How can you make your money work for you? What does your ideal financial lifestyle look like? Do you want to maximize your time or financial return on investing?l
In this podcast episode, Joe Sanok speaks with Justin Donald about how therapists can begin lifestyle investing.
In This Podcast
- Do you want to start lifestyle investing?
- What are the first steps to lifestyle investing?
- Lifestyle investment tips for therapists
- Justin’s advice to private practitioners
Do you want to start lifestyle investing?
I think that someone needs to [first] have clarity on what their ideal lifestyle looks like because if someone has built a business or has a practice that’s requiring a lot of hours from them, I think the last thing they’re going to want to do is to buy or invest in something that is going to require a lot more hours. (Justin Donald)
Figure out what you want your ideal lifestyle to look like.
How do you want to spend your time? How is your current lifestyle keeping you from creating the one you want?
If you are constantly working, then you may wish to sacrifice the quantity of the return on your investments to save some time.
You think you own the business when in reality the business owns you. How can you get back to you owning it and spending time on the things you want [in] the volume you want? (Justin Donald)
How much time do you have, and how much return on your investment do you want to make?
What are the first steps to lifestyle investing?
There are usually two main routes to take:
- Do you want to maximize your financial return?
- Do you want to maximize your time return?
Be intentional with the life that you want for yourself and for your family.
Instead of living through reaction to what happens in life, prepare, make plans, and find a way to create the lifestyle that you desire.
Get clear on the lifestyle that you want because it will help you decide which investment plan is best suited to helping you achieve these goals.
Lifestyle investment tips for therapists
1 – Spend some time understanding the principles behind investment before you trust someone else to handle your investments for you.
2 – Explore other strategies for investing besides the standard stock market.
3 – Diversify your investments to maximize both success and your possibilities of return.
4 – Find a way to have assets that produce income for you so that you can enjoy your time how you want to.
I think what’s best for people is to really learn and understand that you want to get your money working for you. At a certain point in your life, time is the thing that produces income. But if you want to maximize income, time shouldn’t produce income, it should produce enjoyment. So how do you get other assets and capital to produce income, so you can spend your time as you want? (Justin Donald)
Justin’s advice to private practitioners
Carve time out for yourself to get clear on where you want to go in life and be disciplined to find the people that can help you get there.
Books mentioned in this episode:
Useful Links mentioned in this episode:
- Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached
- Connect with Justin on Facebook, Twitter, Instagram, LinkedIn, or Youtube.
- Visit Justin’s website, listen to The Lifestyle Investor Podcast and enroll in Justin’s Course.
- Check out the Bigger Pockets Podcast
- Get this Free 28-Step Checklist for starting a practice!
- Take a Practice of the Practice E-course and access their many free resources
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- How to get more cash-paying clients in private practice: Ask Joe | PoP 694
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- Apply to work with us — a decision-making matrix for your next steps
Meet Joe Sanok
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.
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