How We Plan to Crush $48,000 in Debt in One Year Without a Steady Income

This debt is a heavy burden that casts shadows over our goals and peace of mind. To take the proper steps toward freedom and truly support Wyoming, we will do what most companies or small businesses do not: we will leave debt behind this year. The challenge? Our therapy income is far from predictable. However, that won't deter us; instead, it will inspire us to be resourceful and creative. Our ultimate goal is to become the best resource for those seeking freedom in the Wild West of Wyoming.

Starting Point: Facing the Numbers

First, let's get honest: $48,000 in 12 months means we need to put $4,000 towards our loans every single month. That's a tall order when things like insurance reimbursements, session bookings, and showing are key. Grabbing this bull by the horns, we must step up our game.

The Income Sources (The Unpredictability)

Our primary income comes from individual therapy sessions. They are online and in-person. Any therapist in the town of Cheyenne can tell you that this isn't consistent. Cancellations, seasonality, and even economic trends affect our client's bookings.

Things we offer already include:

1. Online On-Demand Care is a subscription plan that provides monthly support for private pay options.

2. EAP contracts with LCCC, CRMC, and the City of Cheyenne, Wyoming.

3. Taking insurance and offering Super Billing.

4. Offering a Niche of working with complex clients like OCD and Eating Disorders.

To increase income, we are looking at exploring additional revenue streams, including:

1. Group counseling: Offering group therapy sessions that tackle everyday issues like anxiety, grief, or life transitions. Group therapy is impactful and allows us to serve multiple clients simultaneously.

2. Social Media Monetization: We are building a presence on platforms like YouTube to share our outdoor adventures and Kaya's wonderful Journey as our Alaskan Malamute Therapy Dog. We will explore monetization options like ads, sponsorships, or even creating online courses.

3. Workshops and Speaking engagements: Hosting Mental Health Workshops for Corporations, schools, or community groups is another avenue we are eager to pursue.

4. Licensure across states: With the Compact Act for therapists coming into the picture, Online Therapy seems like it would be beneficial to offer in other surrounding states, such as Colorado, Nebraska, Montana, and the Dakotas. Widening our availability to reach more people to accomplish our goal might be a step worth investing in.

Cutting Costs without Cutting the Joy

Increasing income is essential in this process, but we will also reduce unnecessary expenses. Some practical things we are looking into:

1. Budget Overhaul: Tackening everyday dollars and prioritizing essentials like billing, marketing, and support.

2. Subscription Audit: Services that need to be tried before dumping money into. Canceling or not buying services that don't bring value.

3. Preping: Limiting expenses when posible. Living in Wyoming comes with a cost. Preparing a housing, utilities, and dog food budget will keep Kaya out of debt and on a healthier path.

4. Frugal Fun: Finding Free or low-cost ways to engage with the community, hike, and be a great resource to the community.

Staying Accountable

We’ve decided to share our journey publicly through our blog and social media. Each month, we will update our progress, including how much debt we’ve paid off, new income streams we’ve tested, and the wins and challenges we’ve faced. By doing this, we hope to hold ourselves accountable while inspiring others dealing with their debt—whether it’s another therapist feeling trapped in the cycle of debt or young adults struggling to manage their student loans. At one point, we carried $90,000 in debt, but this year, we aspire to break free from societal standards and embrace a path to true freedom.

Next steps.....

This month, we are focusing on:

1. Developing our first group therapy session that would fit our audience here in Wyoming.

2. Posting weekly on social media to grow our following on Facebook, Instagram, LinkedIn, Pinterest, and YouTube.

3. Start on a certificate to earn and add value to our practice.

4. Finalizing a workshop pitch for a local business.

It’s going to be a challenging year, but we are ready. If you’re curious about how this unfolds or want to cheer us on, subscribe and follow. Let’s tackle this together!