‘Change the way you see things and the things you see will change’
Remember my friend, no one else is responsible for the financial health of your chiropractic practice, it needs you to step up and address the issues at hand. Debt has become a way of life for most chiropractors. Their salaries are hardly enough to sustain them and pay off the loans.
To compound this misery, more debt is created from purchasing homes, cars, setting up a chiropractic practice and purchasing the required tools of the trade.
The type of debt one has is an important distinction to make. The loan you took to set up your chiropractic practice, buy equipment and employ staff is actually beneficial as you can generate income thanks to that loan. It also has certain tax benefits.
Your student loan, credit card loans, car and housing loans are the types of debt you want to be rid of, at the earliest, since they add no additional economic value in exchange for the interest paid to acquire them.
Here are some more insights to keep in mind while dealing with debt.
1. Having an abundance mindset.
If you have an approach to money that is based on scarcity, then you will find yourself having to choose between the expenditures of paying off debt or saving, always settling for less. If, however, you understand the truth and see money through the lens of abundance, then you will be able to save, pay off debt, enjoy chiropractic success and have more money to spend. Plus, believe me, it is just way more refreshing and joyful to live this way.
2. Eliminating debt does not create a secure future
This may come as a surprise to you, but the idea that you should get out of debt before setting anything aside for the future isn’t necessarily a good one. Planning for the future means creating the capital required to anticipate future expenses. That capital would come out of your current chiro practices income before it used to manage current expenses. The sensible way to create a fund for your future would be by first building adequate consistent saving habits, keeping up efforts to generate more income from your practice; and finally reducing the amount of debt owed.
3. Resolve to be debt free
Too often, debt is paid off by chiro practices after years of hardship only to take another unnecessary loan and the cycle of debt begins all over again. The objective should be to only resort to debt for chiropractic practice business expenses and manage all living expenses on existing cash reserves, only making exceptions when absolutely required.
The debt to yourself is the most important one to pay off
A tenet of chiropractic success is to pay yourself first. At Least 10% of the gross income earned from your chiropractic practice must be paid to yourself. It is the most important payment you make. Or else, you end up paying everyone else but having nothing left to sustain yourself and those dependent on you. That can be very damaging to morale. Not putting yourself and your needs first can result in you feeling unmotivated and down about your financial situation.
It can seem overwhelming to even think about yourself or chiropractic success when all you see is a seemingly insurmountable amount of debt. But remember, your financial challenges and concerns are very similar to that of other chiro practices:
Will I earn enough?
Will I be debt-free?
Can I keep it all together?
Affirm it. Yes, you can.
And that is exactly the kind of positive reinforcement you can expect to get when you come onboard on our Mind, Body and Business Coaching Program.
- Achieve your goals quicker
- Boost your confidence levels
- Find time to enjoy life
- Work towards chiropractic success