money,' host Julie Herres explores the complexities of forming partnerships in private practice. While partnerships seem like a good idea to share costs and responsibilities, they often come with significant risks. Julie dives into why about 80% of partnerships fail, compared to 50% of solo businesses. She discusses the importance of having detailed partnership agreements, covering crucial aspects such as profit sharing, administrative duties, and unforeseen events like disability, death, divorce, addiction, and disinterest. Julie provides real-world examples and insights into the legal and financial considerations essential for partnership success. This episode aims to equip therapy practice owners with the knowledge to make informed decisions about entering or exiting partnerships.

Show Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:48 The Risks of Partnerships in Therapy Practices
• 02:14 Common Issues in Partnerships
• 06:59 The Five D's of Partnerships
• 13:00 Alternatives to Partnerships
• 15:21 Ending a Partnership
• 17:09 Conclusion and Next Steps

Links and 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
• Podcast Production and Show Notes by Course Creation Studio