Episode #134
20/20 Money Episode # 134 – Knowing Your Number (Holiday Rewind)
June 1, 2021
Hello 20/20 Money community, welcome to a “holiday week repeat.” Given that this episode is coming out on Memorial Day, I wanted to hold off on releasing a new episode and bring back a recent episode that seems to have struck a nerve with practice owners, and that’s the importance of practice owners “defining your number.” I had this conversation with Nathan Hayes from IDOC.
We’re defining “your number” as the amount of money that one should be saving to build towards financial independence. We talk about why banking on the sale of your practice usually leaves practice owners coming up short. We talk about the other side of that equation and how empowering it can be to know your number and thus be more convicted in the sale price you need to earn when you sell your practice. Nathan also allows me to indulge in a (somewhat) long-winded metaphor that connects flying, sailing, and retirement planning all into one story.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.
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And with that introduction, I hope you enjoy this holiday repeat conversation with Nathan Hayes, I hope you have/had an enjoyable Memorial Day holiday weekend, and I appreciate your support of the show.
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