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Hi there! I'm a financial planner for therapists!

David W. Frank

I help therapists navigate every element of their financial lives: from understanding your practice P&L and building a personal budget to managing student loan debt and investing for retirement... and everything in between. But don't let my love of the tax code and spreadsheets scare you off! You're just as likely to find me with my nose buried in one of Pema Chodron's books as reading up on the latest financial planning techniques.

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Featured Post

The mindset that brings unlimited willpower

Hello Reader, Want the mindset that brings unlimited willpower? Keep reading and it could be yours! šŸ‘‡ Weā€™ve been taught that willpower is a limited resource. Many of us believe that willpower is like a battery ā€“ full at the start of the day, but depleted as the day wears on. And that this low battery leaves us vulnerable to poor impulse control and regrettable choices later in the day. And there is research seemingly backing up this limited view of willpower. The phenomenon came to be known...

14 days agoĀ ā€¢Ā 2 min read

Hello Reader, If youā€™ve been meaning to figure out a retirement plan for 2024, Iā€™ve got just the webinar for you! Join Julie Herres and me as we guide practice owners through the maze of retirement options in this webinar. šŸ‘‰ Click here to register! Whether youā€™re in solo practice or a group practice owner, weā€™ll break down the available choices, contribution limits, and help you figure out the best path for your future. Itā€™s sure to be an informative session not to be missed if youā€™re...

27 days agoĀ ā€¢Ā 1 min read

Hello Reader, It wasnā€™t just a good day, it was a GREAT day. I was clear-headed, sharp, uber-productive. I was flying through my to-do list, and doing (IMHO) my best work, when I made a quick pivot to dispatch some emails. One email was from HR, announcing a change to the vacation policy. What? Thatā€™s interesting. Without hesitation, I click on the attached PDF to see if it was good news or bad. And just like thatā€¦ I had been phished. I knew that clicking on a suspicious attachment could...

about 1 month agoĀ ā€¢Ā 1 min read

Hello Reader, Iā€™m not religious. I donā€™t go to church. I suppose I might consider myself spiritual ā€“ but some days Iā€˜m not even so sure about that. šŸ˜† If anything, life experiences have taught me to wary of religion. (A story for another time.) And yet some of the closest friends Iā€™ve made in the last few years ARE deeply religious. Iā€™ve found them to be some of the kindest, most accepting, supportive and thoughtful folks I know. Which is why Iā€™m excited to be both sponsoring and speaking at...

about 2 months agoĀ ā€¢Ā 1 min read

Hello Reader, It's almost tax time, and your tax professional might ask you if you want to contribute to an IRA, or max out your SEP-IRA for last year. That might be a good idea ā€“ or it might not. Yes, saving for the future is generally a good idea. But sometimes putting funds out of reach isnā€™t. And when you invest money in a retirement plan, those funds are pretty much out of reach until youā€™re 59 (and a half) years old. Retirement plans, like IRAs and SEP-IRAs, are still likely an...

2 months agoĀ ā€¢Ā 1 min read

Hello Reader, Catching up with a friend the other day, they shared that ā€œOh hey yah, something I donā€™t think I told you aboutā€¦ got a notice the other day that someone opened up an AMEX account in my name and racked up $32,000 in chargesā€¦. NOW what do I do?!ā€ So, yah, identity theft. It happens and it sucks. Once someone has opened up a credit or bank account in your name, youā€™re on the hook for that loan until you prove you didnā€™t borrow that money. Thatā€™s work and stress that no one wants to...

3 months agoĀ ā€¢Ā 1 min read

Hello Reader, I hope your 2024 is off to a great start! Iā€™m personally glad that 2023 is in the rear viewā€¦ it presented more than its fair share of challenges for me. For me, most of those challenges were in the personal (rather than business) realm. But those personal challenges did mean I had to step back from work a bit. And as Iā€™m sure you can relate, having to step back from work when you run your own business is stressful! Would my clients all leave? (They didnā€™t) Would the whole...

3 months agoĀ ā€¢Ā 1 min read
a group of people sitting on top of a sandy beach

Hello Reader, If you havenā€™t heard, student loan repayments are beginning again. This time itā€™s for real. Not kidding. And I actually do believe that. Interest began to accrue again on your Federally held student loans this month (September). In October, you first payment (since early 2020!) will finally be due. So this week I wanted to share with you a few tips from my friends over at Student Loan Planner. If youā€™re managing your student loans by yourself, Iā€™d strongly encourage you to sign...

7 months agoĀ ā€¢Ā 1 min read
a man holding a tablet

Hello Reader, Deciding what retirement plan to use can be confusing & overwhelming. Itā€™s entirely understandable if youā€™ve found yourself frozen with indecision. Letā€™s simplify things. If youā€™re looking to save $6,500 or less for retirement this year, you can skip all the more confusing retirement plans and simply open an IRA. If youā€™re 50 or older the annual amount you can contribute to an IRA increases from $6,500 to $7,500. If that describes your savings goal for this year, check out my...

8 months agoĀ ā€¢Ā 1 min read

Hello Reader, In a recent Ask Me Anything Office Hours I held, someone posed the really excellent questionā€¦ Iā€™ve been in solo practice for 5 years and hired a CPA for the first time 2 years ago, to do my taxes. Iā€™ve been surprised at whatā€™s not included by that service, such as advice about when to start filing as an S-corp, or things I should consider about expenses using a home office now, after having had a outside office previously. Am I mixed up about what each type of profession does?...

8 months agoĀ ā€¢Ā 1 min read
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