Why a 6 figure practice doesn't mean anything

6 Figures

It sounds appealing. In the marketing world it can mean success, a thriving business, or it conveys the sense of stability. 

When I ask people joining bootcamp about their financial goals, I often hear "I want to make six figures." 

My response is: Which 6 figures? 

There is a huge difference between $100,000 and $900,000. There is also a huge difference between gross and net. How much is accounted for towards expenses and taxes. 

All of those things are important.

It's true, the 6 figures is appealing.  $100,000 can mean a lot of different things to you depending on your circumstances. Joe Sanok and I like to joke about our mortgage differences for example -  I sometimes find it funny and sometimes wonder why I live in CA until I take a walk on the beach.  At the end of the day, every person has different needs and a different lifestyle. Some of you are single, some of you support a huge household and others of you are part of a dual income relationship. From trust funds to lottery winnings to being great with money, 6 figures might not be the desired outcome of your practice at all.

I'm not against talking about money. You need to make money to keep the doors open. It is truly necessary to be able to run a business. But how much you need, is entirely up to you.

I'm not saying the number isn't important. There is power in our intention.

If we want to get by in life, we will. If we want to have abundance, we will seek that out and create it in our life. I do believe it is important to know what you make, to have financial goals and to have plan with your finances. This is about being focused. Pick your financial goal based upon your vision.

It's time to change our mindset about the 6 figures by getting more specific and redefining success in private practice.

Wholistically, where are you wanting to be physically, spiritually, relationally, emotionally, and financially?

For me, success is being able to provide for my family while still maintaining my sanity. Success is the ability to do things like roller derby, take trips with family, be creative, find some "me" time, and build relationships. To be able to do these things, means I have a happy, successful business that has allowed for this not only by financial means, but also because of my work I have the freedom with my time and energy because my successful business hasn't created a vortex of energy suckage. Success means because I have more peace in my life, I am a better therapist and my clients benefit. I have time for training and improving my craft. I see my clients get better and move on. I help the people that I am meant to help.

6 figures leads to what in your life? Speak to that. Speak to the change you want to see in the lives of others and in your own. Making money is private practice is doable. Making multiple 6 figures is even doable. Have the financial goals to get there and know that no matter what other people make or do, what is important is that you have your own path and purpose. 

How do you define your success in private practice?