145. Increase Your Financial Returns in Private Practice with Ryan Derousseau

Private Practice Elevation with Daniel Fava

In this episode of the Private Practice Elevation Podcast, we're diving deep into the world of financial planning specifically tailored for therapists in private practice and how you can increase your returns and hit your goals.

We’re going to be talking all about the goals you have for your life and how those goals can actually drive the financial decisions you make in your private practice.

Navigating the financial planning side of running a business can take time and effort.

From bookkeeping to taxes, to whether you should be an S Corp or an LLC. There are so many questions to answer.

Well, today we’re talking with Ryan Derousseau and he helps us unpack the nitty gritty of getting started with your financial plan and increasing your returns in your private practice.

Ryan Derousseau is a fee-only financial planner based in Long Island, New York. He has a background in writing and has worked for publications such as Fortune, Money, and the New York Times. Ryan specializes in working with therapists to help them manage their finances and achieve their life goals.

Whether you're just starting your private practice or looking to elevate your financial game, this episode is packed with tips to lead you toward financial success.

In This Episode, You’ll Learn:

• The importance of understanding your business and life goals

• The importance of having emergency funds for personal and business

• How to balance business savings and retirement savings

• When does a S Corp make sense for your private practice?

• The business advantages of S Corps and the process to transition

• The importance of avoiding debt and tips to keep you safe

• Why ignoring the value of your private practice can impact retirement security.

Links mentioned in this episode:

• https://thinkingcapfinancial.com/

• The Financial Planning Checklist