P. Christopher Music reveals the eight essential keys to financial planning for private practice physical therapists

There are certain elements to a financial plan for private practice professionals that will put them on the road to financial security.

P. Christopher Music says that the ideal financial solution is the one that resolves the most problems for the greatest number of keys as measured in What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future. Music created What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future to help private practice physical therapists focus on the main elements for successful financial planning.  The primary keys that Music discusses are unique because they are geared specifically toward private practice physical therapists as opposed to a generalized plan that could apply to any type of professional.

Music points out that the first key is the viability of a private practice and the skills that are necessary for running a small business.  Many private practice physical therapists are very good at what they do however they lack the skills that are necessary for ensuring the viability of their practice.  Music provides useful insight and advice on how to run a practice efficiently and profitably.

The second key that physical therapists should focus on is planning the income for the private practice.  Music focuses on the three primary areas for building sustainable and viable income for a private practice.  He also refers to the fact that private practice income planning is the key to successful future prosperity. Music follows this up with useful information on how to allocate practice income so physical therapists can plan for the future.

The third key is effective tax planning and the importance of education on how to save money in this critical area.

Fourth is setting up policies and procedures for how the income is going to be allocated once it is generated from the practice.  Music shows physical therapists how to set this up to prevent all of the money from getting spent instead of invested.  He follows up with the fifth key which is debt and credit management to help physical therapists discover how to become debt free.

Sixth, estate planning is one of the easiest things to accomplish yet it is the most neglected part of financial planning for private practice professionals, says Music.  What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future talks about the key elements that must be in place for effective estate planning.  This includes the last two key elements which are the primary steps physical therapists should take for asset protection and investments.

Specialized financial planning for private practice physical therapists– what an innovative idea.

About P. Christopher Music:
After 18-plus years of being a financial planner, P. Christopher Music decided there had to be a better way. Witnessing financial debacles of big industry and government-driven economies caused Christopher to take action, developing an instrument that measures the success of any financial plan. The Financial Prosperity IndexTM (FPI) is the back bone of Music’s firm, Wealth Advisory Associates (WAA). WAA is a financial planning firm focused on helping private-practice physical therapists understand and implement the most effective strategies to achieving financial success and security. Visit www.wealthadvisoryassociates.com