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Your practice is successful. You’re making good money. You have investments. Maybe you don’t even have much debt.
So why do you still feel financially stressed?
In this solo episode of the Financial Beast Podcast, Eric Miller breaks down something he’s seeing among successful healthcare practice owners: making more money doesn’t automatically create financial confidence.
In fact, having significant cash coming in without a clear plan for what to do with it can create an entirely different kind of financial anxiety.
Eric breaks down what practice owners should be thinking about right now, from giving every dollar a job to protecting liquidity, building reserves, investing during volatile markets and demanding more from your financial team.
In this episode:
- Why successful practice owners can still experience financial anxiety
- Why every dollar should have a job before it arrives
- How to think about investing during volatile markets
- Why dollar-cost averaging can become valuable when markets decline
- How higher interest rates can change your cash strategy
- Why Eric is looking at short-term Treasuries for liquidity
- How much cash a practice should keep in reserve
- Why your household needs its own financial reserves
- Why having available lines of credit matters before you need them
- How economic fear can lead practice owners into bad financial decisions
- Why you should demand more communication from your financial advisor
- What your financial team should actually be helping you accomplish
- Why chasing unrealistic investment returns can destroy a good financial plan
- Why every practice owner needs to become the CFO of their own financial life
The goal isn’t simply to make more money.
It’s to know how to acquire, control and invest that money so your practice can create financial independence for you and your household.
If you’re a veterinarian, physical therapist, dentist, optometrist, chiropractor or other healthcare practice owner who earns well but still doesn’t feel completely in control of your finances, this episode is for you.
🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and personal wealth-building strategies designed specifically for healthcare practice owners.
CHAPTERS:
00:00 Why Successful Practice Owners Still Feel Financial Stress
02:07 Who Financial Beast Is Really For
03:24 Financial Anxiety When You’re Making Good Money
05:39 Why Every Dollar Needs a Job
06:27 Investing During Economic Uncertainty
08:14 Dollar-Cost Averaging During Market Volatility
09:15 Rethinking Cash and Treasury Bills
11:03 How Much Cash Should Your Practice Keep?
14:12 Why You Need Credit Before You Need It
14:55 Don’t Let Bad Economic News Control Your Decisions
17:13 Demand More From Your Financial Advisor
21:07 The Danger of Chasing Huge Investment Returns
24:29 Why Money Needs a Leader
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