E425 | The Secret To Becoming Wealthy

Danny: So I remember the days of me answering all the calls, returning all the emails, seeing everybody, being the admin and the practitioner. And when you're in practice by yourself. That's all you got. Just yourself, right? As you're growing and you're scaling to bring other people on. And one thing that I always found so challenging was rescheduling people.

And it starts to add up the more people that you have. So one thing that has saved us a ton of time recently and really increased our conversion percentages a. Online to new patients is making the switch over to PT everywhere from my local practice athletes potential. We actually saw our new patients that were booking online numbers double in the time that we've actually implemented utilizing their platform.

And the reason why it's so much easier to book online, many times people have to create accounts and it's difficult for them to actually save an appointment. And as we switched over what we saw, These numbers jump for us, and we got more people online, which saved our administrative resources. It allowed them to pick a time that worked for them.

And overall, it's been a very seamless transition. So if you're looking to leverage a platform to help get some of your time back, I would recommend PT everywhere. It'll save you a ton of time on the admin side and help get more people in the door. Head over to pt everywhere.com and check out their platform and how it can.

So here's the question. How do physical therapists like us who don't wanna see 30 patients a day, who don't wanna work home health and have real student loans create a career and life for ourselves that we've always dreamed about? This is the question, and this podcast is the answer. My name's Danny Matte, and welcome to the PT Entrepreneur Podcast.

What's going on guys? Dr. Annie here with a PT Entrepreneur podcast, and today I'm talking about money. It's a, I feel like I talk about money a lot but I think it's a topic and it's just, an area that a lot of people, they have a very poor relationship with with money. It's just a, it just creates so many problems for people, and I've been there and it's something that I continually have to develop and work on and learn and.

Hopefully, I'm able to pass along a healthy relationship with money with my family, as my kids in particular, as they then can do the same thing with their kids. And and break a cycle of just poor information as far as financial intelligence goes. And as well as a healthy relationship with money and understanding what it is, what it actually does and not necessarily have a skewed relationship with it.

And I'll get into what I'm talking about in. What I wanna share with you today but I wanna give you the kind of background for this. I recently read a book called The Psychology of Money. It's Morgan Household, I believe is how you say his last name. Totally recommend this book as a read. Very short, very tactical.

For somebody that doesn't finish many books like myself, I finished this book and even my wife is reading it. So I think it's a solid book. And, what I want to do is be able to share with you the lessons that that I took from this that I think apply just across the board with people that are struggling with this idea.

Not having enough, not like having the feeling of scarcity a frustration associated with money and debt and what to do and like simple rules and guidelines that, that you can go by because it's really not about how much you make, it's honestly about how you leverage that and how much of that you keep.

So what Morgan says in this book that I think. If you don't listen to anything else I say in this podcast, I would just remember this, he says, wealth is hidden, it's income not spent. So wealth is hidden, it's income not spent. And I really like that because I think we, we all know people that have very high incomes that are essentially broke.

They constantly have their lifestyle creep up to whatever their in their earning potential is. You get a raise and next thing you have a slightly nicer car. And look, I've been guilty of this many times myself, just like anybody else. I think it's normal. I don't drive a four door Saturn around anymore that has 300,000 miles on it.

I've got. A vehicle that's much newer than that. And and I'm thankful to have it because it doesn't break down on me. And there's many positives about that, but I've been there. And what we tend to see though is somebody gets that raise and then now they get the new BMW or whatever vehicle makes them feel like they've made it or that they're going the right direction.

And the biggest sort of takeaway from this, that I think everybody could. Learn from is the idea of wealth is hidden, it's income not spent, and you shouldn't move the goalpost constantly. And what he means by moving the goalpost, and I think this is where people get in trouble more than anything, is when they get that raise, when they make that additional, money, whatever it might be, they inevitably spend it on things that they want that they think are.

Give them some sort of satisfaction and they constantly move the goalposts. They get that bigger house or nicer apartment, or nicer furniture or nicer vehicle, or go on a nicer vacation. And now all of the difference, all of the income difference that you've created via typically hard work or being somewhere, in, in a different role within a company.

All that you've done now is you've moved the goalpost and your net is essentially the same and or potentially less. And that constant moving of the goalpost is, I think the biggest problem that I see over and over again with just people in general in terms of constantly being in stress via lack of money, scarcity of money.

Truly, in most cases early on, it's lack of fiscal discipline and understanding what those decisions they're people are making are inevitably leading to long term versus clarity. And I think for me, what I took from this was scarcity versus clarity is a. Incredibly important differentiating term that you, you really need to understand where you're at along this continuum as far as money goes.

Scarcity, there's never enough. You're always fearful of not being able to make enough money. How are you going to pay your bills? It's something that's fleeting, something that you can lose easily and sphere associated with it. Whether you have any money or you don't, you're worried that you don't have any, you're worried if you do that, you're gonna lose it versus clarity.

In order to have clarity, you have to have a couple things. Number one, you have to understand what you value, because wealth in particular is not just money. Money can allow you to do other things in life that you want to do, which in many cases creates wealth. But wealth can be in, in your health, in your relationships.

With time, not always just dollars or possessions or whatever that might be. You also have to understand your current financial situation or position, and you have to be okay with that. You can't say I'm broke, but I'm gonna go out to the bar and spend the last a hundred bucks I have this month cuz I wanna have a good time.

You you can do that. It's up to you. But is. If you are clear on where you're trying to go, is that a decision that you're going to make? And if you know what your current financial situation is, you're probably better off not doing that. You have to understand where you want to go, and you have to be clear on that because if you do want to have wealth, financial independence, financial freedom, and the stress relief that comes along with that, and I can tell you having.

In debt and not having made much money and not coming from a family that, that is, is wealthy. A very middle class upbringing. I know what it feels like to be in debt, to be worried about being able to make, payments on bills on student loans auto, loans, mortgages, all of those things.

And I know what it feels like to not have any stress around that. As we have done the right things really over the last 15 years between Ashley and I to get to a place where, we're very clear on what we're trying to do, on what we value. Where money goes, what money does, and our ability to, earn income, but also turn that into wealth via not spending it all, and it's much better on the other side.

And you don't have to make $500,000 a year to get to a place where you have clarity with your finances, clarity with where you want to go. People do this on, minimal income, 50 to a hundred thousand dollars a year. By understanding what they want out of life, what they prioritize, and being disciplined enough to actually follow that.

And again, wealth is hidden. It's income not spent. Now the flip side of this is scarcity. And this is where it's very easy to slip into this side of, your relationship review of money. And this is where you are a miser and you do nothing. You do what I did whenever I was younger with Ashley, where we would go to Chick-fil-A, we would split a number one meal.

We would walk around target, bed Bath and Beyond, and then we'd finish the night at Costco looking at shit that we wanted to buy, and then spend a dollar and 60 cents on a frozen yogurt where we would walk around and look at things in Costco. That was a date night for Ashley and. For the better part of two years, and to get away from that, to break that, to be able to be okay with then spending money again and not being so tight and restricted.

And having this scarcity mindset that you're never gonna have enough, or if you do start to relax a little bit and enjoy the world around you after you've sacrificed to try to get to a better place, is a hard transition to make. Just as hard as somebody that has no concern whatsoever for the money they make or the debt that they incur to, for them to gain financial stability, and fiscal responsibility.

Just as hard to go from being very scarcity mind minded about money to having a effective relationship where you do enjoy things with money. Because what the hell's the point? If you make money and you put yourself in a better financial position, but yet you don't use it to do fun shit with the people that you love, what the hell is the.

You're just gonna watch it accumulate in a bank account. That's not actually living, that's not utilizing money to, to get you the things that you value most in life, and for us it's time with our family, it's experiences, it's being able to help other people. It's being able to live in a really a nice house where we can absorb people over the holidays and allow us to be the matriarch actually to be the matriarch of her family for events is something that's very important to us.

It's what we value. If you don't know what you value or what, you're clear on wanting to achieve and you don't know if you're making the right decisions or the wrong decisions. So I think step number one is really sit down and think about it. It's what do you want your life to look like?

And then how do get to the place where you can actually make that work Financially. What do you need to cut out? What do you need to restrict? Do you need to start a side hustle? Do you need to go, into business on your own? Do you need to work on weekends? It depends. It all depends on what you want and what you're trying to achieve.

And it's hard to do, especially with your spouse, especially if you guys do not agree maybe on what you want to do with money. It's one of the most common stressors in relationships is to have two people disagree with their views of money, what they want to do. Maybe one is really conservative and they just want to put everything away and save everything and never do anything.

Like I was, when Ashton, I first got married, luckily for. She was like, Hey, whatever you wanna do, we'll do, and that was a really positive thing for our relationship and but for a lot of people to have differing opinions on that can lead to a lot of stress. And if you don't sit down and have those conversations, it's not gonna get any better.

In fact, it's just gonna get worse, so that has to be a key component of this with you, or in your significant other, whatever you're gonna do. You have to be clear on where you're trying to go, because scarcity versus clarity is the thing that you have to keep in mind. The scarcity mentality of, never having enough, always worried about.

Where's the money gonna come from? How are you gonna make more money versus clarity on where you're trying to go, what steps you need to take to get there, and ultimately not moving the goalpost along the way. Is for, in a nutshell what you need to do to get to a point where you are in an abundance mindset, but also you have an abundance of resources around you and developing skills that allow you to increase, your take home potential, your earning potential.

And obviously this is an entrepreneur driven podcasts. I own a couple businesses. I've been self-employed or business owner for the last, seven years. But it's not necessarily the life for everybody. It's not the path for everybody. And you can be financially free working for somebody else.

Absolutely. In fact, it's probably a significantly less risky way to go about it versus doing it on your own. But these are the key principles and I wanted to share them with you, especially after reading this book. And I was like, man, so much of this stuff is like things that I've had to learn the hard way.

I wish this book had been around. When I. Whatever. Just starting my career because this would've been really helpful. I totally recommend the read. I think I've summarized a good chunk of it for you guys. But if this is something that you find interesting, is something, a topic that you kinda struggle with, maybe you and your spouse struggle with I'd recommend reading it together.

I think it's a really good book that, that is simple. It's not boring really. It's very short and on a topic that not everybody finds very interesting. But it may be something that would be really beneficial to you and to your family to, to really be able to get on the same page. So guys, if I read a good book, I'll try to do another book review on this.

And if it's applicable to this population I appreci. Everyone listening and you know the feedback we get on the podcast, if you like this one and you know anybody that could benefit from it, just send it their way. Take a screenshot of it, throw it up on your Instagram stories, tag me in it, I'll re-share it as well.

I think this is a really common problem that we see over and over again. And if you know somebody that could benefit from it, share it with them. Let them know you know what it's about. And hopefully they listen and they take action as well. So guys, as always, thanks so much for listening to the podcast and I'll catch you.

Hey, real quick before you go, I just wanna say thank you so much for listening to this podcast, and I would love it if you got involved in the conversation. So this is a one way channel. I'd love to hear back from you. I'd love to get you into the group that we have formed on Facebook. Our PT Entrepreneurs Facebook group has about 4,000 clinicians in there that are.

Literally changing the face of our profession. I'd love for you to join the conversation, get connect with other clinicians all over the country. I do live trainings in there with Eve Gigi every single week. And we share resources that we don't share anywhere else outside that group.

So if you're serious about being a PT entrepreneur, a clinical rainmaker, head to that group. Get signed up. Go to facebook.com/groups/ptentrepreneur, or go to Facebook and just search for PT Entrepreneur. And we're gonna be the only group that pops up under that.