Can Therapists Have Financial Stability?

[@TL-cm5bd]

I just started my private practice a month ago and it’s been amazing! I don’t have to see more than 5 clients a week to be financially stable because the rest of my life is completely stable. My house is paid off and we have no debt at all. And, I’m charging my worth which was so hard at first but I charged my first client less and then realised I was worth what the going rate was and now all my clients (10 per week) pay my rate no problem. Because I charge what I’m worth I can see fewer clients which allow for more balance in my life. Now I can do something else I also love that can also make me money.

[@homefryniles3983]

This is why in Los Angeles and other cities therapists are needing to charge at least $200 per session, and all but wealthy clients must use their insurance.

[@lacytannous]

I'm a pre-licensed therapist, but I started dog walking two mornings a week. The money I earn from it is strictly designated for one thing only: my local coffeeshop. :) The benefits are awesome: time with a great pet, exercise, and a little extra cash for my own treats (not dog treats!). It's so important to experience joy even in the midst of lean times. Thanks for emphasizing that, Marie!

[@our.secret1130]

Lol do you make more dog walking then as prelicensed per hour ? I’ve heard pet sitting businesses can be pretty profitable

[@PrivatePracticeSkills]

I walked dogs in grad school! It forced me to get outside, get a little exercise, and process the heaviness that comes with our intense training. I love that!

[@MelisJoy]

​@@baconstrips6260 I'm sorry you have such a shallow mindset

[@TL-cm5bd]

This is a great idea! I have a dog that I walk twice a day everyday and I see in my neighbourhood people don’t walk their dog as often as they should. So maybe I can walk a dog or two twice a week for some dog money. I spend so much money on him I might as well make a little money doing something I’m doing anyway and he gets a friend to walk with sometimes.

[@TL-cm5bd]

@@baconstrips6260 don’t be jelly

[@hellojenny24]

Of course you can achieve financial stability. The issue isn't the field it's the person on the other end living outside of their means and their capacity.

[@our.secret1130]

I have always wanted to be a counselor, but I must say, I think fears of financial instability are what have held me back. I love the idea of being self employed but .. yeah:/

[@paulhornbogen980]

Doc. Yup, increasing income. Yup. Being discipled. Internal money discipline. Unexpected expenses. Yup. Financial coaching from any source or a CFP. Yup. You nailed it with the word "meaning". Learning from the frugal experts. There are ton of resources. Thanks.

[@rynkapp]

I’d love to hear more about how you make content geared toward potential clients (income, ethics, etc). I just came across your other Chanel and LOVED it. I want to start in private practice and make videos geared toward my niche. Not as a marketing strategy primarily but more focused on a second income stream for me that is free to access. Plus I genuinely enjoy making videos and related to when you said in another video you like teaching but don’t want to be a teacher. Anywho Thanks for the video

[@rynkapp]

Also since you asked for sharing tips. My life totally changed getting a financial coach. I started with The Financial Gym then went to My Gold Standard. My net worth increased dramatically even while working in community mental health.

[@PrivatePracticeSkills]

I LOVE that! It is hard to prioritize seeking professional financial advice when obviously, you have to pay for that advice and you're trying to save money :) But what a testament to how it's possible to improve our financial health. Thanks for sharing!

[@PrivatePracticeSkills]

I've been considering making more content about how to make content, hehe. Were you asking two separate questions: one about how to make content to market your practice and another about how to create a second income stream? I may have missed what you meant there.

[@rynkapp]

@@PrivatePracticeSkills great clarifying question. The answer is both, all. I want to hear any and all words of wisdom you can share about making content for clients as a therapist. The key though is making it for clients as a therapist. Lots of great content exists on strategy, content creation etc but mostly I’m concerned about being ethical as a therapist making content geared toward clients (therapy clients not coaching clients. That is possibly even more vague than my initial question. Consider it an open ended invitation/request.

[@trishana15]

Thank you for doing this video Marie!

[@user-cm3uo6lu6o]

Thank you so much for this. You did catch me early enough to advise me to be disciplined and I’m grateful to have these concepts reinforced! My favorite point was the last - spend intentionally & on what brings you joy! Usually these financial videos are overwhelming and I leave feeling pessimistic but this was actually uplifting and realistic and I feel more prepared! Thank you Marie, you make such a difference, truly. :)

[@PrivatePracticeSkills]

Aw what a sweet comment! Best wishes to you!

[@theelonz]

Thank you for making this vid, I need to learn from you

[@gracebolen8926]

Thank you!! I appreciate the advice :)

[@NaTashaBLMFT]

This was so on point!!!

[@kimankersen1750]

"guestroom" is as big as my apartment. ,,, Tough times

[@englishrose4388]

Thank you.

[@robertaballard2433]

I appreciate this, thanks Marie! In private practice, calculating the whole "spend less than you make" can be shocking and sobering initially. It's one reason I feel fine setting my fees higher than I used to feel comfortable. It's not greed, it's wanting to retire someday, pay for my own health insurance, etc.

[@susans.6595]

Hi, Would you have a resource for just forms? I am starting a very small private practice after retiring from school counseling. I am will to purchase customizable, intake, hipaa, consent, telehealth consent, etc. forms. Most companies charge for a whole practice management fee. Thanks!

[@PrivatePracticeSkills]

I don't have my own, but I have an affiliate link for the Private Practice Startup's attorney-approved forms. Here are the links with discount codes: "SAVE40" = $40 off the base package of paperwork: www.privatepracticestartup.com/private-practice-paperwork-base?affiliate=mariefang "SAVE80" = $80 off the peak package of paperwork: www.privatepracticestartup.com/private-practice-paperwork-peak?ref=free-guide&affiliate=mariefang I hope this is the type of thing you were looking for, best wishes!

[@susans.6595]

@@PrivatePracticeSkills Thanks for the quick reply! I will check it out! Have a peaceful weekend!

[@susans.6595]

Good resource, but still a little to expensive for me. But thanks!

[@compassionatepeercounseling]

Thanks e addressing the financial side of private practice and financial stability in general. I find this topic very interesting and empowering. What has been the most helpful thing for you in becoming financially stable?

[@__Jessica___]

Would you be willing to explain how much insurance pays for a client’s session? If a counselor sets a rate of $100/session but the session is billed to insurance how much do they actually pay?

[@TL-cm5bd]

Every insurance plan is different. Some pay the full amount up to a set amount per year. Others pay a set amount per session and client must pay the rest.

[@vanessarios4928]

Just starting out and I’m anxious about the first year…

[@nsanenthembrane]

Low key depressing…

[@PrivatePracticeSkills]

I'm sorry you feel that way! I'm hoping to be more empowering than depressing. But it is painful for sure to initially do that math and see what money is actually in our pocket at the end of the day. I hope by sharing this folks can feel better equipped and empowered to navigate that rather than be totally caught off guard by it. Best wishes to you!

[@our.secret1130]

@@Tania-rg7jp read, teacher

[@burtonvangorden5959]

😑 【ｐｒｏｍｏｓｍ】