The Remarkable CEO for Chiropractors 241 - Laying A Remarkable Financial Foundation
Are you looking to build financial freedom? Do you want to be the financial inflection point in your family? Are you ready to make the shift from generational income to building generational wealth? This episode is for you. Listen in as Dr. Stephen interviews one of his financial advisors, Justin Maxwell of Big Life Financial.
The financial foundational five:
- How to set up your cash flow system
- How to optimize your student loan repayment
- The practice debt solution
- Avoiding “death by a thousand cuts” with unnecessary fees
- The highest and best (and safest) use of your investment dollars
Episode Highlights
01:37 - The need for specific wealth-building strategies for chiropractors, particularly for new doctors and those looking to grow their practices.
05:47 - The importance of setting up a cash flow system early on to avoid overspending and miss out on the compound effect of investing
08:10 - Setting up a “Rainy Day Fund” is an investment in peace of mind and is foundational to the beginning of the financial journey.
14:25 - The value of automaticity in making financial decisions, so they become second nature and don't require constant decision-making.
18:45 - Prioritize debt reduction and develop the "muscles of abundance" to attract clients and create a successful business.
21:45 - Capturing wealth through businesses delivering value, not just increasing revenue.
23:12 - Tax strategy should be seen as a holistic approach throughout the career, not just a yearly reactionary measure.
27:33 - Save money by having a team member scrutinize expenses and find areas for cost-cutting.
33:26 - The value of taking risks and enduring challenges to reap the benefits of business ownership, including strategic tactics and belief systems.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
Schedule a Brainstorming call with Dr. Pete
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business