Getting out of debt can feel impossible, especially when you're building a therapy practice, managing student loans, and trying to make your work sustainable for the long haul.
Jacent Wamala, a licensed marriage and family therapist, financial wellness coach, and founder of Wamala Wellness, joins Michael Fulwiler to share how she paid off nearly $100,000 in debt in just three years.
Jacent talks candidly about her journey through divorce, grief, and financial instability, and how those experiences shaped the way she supports other therapists in doing the same.
This episode is packed with practical advice and mindset shifts for therapists who want to take control of their finances without sacrificing their mission to help others.
In the conversation, they discuss:
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(00:00) Welcome to Heard Business School
(01:20) Meet Jacent Wamala
(03:10) Why She’s Not a Financial Therapist
(03:46) Growing Up Ugandan-American And Moving to Vegas
(07:26) The Cost of Grad School Debt
(10:07) Divorce, Grief, And Her Financial Turning Point
(12:56) Calculating Net Worth Changed Everything
(15:24) What Net Worth Really Tells You
(19:28) Avoidance vs. Acceptance in Money Mindset
(21:22) Budgeting and Setting Clear Debt Goals
(23:03) Living Lean to Accelerate Debt Payoff
(25:58) Building a Money Team for Support
(28:00) It’s Mindset, Not Just Math
(31:00) Real Therapist Success Story: Alicia’s Journey
(35:23) Hesitation, Self-Sabotage, And Getting Help
(37:10) Raise Your Rates And Restructure Finances
(40:19) The Most Common Mistake: Disorganization
(44:05) Finance Strategies Must Fit Your Lifestyle
(45:58) Debt Payoff Methods Explained
(49:21) Using Profit-First To Manage Your Business
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.