Whether you’re paying for a car, a credit card bill, or an investment, paying in full comes with perks and bonuses. Paying in full can mean large investments. When spent on the right ways, how can these large investments impact our personal growth, more importantly, affect our private practice business? When is the best time to go for a payment plan? To know more, join us in today’s discussion as Doctor TK breaks the topic down into 3 reasons why it’s best to pay in full along with her experiences on what investments she made, how much they costed her, and how they attract abundance in her personal and business life
Podcast Goals: * Learn how to invest in yourself * Do a reassessment of the importance of investing in yourself * Differences between making a payment in full and making a payment plan
Episode Timeline: * Podcast goals [00:43]
TIP#1: Make the investment [01:04]
What led Doctor TK to pay in full? Evaluating the significance of an investment to her personal and business life [01:17]
When can an investment be unbeneficial to your business? [02:11]
Reframing your mindset in making a business investment [02:40]
Paying your investments in full gets rid of worry and avoids reprioritizing particular things [02:57]
The benefit of enjoying the actual program when you pay in full [03:50]
What does Doctor TK love about payment plans? [04:34]
Why is the payment plan at the end more money than the pay in full? Relating the concept of leverage money in credit cards to the idea of leveraging intellectual property in the coaching program [04:50]
The idea of offering interest in payment plans for a service based business [06:16]
What’s the hardest lesson Doctor TK learned from clients paying for her program? [06:33]
Paying in full gives you bonuses [06:56]
What bonuses do full paying clients get from The Dope Therapist Academy? [07:24]
TIP#2: Like attracts Like [08:47]
What does Doctor TK attract when paying in full on investments for her personal and business life? [08:57]
She was able to attract full paying clients on her event “The Las Vegas Branding Mastermind Retreat” [09:13]
The $3,000 program - first coaching program paid in full through a joint venture with her psychologist friends [10:03]
The program helped Doctor TK write her first book, have her first book launch party and got her to the trajectory to be able to do speaking engagements [10:46]
The $900 program - second coaching program paid only by herself [10:58]
Perks and freebies received for paying in full [11:18]
Upgrading to the second tier program worth $9,000+ paid through a payment plan for a year: Why did Doctor TK opt for the payment plan? [11:31]
The highest level program - What’s with the $24,000 program that Doctor TK looked forward to? [12:33]
Why is a VIP day a very high investment? [13:02]
Why is a group coaching program a smaller investment than an individual one? [13:19]
Paying the program in full results to triple and quadruple returns of money based on different streams of income that Doctor TK built on her business [13:57]
What group of people did she start to attract? [14:09]
Why a poverty mindset of mental health providers can’t attract abundance in their private pay practice [15:14]
TIP#3: You attract what you are [16:30]
Dealing with your personal baggage can affect how you handle your business [16:46]
Behind-The-Scenes uploaded on Doctor TK’s Instagram stories showing there’s a process to running a successful business [18:03]
How can we increase our social engagements in social media? [19:06]
The importance of paying attention to your money; how Doctor TK tracks her money in her Louis Vuitton planner including goals on how much earnings to achieve on a particular day [19:29]
A recap on 3 reasons to pay in full [20:38]
A recap on Doctor TK’s experiences of paying for her programs in full [21:14]
How large investments impact Doctor TK’s business and personal skills [21:53]
Learning to assess when to pay in full or opt for the payment plan for future investments [23:11]
Common mistakes on making an investment decision [23:29]
A suggestion for those with payment plan [25:57]
Engage with Doctor TK thru these channels [27:45]
Take the Private Practice Quiz for Free! What’s in it for me? [28:11]
Standout Quotes from Doctor TK:
“Sometimes an interest rate is calculated because there’s a small percentage of individuals who do not finish their payment plan.” [06:23]
“When you pay in full, there are serious bonuses attached and sometimes even if you don’t get tangible bonuses, I do believe that a big bonus is that you don’t have to have the interest added on like a payment plan does.” [08:20]
“The reason why you are attracting people who only wanna pay $25 is because when someone tells you that their service is 150 an hour, you’re thinking like a 25-an-hour-type person” [14:58]
“In terms of relationships, maybe the reason why you’re not attracting the abundance in your business that you should be attracting is because you don’t have a healthy relationship with your business similar to if you’re in a relationship.” [17:24]
“A payment plan is a cool tool if you use it appropriately.” [21:38]
“I also recognize that when I make a larger investment, I pay way more attention to my business goals and my results.” [21:53]
Resources Mentioned:
Connect: Find | Doctor TK
On Instagram: @DoctorTKPsych
On Facebook: @DoctorTKPsych
On Pinterest: @DoctorTKPsych
On Youtube: @Doctor TK
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