Do you want to start saving for retirement? What are some ways that you can increase the value of your practice before selling it? Why should you have your financial objective first before looking at financial tools?
In this podcast episode, Whitney Owens speaks with Sarry Ibrahim on Investing in Your Financial Future.
Podcast Sponsor: Brighter Vision
How would you like to fall into cash this month? Every year, my friends over at Brighter Vision kick off the fall season with a month-long digital conference event they call ‘Fall Into Cash’.
For the entire month of September, they’ll be teaming up with the top brands, consultants, and coaches in the mental health industry to provide you with the best advice, tools, content, podcasts, and giveaways; all centered around one main theme – helping you grow your practice and make more money.
Plus, in celebration of the 5th anniversary of ‘Fall Into Cash’, they’re also offering a very special discount exclusively for Practice of the Practice listeners. From now until the end of the month, they’re offering new websites for only $49/month for your whole first year plus no setup fees – that’s a savings of over $200!
For more information and to take advantage of this great offer, head on over to brightervision.com/joe.
Meet Sarry Ibrahim
Sarry Ibrahim is a financial planner and member of the Bank On Yourself Organization. He helps real estate investors, business owners, and full-time employees grow safe and predictable wealth regardless of market conditions using a financial strategy that has been around for over 160 years.
Sarry started this journey when he was in grad school completing his MBA. He worked for companies like Allstate, Blue Cross Blue Shield, Cigna Healthspring, and Humana before founding Financial Asset Protection, a financial services firm that with a single focus; the Bank On Yourself Concept, also known as the Infinite Banking Concept.
Visit the Financial Asset Protection website to find out more about the Bank on Yourself Concept.
Freebie: for your free copy of Becoming Your Own Banker by Nelson Nash schedule a free 15-minute intro call with Financial Asset Protection.
In This Podcast
- First steps to investing
- Are you thinking of selling your business?
- Identify your financial objectives first
- Sarry’s advice to Christian counselors
First steps to investing
When you first enter into the investment world, your financial advisor would try to understand your financial situation and figure out what your short and long-term financial goals are:
- At which stage of life are you currently in? Investing will look different depending on whether someone is 40 or 60, because their goals may be different.
- What is the top financial goal that you want to achieve in the next five, ten, or thirty years? Why is this goal important to you?
- Which financial opportunities do you have available to you thus far, both in your personal life and in your business? Do you have a 401K, savings, and how much access do you have to these funds?
We want to understand the financial components of their life and their business and then from there make a recommendation. (Sarry Ibrahim)
Are you thinking of selling your business?
What is going to make your practice sellable? Some things to think about are:
- Life insurance can either be own personally or by a business. If a business owns the life insurance policy, they own the cash value and this asset value can be added onto the balance sheet, which will increase the overall value of your business.
This way … the new owner who is going to buy your practice is going to get the life insurance and is still going to be able to ensure you even when you’re no longer in the business. (Sarry Ibrahim)
Identify your financial objectives first
In your financial journey, many financial tools and advisors can help you, but you need to know what your goals and objectives are first.
First knowing where you want to go is key, and that will enable you to find the best system and tools to help you get there and achieve your goal.
Sarry’s advice to Christian counselors
God will never punish you for wanting more out of life. When your intentions are good, God will help you get more out of life because it is what resonates with you.
Useful links mentioned in this episode:
- Brighter Vision Fall Into Cash
- Visit the Financial Asset Protection website
- Listen to Sarry’s podcast, Thinking Like a Bank and subscribe to his Youtube channel
- Email Whitney: email@example.com
Books mentioned in this episode:
For your free copy of Becoming Your Own Banker by Nelson Nash schedule a free 15-minute intro call with Financial Asset Protection.
Check out these additional resources:
- The Spiritual Journey of Owning a Business with Jane Carter | FP 103
- Next Level Practice
- Killin It Camp October 2021
- Join the Faith in Practice Mastermind
- Practice of the Practice Podcast Network
- Group Practice Boss
Meet Whitney Owens
Whitney is a licensed professional counselor and owns a growing group practice in Savannah, Georgia. Along with a wealth of experience managing a practice, she also has an extensive history working in a variety of clinical and religious settings, allowing her to specialize in consulting for faith-based practices and those wanting to connect with religious organizations.
Knowing the pains and difficulties surrounding building a private practice, she started this podcast to help clinicians start, grow, and scale a faith-based practice. She has learned how to start and grow a successful practice that adheres to her own faith and values. And as a private practice consultant, she has helped many clinicians do the same.
Thanks For Listening!
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Faith in Practice is part of the Practice of the Practice Podcast Network, a network of podcasts that are changing the world. To hear other podcasts like Empowered and Unapologetic, Bomb Mom, Imperfect Thriving, Marketing a Practice or Beta Male Revolution, go to practiceofthepractice.com/network.