Welcome therapists and group practice owners! I’m Nicole McCance, a psychologist turned business coach for therapists and I have a question for you. How does it feel hearing the words “millionaire mindset”? I know in our industry, words like wealth and rich can feel really uncomfortable. But I truly believe that if you’re providing life-changing services (and I know you are), you can also create a seven-figure business. When wealth comes, it just means you’re helping more people.
Let’s shift that mindset and dive into this conversation. It is my hope that after reading this you feel differently about wealth and your relationship with money, and are on the road to building your seven-figure group practice!
P.S. Not a huge fan of reading blogs? (I’m more of a podcast girl myself) You can listen to my podcast episode all about this topic by clicking here!
Your Money Set Point: The Foundation
Before we get into the steps to a millionaire mindset, we need to talk about your money set point. This concept comes from “Secrets of the Millionaire Mind” by Harv T. Ecker, which is a book that totally changed my life 20 years ago.
Think of your money set point like a thermostat. If it’s set at 21 degrees and goes up to 27, it automatically brings it back down to 21. Well, the same thing happens with money.
Your money blueprint comes from childhood, so ask yourself this: What messages did you hear about money? About wealthy people?
For me, we lived on $600 a month from social assistance in a trailer park. I watched my mom order pizza when we had no money left.
As an adult, I became the exact opposite – saving obsessively and working incredibly hard because I was terrified that no money meant struggle.
Are you the exact opposite of your parents, or exactly the same? Most of us are one or the other.
The 3 Steps to Developing a Millionaire Mindset
Now that you understand your money set point, let’s dive into the three concrete steps that will help you develop the mindset you need to build a seven-figure group practice (yay!).
Step 1: Indoctrinate Your Brain with Wealth Teachings and Examples
We need to reprogram those childhood beliefs about wealth. When I was 25, I discovered “Secrets of the Millionaire Mind” and read it repeatedly. I had a car with a six-CD changer (yes, you read that right), and I’d listen to wealth content during my 45-minute drives between offices.
Here are some ways to start:
- Read books about success and wealth building
- Listen to podcasts from successful entrepreneurs
- Watch YouTube videos from people who’ve built what you want (I recently started posting to YouTube, you can check out my page here).
- Attend networking events
Make this your background music! Let success content be what you’re consuming instead of news or negativity.
I started meeting successful people my age and realized they were no different than me. I knew I could work hard and cared about people so I told myself, if I can work hard and care about people, I can take these strategies and make a difference while making money.
Step 2: Embrace Fear as Fuel and Take Risks
I know risks are scary. But that’s what successful people do – they take risks (Think Google, Amazon, Tesla.. They all took major risks).
The key is to use your fear of failure as fuel. Don’t let it hold you back!
Olympic gold medalists aren’t motivated by wanting to win (although winning is pretty great), they’re motivated by not wanting to lose. Use your fear the same way.
It’s like my favourite mantra. Do it scared.
Whatever your next step is, whether it’s hiring your first therapist, stepping back from clients, or selling your practice, do it scared.
One of the biggest differences between successful and unsuccessful people is that the successful person took action despite the fear.
Step 3: Improve Your Relationship with Money
This is a big one! Your relationship with money is emotional. Are you anxious (constantly checking, holding tight) or avoidant (doing math in your head instead of checking actual numbers)?
I used to be avoidant, calculating income in my head instead of tracking real expenses (whoops!) which led to my biggest financial mistake. The key is developing a secure, healthy relationship where you track your numbers without anxiety and make strategic decisions rather than emotional ones.
My Biggest Money Mistake (And What I Learned)
After graduate school, I fell in love with someone who wanted to move to Russia. I closed my practice, sold everything, and moved there with two suitcases. The relationship turned abusive, so I returned to Toronto with those same suitcases but two things no one could take: my degree and my millionaire mindset.
I worked incredibly hard doing assessments, making $20-30k monthly. But I wasn’t tracking expenses. I bought a Mercedes and penthouse, thinking I’d made it. Then legislation changed in 2010, eliminating my main income source while I had massive expenses (the problem with having all my eggs in one basket).
Eventually, I had to sell the penthouse and felt like I was back at the beginning. But here’s the beautiful thing about a high money set point. Even when you fall, you learn and come back stronger.
A few years later, I had more wealth than ever, but this time I tracked my metrics and had a healthy relationship with money.
Why a Group Practice is Your Path to Wealth
If you scale to a group practice, you can absolutely make seven figures. It’s not easy, but it is simple.
The best part about group practice:
- No ceiling (unlike solo practice)
- Low startup costs
- You choose the ceiling when you stop hiring
- You help more people while building wealth
Remember that wealth and helping people aren’t mutually exclusive. When you build a successful group practice, the wealth means you’re helping more people.
If you’re ready to build the practice you’re meant to have, here are the next steps to develop a millionaire mindset:
- Start your indoctrination today. Pick one wealth-building book or podcast and consume it daily. (I have a booklist with all of my favourites, DM me “Level Up Booklist” on Instagram (@nicole.mccancemethod) and I will send it to you).
- Identify your next scared step. What do you need to do but you’re afraid? Do it scared.
- Examine your money relationship. Are you anxious or avoidant? Start tracking numbers and building a healthier relationship with finances.
The seven-figure practice you want is absolutely possible when you have the right mindset and take action despite the fear.
Want even more tips on growing your practice? Follow me on Instagram and listen to my podcast for all the best support for growing your therapy practice and attracting more clients!
Your business bestie,
Nicole
