Common (and Avoidable) Money and Business Mistakes

Dr. Tory Robson

Dr. Tory Robson

Chiropractic Practice Success Consultant

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There are countless money and business mistakes chiropractors make. This is why you should always have an expert consultant on your side, especially before you make any big decisions.

I have some clients now and again who go and do things without talking to me first. Commonly their decisions don’t work out because they had “romantic desires in investing” also called “illusions of grandeur.”

You want something so badly you avoid any talk to the contrary. You “want” it to work more than it actually will.

You don’t ask me about it because I will probably explain the reasons why it may be foolish. You are playing a fantasy in your mind. This also happens in relationships. A person only looks at what they like in a person and they fail to see the red flags.

Sometimes doctors don’t tell me about their mistakes since they are afraid I might say: “I told you so.” I usually never do, yet my mind goes into action for the solution to whatever the current situation is.

I have an audio set called Chiropractic Fails, Foibles and Foolishness that every chiropractor should listen to and learn from. We can learn from other people’s mistakes and not make the same mistakes ourselves.

A few of the biggest business mistakes chiropractors make are:

They don’t auto-give monthly.

They don’t get their taxes automated every week like we teach.

They don’t auto-accelerate their debt using our system.

They don’t auto save every week using our system.

They want a semi-retired schedule before they have actually earned it or made any money.

They underproduce due to a lack of coaching.

They don’t terminate employees in a timely manner, forcing the practice to suffer.

Then, after many years in practice they have no net worth and have not advanced financially.

We could also talk about marrying the wrong person as a huge money mistake or having kids before you can afford them. Not to mention buying cars or other expensive things that destroy your ability to pay debt or save money. It is difficult to talk about anything related to kids, family or relationships because love and money don’t mix very well. They can be tricky conversations to have.

Imagine a chiropractor who does not get married until their student loans are paid. Once married they live in a modest apartment and invest like crazy as they plan their future. Can you imagine the financial position they are starting in?

Compare to another chiropractor that gets married and has two kids while he’s still in chiropractic college. They need a house, so add a house into the mix.

Sometimes a chiropractor has to forfeit their entire financial life before they even get rolling. This is all math. Remember, you have to collect $1,600,000 to be able to pay off just $200,000 of debt.

You must seek to understand the math behind all decisions. This requires some thinking.

I have now coached 27 chiropractors married to another chiropractor. Most starting with $450k to $600,000 in student loans. They graduate and start a family. Let’s say she wants to stay home for the kids leaving him to pay $450k to $600,000 in student loans, plus pay for the kids, plus pay for her, plus pay for himself, and the house, and the cars, etc. This is math reality. Now, all this can be done with major coaching and a very productive practice!

Every couple must plan as well as they can.

To pay off $600,000 in student loans a chiropractor will have to collect around $4.8 million. Many chiropractors will not collect that much in their practicing lifetime. And that’s just what’s required to pay off the student loans, let alone pay for everything in a relationship, everything with kids, everything for a house, and any travel, fun, or Christmas presents!

I want to illustrate a clear point here: In all of your decisions YOU must think about the mathematical expense of it and plan as well as you can. Plan the cost in time, money, stress.

It is not always about money. It is also about the time required to earn the money to pay off the obligations.

Our goal for you is to have time and money. This starts with good planning and avoiding as many mistakes as you can by taking good advice from experts BEFORE taking action. (Spouses, family and friends are not experts. Your consultant and accountant are your trusted experts.)

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