Mental health professionals are helpers through and through. Some would say our worth is wrapped up in what we do for others. We complete extensive training to provide professional interventions and obtain a license to practice, but for many of us, having a business degree isn’t part of the initial equation. Therefore it’s not uncommon to see the community struggling with how to navigate money matters in private practice. It could be considered a challenging rite of passage when becoming our own boss.
We don’t know what we don’t know. Thankfully, we can support one another in the process of creating a healthier relationship with money! Embracing our vulnerability by asking how to go about increasing our rates, move to a cash-pay practice, when to charge for no-shows, and throughout COVID, how to collect an outstanding balance from a client who is experiencing financial difficulties.
It’s the challenge of running your practice as a business offering a valuable service and giving back to your clients and the community at large. Because it’s such a delicate balance, there are times we receive judgement from our communities, questioning our motives, our focus or purpose, or believing we can’t maintain a thriving six-figure business and be a heartfelt professional at the same time.
A change in mentality around money is needed. Although we can’t make the bigger systemic change overnight, there are several things we can do as helping professionals to improve our mental health and relationship with money.
1. Read a Money Book. I appreciated the exercises exploring our relationship to money in Jen Sincero’s book, You are a Badass at Making Money. Writing a letter to “break up” with the unhealthy relationship with money was a meaningful exercise and can really highlight some themes of money for each of us as professionals.
2. Revisit Your Values. When exploring your relationship with money, it helps to know what holds the highest value for you. If one of your top values is stability, you may find yourself pursuing income streams to ensure stability within your business. If one of your top values is community, you may consider carving out a select number of reduced fee or pro bono spots to serve clients who couldn’t normally afford your services.
3. Complete a Money Course. Want to have the accountability and structure of a course that walks you through your relationship with money? Wendy Wright, a colleague and financial therapist in Denver, CO is offering several online masterminds in February to start you off on the right foot!
4. Work with a Financial Therapist. I was excited to discover a whole directory of financial therapists online who focus on helping people improve or heal their relationship with money. Find your best-fit professional by state and specialty!
Your relationship with money will evolve and change as you do your own meaningful work. 2021 is a new year with new perspective for all of us. Let’s cultivate a healthy relationship with money for improved mental health and work-life balance!