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
https://www.ziprecruiter.com/Salaries...

Census Income in the United States: 2021
https://www.census.gov/library/public...

Study: Average American's Savings Account Balance is $4,500
https://www.fool.com/the-ascent/resea...

Bankrate Roth IRA Calculator
https://www.bankrate.com/retirement/r...

Forbes: Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation
https://www.forbes.com/sites/ethanste...

Video: Retirement Plans in Private Practice
   • Retirement Plans in Private Practice  

How to Tell Clients You’re Raising Your Rate (and Sample Rate Increase Letter!):
   • How to Tell Clients You’re Raising Your Ra...  

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.