Why Building Wealth Takes More Than Just Skill: The Key Components You’re Missing
I saw something today that I didn’t want to debate in the group, but I felt compelled to talk about.
It’s a common misconception that skills alone will make you money. Therapists are highly trained, skilled individuals who are currently overworked and underpaid.
Why?
Because it takes more than skill to make money. If all it took was skill, then everyone who bought a "how to make wealth" class would be wealthy... But, they're not.
Even doctors—highly skilled professionals with YEARS of education—often experience significant financial struggles.
The idea that more education automatically equals more money has been a pipe dream for many highly educated individuals. Yes, even doctors, lawyers, and engineers have stories to tell about those times when there wasn’t anything to go around.
Why? Because it's not about the skillset alone, building wealth is a discipline that takes strategy and understanding. Creating wealth is a multifaceted process that requires many components. While skill is part of it, there are other crucial elements involved in actually building wealth.
Let’s talk about it from a therapist's point of view and what clinicians can do to start their pathway of building wealth.
1. Mindset: The Key to Unlocking Abundance
Those I've met and spoken with who have accumulated wealth all had the mindset for it. Even when their intention wasn't to be the richest person in the room, they carried a "can do" attitude. But it wasn't just about saying, "I can do this"—it was also about believing in achievable abundance. Their mindset was rooted in the belief that success was not just possible, but within reach.
For many therapists, they've been told the mental health industry is not one for making money. But, we know that's not the truth. If it was the truth, it wouldn't be littered with tech start-ups and venture capitalists. There is money in the mental health industry. And while yes, not all money is good money, you as a therapist can absolutely build wealth as a clinician. But, first you must believe that it is possible. There are no "yeah buts" here. It's a "yes, I have the knowledge, skills, and expertise to build wealth and if there is something I need to obtain, I can get it when necessary." Take time to check your mindset and see where it is leading you. Do you have a can-do attitude or one that is holding you back?
2. Income Generation: Multiple Streams of Wealth
Those I've met and spoke with who have accumulated wealth all had multiple revenue streams. Most of the time it started with one solid stream of income, and then they scaled and expanded. There is an understanding of not putting all of your eggs in one basket, and allowing your money to make money.
For therapists, this tends to be a tough topic to bring up. I often hear some pushback: "Why do I have to do other things, doctors and lawyers don’t." What if I were to tell you that’s not true? As a matter of fact, two of my top books I read in 2024 were written by lawyers. And they were bestsellers.
Those in helpful professions who accumulate wealth recognize that if the only way they are making money is through something that requires their presence, there is a cap to that. Having multiple streams of revenue allows you to expand your reach and impact without stretching yourself too thin. It also takes the pressure off your caseload to be the sole source of income. This way you don’t have to continue to raise prices on your individual therapy sessions if you don’t want to. You can reach more people, and you can also find space for other things—including rest.
3. Budgeting, Saving, and Investing
The foundational components of building wealth. These three can really stand on their own, but they’re also where many people get lost. Financial literacy isn’t always formally taught in western society, and many adults end up learning as they go. Without a solid understanding of these components, accumulating and maintaining wealth long-term becomes much more challenging.
Therapists cannot save more than they make, but they can learn to budget, save, and invest for wealth. This isn’t something that everyone knows how to do, let alone do well. Financial coaching/counseling may be something you seek outside guidance for to help you learn and understand.
The Wealth-Building Components Therapists Often Overlook
There are many additional components to building wealth—network building, tax optimization, continuous learning—but let’s address two major things:
1️⃣ The myth that “all you have to do is XYZ” to build wealth. It’s much more than that.
2️⃣ What I focus on with clinicians: Mindset and Income Generation beyond a single service model.
Clinicians are highly skilled individuals, but many aren’t aware of the key wealth-building components. They're often taught that wanting to make money with their skill set is somehow exploitative, especially in a helping profession. For those who start their own business, the only model they know is the single-service one, which leads to burnout, underpayment, and financial struggles.
It doesn’t have to be that way. My mission is to help 100 clinicians over the next year create lucrative careers by addressing mindset shifts and diversifying income streams. It’s time to build a practice that honors both your expertise and your financial goals.
Here’s how you can start working with me:
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Let’s work together to unlock your potential, scale your career, and transform your practice.
