Ask Joe: How To Plan For Retirement | POP 602

Image of Joe Sanok. On this therapist podcast, podcaster, consultant and author, talks about how to plan for retirement.

Are you thinking about setting money aside for your future? How do you plan the financial future for your business and your family? Why should you consider building an emergency fund?

In this podcast episode, Joe Sanok answers your questions about how to plan for retirement.

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In This Podcast

  • Concepts about money in your practice
  • Retirement planning
  • An emergency fund for business and home safety
  • “Is this smart?”

Concepts about money in your practice

1 – Have multiple streams of income.

When you are a solo practitioner, all the money you bring in is based on you working. That’s a dynamic we don’t want you to have always continuing … it is nice to have multiple streams of income coming in. (Joe Sanok)

2 – Investing your money back into things that will make more money in the future.

Look at your family finances and see how much money your family needs you to generate to put that money where it belongs before you start investing your income into other expenses.

Most months I am looking at the family budget then I’m also looking at the individual practice budget … to see how much needs to stay within the company? How much do I need to pay the staff? … how much can I pull out and into the family budget appropriately? (Joe Sanok)

3 – In general, you should be putting about 15% of your income into some sort of retirement fund.

In terms of paying off your debt, you can evaluate which debt is necessary for you to pay off first.

Retirement planning

  • Speak to an accountant about optimizing your retirement planning to best suit your personal needs.
  • Have your funds be separate from your business funds and accounts.
  • Play around with looking at how much money you should invest into index funds or another type of investment and over how long a period to see what your anticipated income might be.

An emergency fund for business and home safety

It is a great idea to build and maintain an emergency fund in case of rainy weather.

Consider having put away about six months’ worth of average income so that you can pay your employees, your expenses and provide yourself with a financial buffer until you can sort out your predicament.

This principle also applies to your personal expenses and family budget.

“Is this smart?”

I’m a big fan of looking at the things you are spending money on both personally and professionally and [asking] “is this smart?” (Joe Sanok)

When you want to make a new financial commitment or investment, consider having a meeting with your accountant to establish whether or not now is the best time for your choice.

Books mentioned in this episode:

Image of the book Thursday Is The New Friday written by Joe Sanok. Author Joe Sanok offers the exercises, tools, and training that have helped thousands of professionals create the schedule they want, resulting in less work, greater income, and more time for what they most desire.

Useful Links mentioned in this episode:

Check out these additional resources:

Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

Thanks For Listening!

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