Archive for tag: money

How to Budget the Income Needed for Your PERFECT Lifestyle

Hey National!


Hope everyone had a great and relaxing break with your loved ones. I spent the break back in my hometown (just outside Boston) with family and high school friends, and overall had a fantastic break. I got to spend a lot of time with my siblings (3), which means a lot to me because I'm always away and I'm the oldest one. I enjoy seeing what they are up to and how they've grown and if I can help them in any way I can. This included a bunch of high-speed mobilizations. ;) 


Tri 7

After going full track for the last 4 trimesters and 15 seminars I was burning out a bit and decided to drop 2 classes below full load to give myself a break this trimester and stretch 7th and 8th trimester into 3 trimesters so I can focus on more seminar information and implementing that into my treatment skills heading into clinic. I dropped PT Modalities and Advanced Diagnosis, which were 6.5 credits total. I'm currently taking all 7th Tri classes at 21.5 credits. The Good News: After 6th Trimester, you've made it through all the hard classes!! From my understanding, 7th Trimester is just a ton of paper work but the actual difficulty of material is behind you, so it is a different animal.

For Fun

Over break I was re-reading the Four Hour Work Week  by Timothy Ferriss and how to calculate the monthly income needed to live your dream lifestyle. Ferriss insists you can live an incredible life with an unremarkable income as long as you plan accordingly. Tim describes some of his most incredible adventures like yabusame (horseback archery in Japan), world class tango dancing, skydiving, and driving a Aston Martin can all be done on an average income. Of course, the book talks about making a 'muse' business or a business that can be set up (preferably on the web) to run automatically and ideally generate enough revenue to offset the costs of your incredible adventures. I've been working on some side projects to one day to be able to do this simply because I enjoy entrepreneurship and expanding my brainpower.

How does this relate to you as a chiro? Well, we can calculate how much we need to make to live however we want!

Lifestyle Exercise: 10 mins

First print out this template:

After Med School Graduation I Dream of: 

A: Having… (Cost/Month or One Time Cost*)

  1. Ipad ($600*)
  2. A golf course membership ($2500*)
  3. 350 Z Nissan Coupe ($400/month)
  4. Mountain Bike ($700*)

B: Being… (Steps) 

  1. A great doc
    (Go to advanced seminars. Contact local docs and get mastermind group to meet on a bi-weekly basis to bounce ideas and refine clinical skills.)
  2. Break even par on the golf course
    (Track my golf scores and identify weakest areas. Contact the head golf pro at my golf course and ask for some tips. Practice on areas as needed.)
  3. Play Guitar
    (Search a bunch of guitar playing ebooks and identify the best practices to start for a beginner and then spend consistent 30 min a night to decompress after work.)
  4. Top Blogger
    (Develop great content for things I'm interested in and reach out to top blogs for guest posts and start building a subscriber list. Read some top books on writing well. Interview bloggers that have done it before.)

C: Doing... (Cost/Steps to Complete) 

  1. Start a successful Practice
    (Put together a serious business plan while in school. I'm doing this right now in 7th tri! Modify it and refine it through your clinic trimesters before graduation. Estimated $35,000 to start.)
  2. Skydiving ($500)
  3. Network with and meet super interesting people (Start reaching out to people with business, practices that are successful, and set up mastermind group or invite for coffee, interview, drinks, etc).
  4. Visit Europe ($100 in fees after I redeem the miles on my travel card. Plus say $2,000 in travel and living and eating expenses.) 

Now, you can take this as a ridiculous exercise or a serious one. Basically it's designed to give you an idea that you can really live the life you want. All the things that would make me incredibly excited and fulfilled can be achieved for this example (all things added up) = $71,400 or $5,950 a month! 

That number is highly exaggerated, too, because that includes buying a sports car, start costs of a private practice, and vacationing 2 weeks in Europe, along with skydiving, golf membership, and a top tier mountain bike all in one year.

Obviously, you don't have to start a practice and buy a car every year! If this was an ongoing year it might be closer to $1,100 a month! Plus rent/mortgage, food, bills.

The exercise is just to get you to say, "What if I could…"

That means a much more interesting life :)