Setting and Achieving Financial Goals with Eric Roberge | POP 985

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What should you consider financially when looking at the big picture? Have you thought about separating your business from you? Why should you always be patient and consistent with investing?

In this podcast episode, Joe Sanok speaks about setting and achieving financial goals with Eric Roberge.

Podcast Sponsor: WellReceived

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Meet Eric Roberge

A photo of Eric Roberge is captured. He is the host of the Beyond Finances podcast, CFP® is the visionary behind Beyond Your Hammock—an innovative financial planning firm in Boston that's transforming the lives of professionals in their 30s and 40s. Eric is featured on the Practice of the Practice, a therapist podcast.

Host of the Beyond Finances podcast, Eric Roberge, CFP® is the visionary behind Beyond Your Hammock—an innovative financial planning firm in Boston that’s transforming the lives of professionals in their 30s and 40s. With over 15 years of trusted expertise as a financial advisor, Eric empowers high-achievers to optimize their financial potential while embracing a fulfilling lifestyle. His insights have graced renowned publications like The Wall Street Journal, Marketwatch, and The Boston Globe, solidifying his reputation as a finance powerhouse.

Visit Eric’s website and connect on Instagram and LinkedIn.

In this Podcast

  • Phases of financial growth 
  • Allow your business to separate from you 
  • Optimize your tax 
  • Eric’s advice to private practitioners 

Phases of financial growth 

The first thing – and the most important thing when it comes to financial planning – is to look at your cash flow. 

In the beginning when you’re starting a business, and I know this from personal experience … You may not have much, and you still have expenses regardless of how much money you have coming in. So to be able to shrink down your spending to a place that is sustainable to stay out of debt while building an income stream, that’s your main goal. (Eric Roberge) 

At least at the beginning of your business venture, you need to be focusing on spending less than you are making so that you can keep the doors open.  From there, as your business starts to slowly grow, it’s a good idea to keep expenses as small as possible while the income is slowly expanding. 

As you start to grow your revenue, you’re going to probably want to expand your lifestyle and live a little bit more comfortably, and I think that’s okay. A lot of advisors say, ‘Save, save, save’, but I disagree, to an extent. (Eric Roberge) 

Of course, you want to be able to enjoy your life, and you want to be able to take a much-needed break once the money starts flowing in a little more easily and frequently.  There is naturally then a balance that you can strike between spending and saving, without leaning too much on one side or the other. 

Allow your business to separate from you 

As your business develops, there can be a point at which you separate from it, so that your business functions as its own financial entity, and you as yours. 

Then you will have your own cash flow, and the business will have its own too. If you do not do this, or you don’t pay attention to where the business money ends and where your personal funds start, you could get into some hot water if there was ever an issue. 

Additionally, it is important to begin to separate yourself from the business as it starts becoming successful because you don’t want to be its sole operator, otherwise you risk losing touch with your life beyond it. 

It can run your life instead of you controlling the business. So it’s important to stay in tune with what your business needs are … and you’re not spending a bunch of money to grow the business and your business grows to a place that is not sustainable for you … Because I don’t think anybody wants to grow a business to a place where all they do is the business. You want to have that separation. (Eric Roberge)

Be mindful of the choices that you are making professionally and how they may look in the future, so take stock of the long-term impact of your decisions. 

Optimize your tax 

Consider booking a meeting with your accountant and asking them what advice they have for you on which retirement accounts you can access based on your type of income and business. 

You can sometimes save some money, and pay less taxes, by being mindful of which accounts you make payments into, depending on your income and business type. 

Eric’s advice to private practitioners 

Focus on what is in your control; how much you spend, how much you save, and where you put your money to invest. Over ten, or twenty years, these results compound and expand – so stay consistent! 

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Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners who are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

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