Want to be a Millionaire Midwife
We all don’t become midwives for the money, but would like to live comfortably, give our families a nice vacation once in a while, and take anyone for a birth whether they can pay for our services or not. All of those above examples need nice a steady income to make things happen. We could nickel and dime every dollar you get and not truly live life, but that is not what I am all about. I want you to be a happy, prosperous midwife. Care for women and enjoy living life on your off days. Financial freedom makes that possible.
There will be a point in your life when you would like to retire, have a nice cash flow whether you are are work or not coming in, or a security blanket if you can’t work tomorrow due to health reasons. Create a business model where the income coming in doesn’t just cover the bills, but provides yourself and staff a nice salary for all the hard work being done.
Time is Valuable
It always drives me nuts when I see what an Obstetrician gets paid and all other Nurse Practitioners. I understand a doctor does want more like surgery, but for birth itself, doctors usually get paid more for that same service within our scope. Out of all Nurse Practitioner scopes, Nurse Midwives are paid the lowest. Typically Certified Professional Midwives are paid lower than Nurse Midwives.
For how important our services are and the training it takes to be part of a birth in home, hospital, or birth center, why is our salary and benefits so much lower than it should be? When running your own private practice and giving Cadillac of care, women should expect to pay for it. Consumers expect to pay more at a high end clothing store like Macy’s versus Walmart. Midwifery care is the high end, personalized care. We don’t take 25-30 births a month. We care for 5-7 ladies each month.
Create Other Income Streams Other than Midwifery.
Health care is so volatile. If your practice is mostly health insurance reimbursement and coverage for home births changes abruptly, your business may not be able to give you an income for a while during this adjustment period of incoming funds from payer and patients. Create other business or emergency accounts to cover those time.
I really like rental homes. I buy houses that pay for themselves (financing, property manager, maintenance, taxes, and insurance) while leaving me a steady cash flow from renters. It isn’t a get rich scheme and takes time to build a steady enough portfolio to create financial freedom.
I encourage you to look into financial education and real estate courses before starting any business or real estate venture. It is like a heart surgeon not doing years of schooling and deciding to “practice on someone.” That is considered negligence and I feel the same way about anyone starting a business or financial plan without the proper training.
Our educational system or midwifery school doesn’t teach financial knowledge. Spend time reading books, watching videos, listening to Audiobooks about money and business ownership. I personally believe it is the most important educational anyone can get.
Having cash flow from other revenue streams like a business or side job will increase the financial buying power and debt pay off acceleration. Creating a business plan where your midwifery practice makes money whether you are at work that day or not really gives you the freedom to be at your clinic, because you want to be there versus you have to be there to pay the bills.
It is a very different mindset creating a business where income is coming to you from passive cash flow of employees versus your own self employment skills and time. There is nothing wrong with it, but pointing out that is how the rich get richer. Self employment business have a cap of income, because there are only so many hours in a day and a midwife is exchanging her time for that pay.
If you want to be a millionaire midwife, create a financial strategy plan of where you want to be in 20 years, 10 years, 5 years, 3 years, 1 year, 6 months, and tomorrow. It will have a progression plan to follow for the end result you are seeking. Everyone is different with that ultimate goal. Anything is truly possible with a plan, knowledge, and ambition!
Our course, Financial Planning Tips for Birth Professionals, was developed to teach you all you need to know to keep your practice thriving.