Tips to Build Wealth as a Therapist (for beginners)

Tips to Build Wealth as a Therapist (for beginners)
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I know it's often considered taboo for therapists to express an interest in building wealth, but I think we often confuse wealth with greed and those two do not have to go together. So in this video, I share some tools to help you develop healthy practices to build wealth as a therapist (even if you're just getting started!).
A pivotal book that helped transform my mindset around wealth in my early 20s was The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas Stanley and William Danko:
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Links Mentioned:
Ziprecruiter: Mental Health Therapist Average Salary
www.ziprecruiter.com/Salaries...
Census Income in the United States: 2021
www.census.gov/library/public...
Study: Average American's Savings Account Balance is $4,500
www.fool.com/the-ascent/resea...
Bankrate Roth IRA Calculator
www.bankrate.com/retirement/r...
Forbes: Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation
www.forbes.com/sites/ethanste...
Video: Retirement Plans in Private Practice
• Retirement Plans in Pr...
How to Tell Clients You’re Raising Your Rate (and Sample Rate Increase Letter!):
• How to Tell Clients Yo...
00:00 Intro
02:14 Build Wealth Right Away
03:14 Know Your Numbers
05:05 Live Below Your Means
06:40 Invest Right Away
09:14 Change Jobs/Raise Your Rate
10:57 Watch for Lifestyle Inflation
12:11 Diversify Investments & Income
13:09 Closing Thoughts
14:33 TherapyNotes
LINKS
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This video is geared for therapists of all kinds, including psychologists, MFTs, LPCCs, social workers, and others in the clinical counseling field.
Welcome to Private Practice Skills! I’m Dr. Marie Fang, psychologist in private practice. I post videos offering tools I learned the hard way about starting and growing private practice so that you don’t have to.
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This video is not intended as professional or legal advice. Be sure to seek the services of a professional if you are in need of them.

[@rachelh-j5006]

I just have to say that even if this video can be intimidating for folks, the therapist's dream of having a private practice and feeling comfortable for their future is totally possible. I started watching your videos when I was an intern; I'll never forget the first day when I discovered you. I was sitting in a parking lot, waiting to drive to a family session. Making just above minimum wage and grumbling about how hard I've worked, and for a wage that literally could not pay my California expenses (e.g. rent, utilities, gas, healthcare, etc). I cannot remember the video, but it was a good 5+ years ago, and I was totally inspired to keep following my dream. And I've never stopped watching your inspiring advice. And following my dream. Needless to say, I'm going to be signing a lease for my FIRST office space of my own tomorrow! ---> no more subletting! -----> Full disclosure, I STILL have a LOT to learn about investing my wealth, but for now, I can say I feel pretty confident in my business decisions.

[@parisjoy7875]

That’s awesome!! May I ask how old you are? I’m starting late so feel like I have a lot to catch up in 😅

[@rachelh-j5006]

@@parisjoy7875 I have no problem saying I'm in my 40s :) I was waaaay too young to be doing this work when I was in my 20s. I had a lot of life experience I needed first!

[@our.secret1130]

@@rachelh-j5006 I’m 26 and feel behind!!! You have reminded me the value of experience

[@yuna6666]

Yup. This is me. No retirement and no true savings and single 😮‍💨 always working two jobs

[@HealthierByGrace]

Thanks for this video bc they don’t think therapist the business side in grad school. I’m in the process of building my practice and this is exactly what I needed to see.

[@kimcarrots]

Thank you for this!

[@shacheb]

👏🏾👏🏾👏🏾👏🏾👏🏾 one of my favorite ways to empower others. Thanks for sharing.

[@straybard_art]

One of my new year's resolutions is a therapist in training is to get more income and this video had a lot of very good tips ^u^ Thank you for sharing them!

[@brockjazz8838]

Thanks for the video. In my last job, I monthly put in deferred comp, and when I left, there was $18K in the account. So, it works as an automatic savings that you don't even notice since it is pre-tax. As you get older health insurance premiums and healthcare costs are huge expenses, the recent 9% inflation last year didn't help, and the cost of living in California (as is much of the nation) is high.

[@ShoshanaAbitbol]

Great advice! I'm surprised she didn't speak about debt though. I go by Dave Ramsy advice. If you have any debt/student loans etc pay that off all first before saving for retirement.

[@michelletiger3903]

You quoted the "average salary" per the U.S. Census, but the U.S. Census you posted on the screen does not say "average salary." It says "median HOUSEHOLD income." Household income is often 2 income households, so that could be a salary of $35K. Please note that these terms are very different!

[@mmarin2587]

Thank you so much for your support and encouragement!

[@59inuyasha]

Do you have any tips for building wealth during graduate school? I am in a PsyD program and it is difficult to work when practicum, directed study, and clinical competency exams are going on so it worries me

[@our.secret1130]

Maybe open a Roth IRA or other retirement account if you haven’t, then otherwise just study you will have such a high earning potential once you graduate you could make over 200k if you do assessments etc

[@michelletiger3903]

My accountant advised me that I could open an IRA without a broker (and he is a broker) on Vanguard. The Vanguard staff were great to deal with it, always being there when I needed guidance and patiently answering my questions. Strongly recommend Vanguard site!

[@downwiththeclique7239]

I think I'm going to open an IRA. Thank you! :)

[@lacytannous]

Marie, I've never seen your hands so animated and I LOVE it. I'm so on board with this approach. $100 a month in a tax-free Roth IRA is the way to go, especially when retirement benefits may not be available through an employer. I'm curious to hear more about your last point (diversifying income and investments), specifically your thoughts on diversifying investments and maybe how your mindset on building wealth has shifted as you've become a business owner. Thank you!