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How to Develop a Money Mindset - Page 12

I explained to Barbara that the model of one unit of time for one unit of money is an old labor model, and that it's possible to leverage your time so you receive multiple units of income for one unit of time. She was intrigued yet puzzled, responding, "I think I have a sense of what you're saying, but I really don't see how it's possible in my situation and at my age." After I threw around some options, she decided to expand to a group practice, because she felt it offered her the greatest potential for significant passive income. We went over all the fundamentals of how to start a group practice, but she resisted when I told her she should hire an office assistant. "What, and spend more money?" she asked incredulously. I discovered she was tight with her money. She told me she'd had her business cards printed at Office Depot because they are $8.99 for 500, and refused to have stationery or envelopes printed with her name on them, because of the cost. We tracked her activities and found that she was spending about eight hours a week on clerical tasks. "Did you get a master's degree to file charts and write down voice-mail messages?" I asked her facetiously. She, like many therapists, had a hard time letting go of control and delegating tasks. The best I could get her to do was hire a college student as an intern to work in her office for no pay.

Then I asked her to give me a report showing the number of referrals she'd gotten in the past six months, from every referral source she has. She was silent, embarrassed. She didn't have those data, nor anything even remotely close to it. "Well, I pretty much know where they come from," she offered quietly. I know from my own experience that most of what we think we know about our practices turns out to be inaccurate. I explained to Barbara that without these objective data, it would be impossible to make informed decisions about where best to allocate her marketing resources.

She started collecting the data. Every month thereafter, she had two detailed reports to show me. We went over the data and decided there were enough referrals to hire two therapists to work part-time for her—which would be the first time in her career that she could leverage her time to receive passive income. We then created a detailed business plan, which laid out everything she had to do to set up her group practice: what had to happen when, how much each step would cost, and what the projected income would be when the plan was implemented. Her first goal was simply to hire the two part-time therapists.

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