Approximately 80% of the healthcare professionals we meet feel that they “don’t have any money.”
However, when we dig deeply into this matter, this “feeling” has two possible sources: either they are not generating enough income, or they actually ARE making enough but the spending is out of control leaving little left over in terms of net income.
Since we have written endlessly about how to increase the gross income, let’s address the bottom line issue with a few quick tips:
1. The principle to apply to income and spending is: FAST IN, SLOW OUT.
2. AVOID emergency cheque writing. Try to write all cheques on a scheduled basis.
3. BUDGET for things like supplies. You can usually estimate when you are going to need to place your next order. This avoids emergency cheque writing.
4. Don’t use your LOC or VISA unless it is a bloomin’ EMERGENCY. If you don’t have the cash in your account, you probably shouldn’t be spending it. Build up a cushion in your bank account to use in the case of an emergency.
5. PLAN AHEAD for equipment and office upgrades you will need in the future and by what date, and start setting aside weekly or monthly amounts that will give you what you need to accumulate by the time the item is needed. THEN buy it.
By the way, this system works perfectly at home as well!
INCREASE YOUR NET INCOME BY $10,000 PER MONTH OR MORE THROUGH INCREASED EFFICIENCY.
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