Do you worry about money in your Canadian private practice? Have you separated your personal bank account from your business account?? How do you plan for retirement?  In this podcast episode, I speak with Canadian money coach Linzy Bonham who covers the basics of how to build a strong financial foundation whereupon you can build your Canadian private practice. MEET LINZY BONHAM Linzy Bonham is a therapist turned money coach who teaches Canadian therapists and health practitioners the money skills to feel empowered and in control of their private practice finances, so they can have rich and fulfilling lives. Linzy has helped hundreds of therapists and health practitioners in her signature course, Money Skills For Therapists, and thousands more through her free resources (including her podcast by the same name). Learn more about Linzy Bonham on her website and Instagram. In this episode:  The importance of separating your bank accounts Find the balance between saving and spending your private practice income Practice the "Profit First" philosophy Is there ever a time when you can spend money from your sales tax account? How to plan and save for retirement The importance of separating your bank accounts Many therapists may find it difficult to handle the business aspect of owning a Canadian private, but remember that managing your money and running a business is a skill that can be learned. Linzy has seen that many therapists new to private practice often struggle with supervising their bank accounts and separating their cash flow. Create separate bank accounts to lessen confusion and the potentiality of losing track of where your money is going. Find the balance between saving and spending your private practice income There is a balance that you can find between spending too much and being too strict with yourself. Running a successful Canadian private practice is an important job that requires money management skills and business tools. Allow yourself to find the balance between saving money and enjoying the benefits of your hard work by using the profit first model. Practice the "Profit First" philosophy Profit First is a budgeting system developed by Mike Michalowicz, the business writer, where small business owners are encouraged to divide up their expenses and pay a different percentage of their income into the following labeled bank accounts: taxes profit or "entrepreneur reward money" salary operating expenses Is there ever a time when you can spend money from your sales tax account? Yes, but it depends on your return of investment on the decision that you make. There could be situations where you borrow money from your tax fund to purchase a course or skill that can immediately help you to boost your Canadian private practice. You need to be honest with yourself and trust yourself that whatever money you spend from your sales tax account that you are saving to pay your taxes at fiscal year-end, you will put it back in. How to plan and save for retirement Speak to a financial advisor to figure out what makes sense for your situation and goals. It does not have to be perfect, so start small for now, and develop it as you grow. Lay the foundations as soon as you can to help yourself in the future. Connect with me: Instagram Website  Resources mentioned and useful links: Ep 21: Jara Dekker: Are You Curious About Being a Digital Nomad Therapist? Sign up for my free e-course about How to Start an Online Canadian Private Practice Learn more about the tools and deals that I love and use for my Canadian private practice Listen to Linzy Bonhams' Money Skills for Therapists Podcast Follow Linzy Bonham on her website, LinkedIn account, and Instagram profile Learn more about Profit First through Mike Michalowicz's book Check out this website to calculate your projected tax expenses Listen to Julia Smith's podcast episode about budgeting for your Canadian Private Practice Look at different bank accounts like Tangerine Check out Linzy Bonham's Money Skills for Therapists course

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