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Have you fallen into money woes and quick fixes have been letting you down? What should you do to plug any financial leaks that could be draining you of your cash? How can you bring a turnaround in your finances?
In this podcast episode, LaToya Smith helps you to work on your money skills with Linzy Bonham.
Podcast Sponsor: Blueprint
Providing great therapy day after day can be challenging – even for the best of us!
At Blueprint, they believe that nothing should get in the way of you doing your best work, which is why they created a platform that provides therapists with an array of clinical tools – things like therapy worksheets, intervention ideas, and digital assessments – that are designed to help you and your clients can stay connected and confident throughout the care journey.
Even better, Blueprint helps streamline your documentation so that you can spend less time on your notes and more time on the things that matter. To learn more and request a free 30-day trial, visit blueprint-health.com
Meet Linzy Bonham
Linzy Bonham is a private practice therapist turned money coach who helps private practice owners and health professionals feel calm and in control of their finances through her coaching at Money Nuts & Bolts and her podcast Money Skills for Therapists.
It all started when she saw her extremely skilled colleagues struggle with the money side of business. Some had even left private practice, or were avoiding starting one, because the financial side was too stressful. So Linzy decided to help therapists and health professionals develop peace of mind about their money. Since so many were never taught these skills, she focuses on the “how” of making the business side of private practice doable, and even super satisfying.
Visit Money Nuts & Bolts and connect on Facebook and Instagram.
Listen to the Money Skills For Therapists Podcast and Join the Waitlist for Money Skills for Group Practice Owners!
In This Podcast
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Unpacking past beliefs
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Figure out where your money is going
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Making the turnaround
Unpacking past beliefs
The initial conversation you need to have with yourself and your journal or with your coach or mentor is to unpack what you believe about money.
Before you can make any serious progress with managing your money, you first need to understand how you view it, and what you can do to change your mindset about it, otherwise, you run the risk of getting stuck and repeating old habits.
- What do you believe about money as an individual? What’s your emotional money baggage?
- What’s your relationship to money as a clinician?
- What are your beliefs around money as a group practice owner?
Digging into those stories in the beginning is so important because if you don’t know what’s happening there, if you’re not aware of what those stories or scripts are … that is what actually gets in the way of you being able to learn the skills to do money well. (Linzy Bonham)
Figure out where your money is going
If you are honest with yourself, you know that your money is less than it should – or could – be. You know if something isn’t quite right, or you’re reaching the bottom of the barrel of your bank account each month, there may be a financial leak somewhere.
Plug up those leaks by making sure that you know where your money is going. Who are you paying each month? For which subscriptions are you signed up?
You need to first understand what’s happening and that in itself is a big step … because that involves being able to be with money, just being able to look at it, have the bandwidth to organize it, take a look at where things are going, [being] curious. (Linzy Bonham)
Much like you work to understand your history and emotional beliefs around money, you can also work to understand the factual history of your transactions, and both processes often work better when you are curious and compassionate, not stressed.
Making the turnaround
If things aren’t going as you want them to, then they can be shifted. You don’t need to throw out your whole business, even if you feel that way! There are things that you can do to rectify and fortify your financial situation.
Once you realize that things need to change, and you are committed to making them happen, know that it won’t happen overnight. There are some things that will take time, so it’s important to find someone good to help you and get started.
The final piece of getting your financial progress together is learning how to forecast into the future by knowing that small, consistent changes will pay off.
So it’s [about] making the tweaks and having the patience to know that I do this now, and a quarter from now or two quarters from now, everything looks totally different [because] the chances are that what you’ve built is not worth tearing to the ground, but you’re going to make changes and have some patience to see the results you want. (Linzy Bonham)
Books mentioned in this episode:
Julie Herres – Profit First for Therapists: A Simple Framework for Financial Freedom
Useful links mentioned in this episode:
- What’s your phase of practice? Click here to get full access, totally free!
- To learn more and request a free 30-day trial, visit blueprint-health.com
- Visit Money Nuts & Bolts and connect on Facebook and Instagram.
- Join the Waitlist for Money Skills For Therapists!
Check out these additional resources:
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired outcomes.
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
Visit LaToya’s website. Connect with her on Facebook, Instagram, Strong Witness Instagram, and Twitter.
