EP 189: How Therapists in Private Practice Can Build Generational Wealth
What does it really look like to use your private practice not just to pay the bills, but to create lasting wealth for your family? In this episode, I’m pulling back the curtain on how I’m thinking about generational wealth as both a therapist and a mom. From Roth IRAs for kids, to additional revenue streams, to breaking cycles of scarcity, I’m sharing my own journey of setting up systems that will serve my daughter long after I’m gone. I’ll also explore how wealth is about so much more than money. It’s about freedom, flexibility, and the legacy you leave behind. If you’ve ever wondered how to turn your practice into more than just a job, and instead into a long-term asset that supports your family and your vision for the future, this conversation is for you. Topics Covered in this Episode: 3:54 - The surprising way you can legally pay your kids through your practice 5:19 - How compound interest can create a seven-figure retirement account for your child 7:57 - Why AI could reshape the 40-hour workweek for therapists 9:25 - The mindset shift from “earning in session” to “earning outside of session” 12:06 - The overlooked step that ensures your business becomes a transferable asset 14:29 - How to prepare your kids (even unknowingly!) to one day run or inherit your business 19:11 - Why building wealth as a therapist isn’t greedy but necessary to create real change 21:35 - A challenge that could completely reshape the way you dream about your business If this episode got you thinking bigger about what’s possible for your practice and your family, don’t keep it to yourself. Hit subscribe so you never miss a conversation, leave a review to spread the word, and come hang out with me on Instagram @entrepreneurialtherapist. Let’s keep building not just businesses, but legacies. Resources Mentioned: Apply for The Scale Up Mastermind: https://www.theentrepreneurialtherapist.com/scale-up-mastermind Find out more about Alma here: helloalma.com/danielle