Money & Meaning in Your Private PracticeBy Karin Mizgala MBA, CFP
Financial Planner and Educator
For most people, money means struggle. You struggle to make it, to manage it, to understand it, to control it and to stay on top of it. And, like most practitioners in private practice, you tell yourself that you’ll stop worrying about money as soon you have more. While this might be true in some situations, have you noticed that when your income expands your expectations and expenses seem to follow? Funny how that happens!
At what point then are you satisfied? How much is enough? I’ve worked with hundreds of clients over the years and most people, whether they make $30,000 or $300,000, have trouble living within their means. This is as true for therapists, counselors and other healing professionals as for anyone else. While this can partly be explained by our high cost of living, the costs associated with building a successful practice and the temptations offered by Banana Republic, Ikea or Whole Foods, the real reason most of us overspend is simply because we don’t have any compelling reason not to.
Without a clear vision of what you want to create in your life, it’s very easy to fritter your money away and to wonder where it all goes. Many in private practice do a fantastic job in helping their own clients overcome seemingly insurmountable problems. But when it comes to handling their personal or business finances, well… let’s just say many could use a helping hand. While more money might be nice – either personally or in your private practice – without a conscious plan, it’s just as likely to be absorbed into your day to day cash flow and you’ll be no further ahead anyway. The real key to financial satisfaction isn’t to have more, but to align the money you do have (and will have) with your values, intentions and goals.
While it might seem like a simple exercise to state what you want in life or for your practice, it’s not always easy to define, articulate and clarify what you’re about and what is meaningful to you. Fears, insecurities, resistance to change, complacency, and lack of time are some of the common reasons people use to resist declaring their goals and intentions. More often than not, they let money issues throw cold water on their hopes, dreams and desires. And, sometimes, it’s simply that you don’t give yourself permission to dream. But it doesn’t have to be that way. An honest assessment of your relationship to money and a willingness to commit time and energy to clarifying your values and priorities are all you need to take a step toward achieving your personal and professional goals.
Here are a few questions to ask yourself about what money means in your life:
If you’re not on track with where you want to be financially, either in your personal life – or with your private practice -- there’s no need to feel guilty or to judge yourself. But it is time to take action. Start by becoming more conscious of what’s important to you and take stock of how close you are to your vision. If you’re not where you want to be, set some intentions for yourself and then some specific goals. Write them down. Commit to them. Acknowledge and reward small steps.If money were no object, what would I do with my life? If money were no object, how would I change my career or private practice? Do I have a clear vision of my values, goals, priorities? Is my sense of self-worth tied into how much money I make? Do I spend money to make myself feel better? Am I spending money on “stuff” that isn’t that important to me? Am I allocating time or money to causes that I believe in? Do I compare my financial situation to others’? Am I waiting for financial security before living a more meaningful life?
Be grateful for what you have and where you are at now. Avoid comparing yourself to others (I know, easier said than done!) and try to clear (or at least identify) blocks or barriers to your goals. There’s no race to the finish line here and only you can assess what pace is appropriate especially if you are facing challenges or significant changes are required.
Money doesn't have to mean struggle. It has the potential to bring joy, inspiration and support to your life and to others. It's up to you.
What’s your next step in bringing more meaning to your money?
Karin Mizgala, 2009
Karin Mizgala is the President of LifeDesign Financial and co-founder of the Women’s Financial Learning Centre. She has over 20 years experience helping therapists, coaches and healing professionals take charge of their finances so they can lead comfortable, balanced and meaningful lives. If you want help getting your private practice finances in order, join my colleague, Juliet Austin, and I for the "Private Practice Finances Made Easy" coaching program that starts on October 7th: privatepracticefinancesmadeeasy.com