Financial Literacy for Therapists in Private Practice #189

Private Practice Workshop

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3+ y ago 13:20

MP4•Episode home

John teaches 9 essential vocabulary terms to help therapists in private practice with their financial literacy, including:

Asset: anything tangible or intangible that is owned by the business. Or, anything that actively makes you money.
Liability: anything that costs or could cost the business money. E.g., accounts payable, wages, taxes, etc. (argument: a house that is not yet paid off is still a liability. Your car is also a liability).
Profit and loss/income statement: shows how much the business earned and spent in a given period of time. Demonstrates the viability of your business.
Balance sheet: snapshot of the company’s worth at any given time
Cash flow: money coming in and going out (liquidity)
Cash flow projection: helps you plan ahead for future growth as well as risk
Revenue: money received from sales
Gross profit: revenue minus cost of goods sold (less relevant for us)
Net profit/net income: the residual income that a business is left with after paying all expenses

Find out how well your business is doing by taking our Healthy Private Practice Assessment: https://2dtyclgi7f9.typeform.com/to/ksG0SUu7

228 episodes

#Business #Counselor #Privatepractitioner #Therapist #Therapy #John Clarke #MBA #Psychology #Society #John Clarke of the Private Practice Workshop #LMFT #MSW #Socialwork

Financial Literacy for Therapists in Private Practice #189

Private Practice Workshop

41 subscribers

published 3+ y ago

MP4•Episode home

John teaches 9 essential vocabulary terms to help therapists in private practice with their financial literacy, including:

Asset: anything tangible or intangible that is owned by the business. Or, anything that actively makes you money.
Liability: anything that costs or could cost the business money. E.g., accounts payable, wages, taxes, etc. (argument: a house that is not yet paid off is still a liability. Your car is also a liability).
Profit and loss/income statement: shows how much the business earned and spent in a given period of time. Demonstrates the viability of your business.
Balance sheet: snapshot of the company’s worth at any given time
Cash flow: money coming in and going out (liquidity)
Cash flow projection: helps you plan ahead for future growth as well as risk
Revenue: money received from sales
Gross profit: revenue minus cost of goods sold (less relevant for us)
Net profit/net income: the residual income that a business is left with after paying all expenses

Find out how well your business is doing by taking our Healthy Private Practice Assessment: https://2dtyclgi7f9.typeform.com/to/ksG0SUu7

228 episodes

#Business #Counselor #Privatepractitioner #Therapist #Therapy #John Clarke #MBA #Psychology #Society #John Clarke of the Private Practice Workshop #LMFT #MSW #Socialwork

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Financial Literacy for Therapists in Private Practice #189