Abundant Practice Podcast

Episode #708: Better Money Systems feat. Randall Avery, CFP, CFA

Date: November 26, 2025
Host: Allison Puryear
Guest: Randall Avery

Episode Overview

This episode delves into the often avoided but crucial topic of money management for therapists transitioning to or growing their private practice. Host Allison Puryear and certified financial planner Randall Avery discuss shifting therapists' mindsets toward making and managing money, breaking down essential strategies ranging from niching and pricing, to business finances, saving, and practical investment advice. The focus is on empowering therapists to build sustainable financial systems so they can work less, earn more, and care for themselves and their clients with confidence.

Key Discussion Points and Insights

1. Permission to Make Money as a Therapist

• Randall Avery cuts right to the chase, urging therapists to embrace financial abundance without guilt:
  • “There’s nothing wrong with making money in your profession adding value to society.” (03:09)
  • Therapists provide real value and deserve to be compensated accordingly, not to live in martyrdom.

2. The Power of Niching

• Avery emphasizes finding a specialty/niche as the most effective starting point:
  • “Serving a segment of the population will never get boring because you always find ways to go deeper, nurture things.” (04:25)
• Puryear and Avery agree: Not every client is a good fit, and it’s healthy (and better for everyone) to focus where you work best.
  • “Some client that will be too burdensome to you, too stress for you... will be somebody’s A client. Let that client go to the place where they will be best serviced.” (05:34)

3. Business Owner Mindset & Regular Financial Check-ins

• Avery notes the importance of treating your practice like a business:
  • “You are in business. You want to grow. Think about it this way—you want to be financially stable enough to service the clients in the best way.” (07:18)
• Recommended review frequency:
  • Bi-weekly or, at minimum, monthly check-ins to align with billing cycles. (07:49)
  • Avoid both obsession and avoidance; aim for stewardship over your financial health.

4. Separation of Business and Personal Finances

• Maintain distinct “books” for your business and personal finances:
  • “Make sure you’re keeping separate books because your business... has needs, wants, desires.” (09:02)
• Reinvest in your business and practice self-care on both fronts.

5. Building a Financial Cushion

• Avery: “You are not a professional unless you have a cushion—three to six months worth of living expense. And if you’re a business owner, you need to have three to six months worth of business operating expense within your business.” (12:08)
• Without a cushion, you risk ethical compromises and personal distress during crises.

6. Setting Sustainable Fees

• Undercharging is a common problem rooted in underestimating self-worth:
  • “The biggest difference between my clients—therapists that are happy with what they’re doing—really goes down to what they’re able to charge... Charging what you’re worth means a whole lot more than just money coming to your account.” (14:29)
• A fair rate includes retirement savings, taxes, vacation, and all needs for a sustainable life. Don’t just anchor to insurance panel rates—set fees that match your needs and value. (16:44)

7. Investment and Retirement Basics

• Many therapists feel overwhelmed by financial jargon and avoid learning about retirement; Avery offers simple steps:
  • Automate savings: Set up automatic transfers to a Roth IRA, SEP IRA, or solo 401k.
    • “If you’re not a big finance-investment guru, just do it with something called a target date retirement fund.” (18:07)
• Start small and increase contributions as income grows; let compound interest work in your favor.

8. The Magic of Compound Interest

• Avery: “It’s your money working just as hard as you are... Your money plus that growth grows again. Over and over and over again.” (21:00)
• Early action compounds over time, creating financial security and independence.

9. Avoiding Debt Traps

• Avery is firmly “no debt” for practice owners:
  • “Most service-based businesses, you should really be bootstrapping your business... Do not take on business debt because a lot of times you don’t know what you don’t know in business.” (22:40)
• Grow with the resources you have, experimenting in manageable ways.

10. Intermediate Steps Before Going Solo

• Consider contract work as a 1099 provider to build skills and observe successful practices before launching fully into private practice. (23:43)

11. Avery’s Book Recommendation

• “Hacking the System by Creating Your Own System” – Offers a blueprint for overcoming financial overwhelm, paying off debt, and leveraging your own skills for value in the market. (24:38)

Notable Quotes & Memorable Moments

• “There’s nothing wrong with making money in your profession adding value to society.”
  — Randall Avery [03:09]

• “Some client that will be too burdensome to you... will be somebody’s A client. Let that client... be best serviced.”
  — Randall Avery [05:34]

• “You are in business... You want to be financially stable enough to service the clients in the best way.”
  — Randall Avery [07:18]

• “You are not a professional unless you have a cushion—three to six months worth of living expense. And... business operating expense within your business.”
  — Randall Avery [12:08]

• “Charging what you’re worth means a whole lot more than just money coming to your account.”
  — Randall Avery [14:29]

• “If you’re not a big finance-investment guru, just do it with something called a target date retirement fund.”
  — Randall Avery [18:07]

• “It’s your money working just as hard as you are... Over and over and over again to the point where your money begins to work, like I said, just as hard as you are.”
  — Randall Avery [21:00]

Key Timestamps for Important Segments

• 03:03 – 04:25: Permission for therapists to earn (and enjoy) money; embracing value.
• 05:00 – 06:02: Niching and letting go of non-ideal clients.
• 07:18 – 08:28: Transitioning to business owner mindset; frequency of checking financials.
• 09:02 – 09:53: Keeping business and personal finances separate; importance of reinvestment.
• 12:08 – 13:22: Building a financial cushion and avoiding ethical compromise from financial stress.
• 14:29 – 16:44: Setting sustainable fees and what a “fair rate” actually means.
• 18:07 – 19:42: Retirement and investment primer; automation and target date funds.
• 21:00 – 22:20: The power of compound interest in wealth building.
• 22:40 – 23:43: Why to avoid debt and bootstrap your practice.
• 23:43 – 24:29: The role of contract work as a bridge to solo practice.
• 24:38 – 25:14: Overview of Randall Avery’s book and actionable strategies.

Takeaways for Therapists

• Embrace your value and charge accordingly.
• Find your niche; you don’t have to serve everyone.
• Systematize finances: regular review, keep business/personal separate, build a cushion.
• Automate savings and invest early, even if you start small.
• Avoid unnecessary debt; grow deliberately and sustainably.
• Consider transitional steps like contracting to learn and build confidence.
• Financial wellbeing is not selfish—it fuels your practice, personal life, and the quality of service you offer.

For more resources and Randall’s book, see the show notes or visit Abundance Practice Building online.