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33 minutes | Mar 20, 2014
Don’t Get Caught by Surprise at Tax Time - a conversation with Dr. Douglas Sea
This week join Dr. Sovinsky as he discusses tax time stress with Dr. Douglas Sea, author of DC Money, chiropractic coach and business mentor. Whether you’re a new or seasoned chiropractor, struggling or savvy, Dr. Sea has a developed a truly systematic approach to managing your finances that will allow you to create a lifestyle of chiropractic affluence. You only have three choices when it comes to dealing with taxes. You can react, resent or respond. In this episode of I will discuss a strategy for responding. As a chiropractic coach and business mentor for the past 15 years, I have counseled many on a variety of challenges, but one of the most difficult to gain traction with is Tax Trouble. In this episode I will help you solve this dilemma once and for all. Tax day is a day of reckoning. What if you discover that you need to write a bigger check than you thought; suddenly you go from flush to broke or maybe even overdrawn! This is an emotional roller coaster that is not fun to ride and can derail you from desiring to do more. Your attitude and self –talk becomes, “Really why bother because the government just takes it all anyway.” You get invited to your own pity party. Has this happened to any of you or just me? If this is your only take-away from reading listening to this podcast, this one idea will be worth your time. The best solution is prevention. My experience is the IRS makes a very poor business partner and if you are having tax issues this really becomes priority one to get handled and cleaned up. I have seen way too many doctors work so hard, do very well, fail to plan and end up in what I refer to as “Tax Jail.” They aren’t really in jail but the level of bondage they experience is just as palpable as if they were incarcerated. Their spirit and their willingness to produce are definitely locked up! Taxes are paid infrequently, typically quarterly, and therefore the payments can be quite large. I have paid my fair share of large tax checks and believe me, this can be a painful thing to do. If you don’t have the money and are not emotionally prepared this experience can be devastating. I found the secret is to absolutely keep your funds dedicated to tax payments in a separate account and entitle it the “Tax Account.” The key to a healthy Tax Account is to plan the expenditure. Technically you may only pay taxes annually or quarterly, but the secret is to be contributing to your Tax Account every week. Just do it little by little. Ask your accountant what your top marginal tax rate is, and each week, put that percentage of your earnings into the Tax Account. When I first taught the 7 Accounts System a decade ago or more, and the stories from my students are pretty amazing. The last time I taught it, four or five of the doctors actually sent me pictures of what the seven accounts meant to their life, from travel to family. One doctor sent me a picture of a giant check with his picture on it. The amount on the check was what he paid to the IRS, (I believe the amount he paid to the IRS was more than he made before he started coaching with DC Mentors) this was huge for him because before he always hated paying taxes and it was always a stressful time. By utilizing the system he has his tax money saved and there is no associated strain paying the IRS; he knows the more he pays them the better off he is, as well. The Seven Account System is a truly systematic approach to managingyour personal finances. Creating a lifestyle that allows you to paycash for purchases, stay current on taxes, pay down debt, createwealth, donate to worthy causes and, of course, have some fun along the way.
48 minutes | Mar 14, 2014
How to Help Patients SEE Value in Chiropractic Care with David Marcarian, Episode 16
In this episode Dr. Frank talks with David Marcarian, founder and president of Precision Biometrics which supplies and manufactures the MyoVision sEMG. Listen as David shares his great stories of how he got the idea to apply his NASA technology to Chiropractic, how that technology has evolved and how MyoVision’s E-scan can help your patients SEE the value of Chiropractic care.
24 minutes | Mar 4, 2014
The 7 reasons for hiring a coach
The 7 Reasons for Hiring a CoachNo one is successful in a vacuum. No one. Coaching is a gift you give yourself. Whether you are a new graduate or a seasoned doctor looking to grow, coaching puts you on the right path for success. In times of rapid change you need a coach who has mastered their roles as a consultant, a coach and a mentor. Here are the top 7 reasons for hiring a coach1. Coaching doesn’t waste time fixing your existing practice. It helps you create a new one. 2. Coaching is an investment in you and your family’s future. 3. Coaching is for extraordinary people who want to actively create their lives. 4. Coaching helps you get a clear perspective of reality.5. Coaching is an outside influence that prompts an inside out expansion. 6. Coaching is the only way to process “Substantive Experiences.”7. Coaching is a creative partnership committed to your personal growth. 1. Coaching doesn’t waste time fixing your existing practice. It helps you create a new one. Most of us have been told that the definition of insanity is doing the same thing over and over and expecting different results. But isn’t it also insane to do the same thing over and over and expect the same results?” Nature engulfs, rolls over, destroys and recycles practices that have fixed rituals led by owners with fixed mindsets. Nature rewards innovation and adaptation. Truth is most practices are hopelessly stuck in the past. This is why we can’t fix broken practices. We help create new ones. A do over that liberates.2. Coaching is an investment in your and your family’s future. Every business is a family business. Your practice and your family are one and you are the link. Most doctors labor under the illusion that home and practice can be compartmentalized when in fact:If you are frustrated at work you are frustrated at home. If your practice is out of control and stuck, you are out of control and stuck at home. If you have money problems at work, you have money problems at home.If you have communication problems at work you have communication problems at home.Coaching will make sure that your “family’s business” will support their needs and beyond. 3. Coaching is for extraordinary people who want to actively create their lives. Ordinary people are created by their lives. They passively sit back and let life happen to them. Always reacting to the next crisis. Ordinary people see everything as either a blessing or a curse and therefore beyond their control. Extraordinary people create their lives. They actively take the lead in writing their own success story. Always responding to life they see everything as a challenge and an opportunity to grow. Extraordinary people dream on an unimaginable scale, plan and then execute that 4. Coaching helps you get a clear perspective of reality. You need an outside perspective. It is nearly impossible to see yourself without the eyes of another. Neuroscience suggests that human beings have difficulty making truly objective decisions on our own. This “Current Moment Bias” suggests that we have a hard time imagining ourselves in the future because we really can’t see it. We are implausibly optimistic about our current talents and our present course, so much so that we ignore the signs to the contrary. 5. Coaching is an outside influence that prompts an inside out expansion. A coach can pull you OUT of yourself so that you can more readily SEE yourself. A coach is someone who will challenge your assumptions and beliefs. Someone who can increase your self-awareness by showing you how your habits are stunting your growth. The right coach will help you break down the walls you set up to keep life comfortable, unthreatened, unchallenged. 6. Coaching is the only way to process “Substantive Experiences.”“Some of us learn from our experiences and some of us never recover.” -AnonymousA substantive experience is one in which you have the opportunity to learn something vital to your success in life. On average you will have 80 substantive experiences this year and the next and the next. Research strongly suggests that on our own we do not learn from our mistakes and only rarely from our successes. The reality is that on your own you will only process three experiences. At that rate your growth will be stunted and your journey frustrating. 7. Coaching is a creative partnership committed to your personal growth. Imagine having a team of coaches who are committed to your personal growth - People who are inspired and inspiring, people who are so committed to engaging life in a world class way that they neverlet the people who depend on them play anything less than a world class game, people who accept nothing less than optimal results. The right coach knows where you are, when you want to go and what changes you need to make in order to get there.
15 minutes | Apr 16, 2013
How to Reclaim the Chiropractic Dream - Reclaiming the Chiropractic Dream - Episode 1
In this podcast episode Dr. Frank Sovinsky defines the Chiropractic dream and tells us how we can reclaim it. Learn how to reclaim your Chiropractic dream and reach out to DC Mentors today.
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