Is Your Money Safe?
By Eric S. Miller 2008 was definitely a wakeup call for many. It was the first time since the Great Depression that many people witnessed what could happen to major financial institutions in a matter of days. Lehman Brothers- Gone, Bear Sterns- Gone, Washington Mutual Bank- Gone. And if it weren’t for the backing of […]
Why the Traditional Retirement Plan is Not For Practice Owners
In any area of life or business, you will find certain advice or circumstances which may be a fit for some people, but not for others. The trouble is that one size does not always fit all. As a practice owner, you have unique opportunities and challenges. Therefore, it only makes sense that you require […]
Keeping Your Attention on Your Business Finances
If you have ever been to the mall with a toddler, you know they require constant attention. The moment you take your attention off the child to look at some clothes or thumb through a magazine, there is a good chance they could be 100 yards away petting a stuffed animal or roaming around near […]
10 Reasons Why Practice Owners Are in a Financial Crisis
Most practice owners are in a financial crisis. Crisis is a strong word. It is defined as a “time of intense difficulty, trouble, or danger.” Examples of this would be a drug crisis, a drought crisis, a food crisis, or some kind of health crisis. It is a word that elicits fear, uneasiness, and anxiety. […]
The Financial “Opportunity Trap”
One’s journey to become financially independent is never a straight line upward. There are hills and valleys, successes and failures, and obstacles that seem like they can never be conquered. However, there is one thing I see happen that can put a business owner or entrepreneur on the fast track to financial ruin more than […]
The Practice Owner’s Financial Sweet Spot
If you listen to a professional athlete, they talk about their “sweet spot” when it comes to a particular sport. For them, it’s a certain point on their racket, bat, or club which makes the most effective contact with the ball and delivers the best results. For example, look at Tiger Woods in his prime […]
The Anatomy of Financial Ruin
Anatomy: separating or dividing into parts for detailed examination. Ruin: a. a state of complete destruction b. the state of having lost money, social status, etc. – Merriam-Webster As an advisor, I have spoken with hundreds of practice owners and I have seen them go from complete financial ruin to achieving optimum financial success and […]
Preserve Your Reserves
I do like simple things. There is no truer test of a genius then someone who can take something that is seemingly very complex and reduce it down to a simplicity. One of the reasons I admire private practice health care professionals is their ability to take a complex case with a patient, apply their […]
Private Practice Professionals: Pay Yourself First!
Part of my responsibility as a Financial Advisor is to observe and communicate what successful actions you as a private practice professional can do to ensure your financial future is certain and secure. The first step on your journey to obtain Financial Power is to Pay Yourself First! You may ask yourself how to pay […]