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Published on:

6th Jan 2022

295: Avoid These 3 Mistakes The Average Investor Makes

I’m excited to begin a new year and a new season with you!

While we were on the holiday break, STC hit a huge milestone of 1.2 million downloads, which is unbelievable to me.

I’m so grateful for the success of STC and being able to offer this resource.

Today’s show focuses on one of my favorite topics, which is personal finance. Investing can be overwhelming and very confusing. Join us to learn how anyone can approach investing with knowledge and confidence.

Our Featured Guest:

Andy Gupta

Andy Gupta and I have become good friends over the past couple of months. He is a kind and genuine person who worked for 20 years on Wall Street. He is a graduate of Harvard Business School who understands the ins and outs of investing, and he wants to make investing more approachable for average people. Andy has a particular passion to help women understand investing, and he looks to use his wealth in ways that help others.

Andy’s 30-day investing course: Anyone Can Invest Now

Andy's Facebook Group: https://www.facebook.com/groups/418356686326993

Andy's LinkedIn: http://linkedin.com/in/andy-gupta

You’ll Learn:

● Andy’s background of growing up in a family without wealth in Mumbai, India, and then going to college in the US while holding multiple jobs to make ends meet

● Why Andy feels that his mission is to help others with investing so they can achieve financial security and freedom

● Why Andy’s definition of financial freedom revolves around increased time spent with his family, creating a financial safety net for them, and making a positive impact on others

● Three mistakes that the average investor makes:

○ Trying to “time” the market

■ “This is a fool’s errand. The difference in trying to time the market vs. staying in for the long haul is astronomical.”

○ Believing that cash in the bank is safe

■ You are guaranteed to lose money every year because of inflation.

○ Taking on too much risk by overexposing themselves in one area

■ It's best to mix asset classes to reduce your risk and potentially increase your return for the level of risk

● Andy’s tips for investing smartly:

○ Have a cash reserve on hand.

○ Diversity by investing in asset classes that don’t “move together.”

Today's Podcast Sponsor: Wellerz

Wellerz is an innovative idea that addresses two big problems that therapists have when it comes to office space.

First, if you own office space, being able to rent it out for hours you're not using it in order to supplement our therapy income.

Second, if you're looking for office space, being able to rent it by the hour vs. a chunk of time like .5 day of full-day, which may not make sense and/or is cost-prohibitive (e.g., if you're just starting out in private practice).

Wellerz addresses both through an easy-to-navigate website where therapists can list their office space, easily screen clinicians who would be using it, and get paid. Listing is office space is free + Wellerz only makes money if an office space is booked.

And if you're a clinician looking for office space, Wellerz makes it easy to find + rent office space by the hour.

To learn more + get a 1-hour free credit to book anywhere (for STC fans only), please check out https://sellingthecouch.com/wellerz

RESOURCES TO GUIDE YOUR BUSINESS JOURNEY

Disclosures: Please note that all opinions are my own and based on my personal experience. Sponsors are acknowledged. Some links in the description are affiliate links where if you click on one of the product links, I’ll receive a commission at no additional cost to you. I use these funds to continue to create helpful content to serve our field. As an Amazon Associate, I earn a small commission from qualifying purchases.

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SUBSCRIBE TO THE STC PODCAST:


Since 2015, I've hosted a weekly podcast where I interview successful therapists in private practice and other business owners to help us grow our impact + income in and beyond the therapy room.

The podcast has been downloaded over 1.2 million times and is heard in over 140 countries.

You can find also it by searching “Selling The Couch” on any podcast app (eg: Apple Podcasts, Google Podcasts, Spotify etc) or simply saying "Alexa, listen to Selling The Couch" on your Amazon device. =

Or simply click below for ease =).

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WHO'S THIS GUY? 


Hi. I'm Melvin. I'm a psychologist (PhD), entrepreneur, and online creator living in Philadelphia, PA.

In 2014, I began to think about how to use the therapy skills we learn in grad school, and in our clinical work into different realms (e.g., podcasting, consulting, online course creation, etc).

This allows us to serve others on larger scales while diversifying our income beyond 1 to 1 work.

I make podcasts and videos about business, tech, productivity, and lessons I'm learning from becoming the CEO of a lean, mean 5 person 100% remote team (we're not really mean..it just rhymed =P).

Mentioned in this episode:

We'd like to thank our Sponsor, zynnyme

When you open a private practice you become an entrepreneur- but that doesn't mean you magically know how to run a successful, sustainable solo or group practice and still enjoy life. And the truth is, when your business isn't working properly it WILL impact your joy, energy, and your clinical outcomes. Therapists are among the world's paid master's degrees and it is time for it to stop. Kelly & Miranda at zynnyme are two therapists who care deeply about ensuring therapists can have sustainable incomes and practices that get exemplary outcomes. Check out their free Private Practice Masterclass where they'll be diving into the core issues that keep even full practice owners from being truly profitable and protected from burnout. While you are at it, get on the waitlist for their Business School for Therapists-your one-stop-shop for growing, revamping, or launching your sustainable, impactful solo or group practice. Business School for Therapists has the perfect blend of personalized support, ready to go content when you need it, and an amazing community all over the world.

zynnyme

Today's Sponsor: zynnyme

When you open a private practice you become an entrepreneur- but that doesn't mean you magically know how to run a successful, sustainable solo or group practice and still enjoy life. And the truth is, when your business isn't working properly it WILL impact your joy, energy, and your clinical outcomes. Therapists are among the world's paid master's degrees and it is time for it to stop. Kelly & Miranda at zynnyme are two therapists who care deeply about ensuring therapists can have sustainable incomes and practices that get exemplary outcomes. Check out their free Private Practice Masterclass where they'll be diving into the core issues that keep even full practice owners from being truly profitable and protected from burnout. While you are at it, get on the waitlist for their Business School for Therapists-your one-stop-shop for growing, revamping, or launching your sustainable, impactful solo or group practice. Business School for Therapists has the perfect blend of personalized support, ready to go content when you need it, and an amazing community all over the world.

zynnyme

Show artwork for Selling the Couch

About the Podcast

Selling the Couch
Impact + Income Beyond The Therapy Room
With over 1.3 million downloads, Selling the Couch is the #1 podcast for mental health private practitioners.

Psychologist Melvin Varghese interviews successful therapists about how they've built their therapy practices + diversified their income in/beyond the therapy room as well as top entrepreneurs, business/marketing, productivity, and social media experts.

You'll learn how successful business owners get referrals, make money, work through fears, and how they've stopped "trading time for income."

Melvin also shares the lessons as he grows his impact + income beyond the therapy room (podcasting, video, online courses, membership sites, group masterminds, investing, etc) and the tips, tools, and tech he uses to grow STC from a single-person business to the CEO of a 5-person 100% remote team.

What you get are bite-sized and highly actionable tips to guide your private practice and entrepreneurial journey.

The best way to get started is to check out https://sellingthecouch.com/start. =)
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About your host

Profile picture for Melvin Varghese, PhD

Melvin Varghese, PhD

Hi. I'm Melvin. I'm a Vanderbilt-trained psychologist, entrepreneur, and online creator living in Philadelphia, PA.

In 2014, I began to think about how to use the therapy skills we learn in grad school, and in our clinical work into different realms (e.g., podcasting, consulting, online course creation, etc).

This allows us to serve others on larger scales while diversifying our income beyond 1 to 1 work.

I make podcasts and videos about business, tech, productivity, and lessons I'm learning from becoming the CEO of a lean, mean 5 person 100% remote team (we're not really mean..it just rhymed =P).