062: Financial Wellness Series: Part One w/ Stith Keiser
Have you ever considered owning a practice or buying into a practice, but the financial intimidation is keeping you from moving forward? You aren’t alone, and Stith Keiser is here to shed some light on the message of financial wellness with the help of First Financial Bank. Stith harnessed his passion for veterinary medicine and finances to become an expert in everything related to veterinary business, monetary literacy and securing financial stability through job satisfaction. Today he is here to explain how to have a positive impact on the field of veterinary medicine through the financial window.
On this Part 1 Episode, Stith shares his own journey to finding ownership in six practices, why he finds excitement in profit margins and the story they tell, and how you can begin to start securing your financial future today. We are breaking down reasons you should be thinking about your long-term goals as early as possible, how you can tackle your student debt while doing something you enjoy, steps you should be thinking about if you want to become an owner, and more.
If you are serious about formulating a plan for a successful career, Stith has some honest and applicable real-life advice for the topic that nobody wants to talk about but everyone deals with. By introducing financial conversations into your decision-making process, you can plan your journey and be where you want to be as fast as possible.
Are you ready to get started on tackling your finances head on? Let us know where you are at in your financial journey in the comments below.
In This Episode
The importance of knowing where your money is going
Specific action steps to start getting a handle on your finances now
A look at veterinary school from the financial literacy lens
Figuring out your ‘number’ and working towards your goal in reverse
Why you should be partnering with people that know more than you
“What always stood out to me was not the science behind the medicine. It was watching everything that happened behind the scenes to allow for the successful delivery of that medicine.” (7:23)
“The numbers tell a story about how everything else we do in practice adds up. That's what I love about the business side. It's not the number itself, its the story the number tells.” (13:02)
“There is no right or wrong number, but everybody has a number.” (20:15)
“Veterinary medicine provides so much for us if we know what to look for and are cognizant of our financial situation.” (28:34)
“When you are ready to say, ‘I want to surround myself with a partner or a manager or a team that is in some way better or smarter than I am’, that's when you are ready to be an owner.” (34:42)