Private practices hit especially hard by economic turmoil

Studies show the current economic recession has affected private practice professionals compelling them to rethink their approach to achieving financial prosperity.    

According to a recent survey, 56 percent of private practice physical therapists have been negatively affected by the recession. According to P. Christopher Music, President of Wealth Advisory Associates and author of What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future, there are four things physical therapists need to do to be stronger when the recession ends and to protect themselves should it happen again.

Number one is to become educated on running a successful private practice. Although private practice physical therapists are well educated in their profession, running a private practice requires a different skill set to generate sustainable income for financial planning.  Music emphasizes the importance of finding the resources to become educated on running a small business.

Number two is overcoming the false information that private practice professionals use to try and make sound financial decisions.  Much of the information that is floating around public resources is inaccurate and does not directly apply to private practice professionals so it is necessary to take the steps to change it.

Number three is relying on bad advice that can result in being a source of loss in income for a private practice physical therapist.  Music believes that professionals rely too much on other people for advice instead of relying on their own intuition to make sound financial decisions.

Number four is avoiding debt during tough economic times.  Small business owners tend to rely on credit to sustain the business through the difficult times.  When we live in a society where credit is money, Music says that it is very easy for private practice owners to accumulate debt.  Once there is an understanding of debt and credit physical therapist professionals can become financially successful.

According to P. Christopher Music, these are the four primary things a private practice professional must focus on to recover from the financial recession and remain affluent and prosperous should there be another recession down the road.

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. With rampant misinformation and immorality on the subject of money in today’s world, Mr. Music’s system has been described as “easy to understand,” allowing a professional to do what he does best – his profession. Visit www.wealthadvisoryassociates.com