The first time I saw Dr. Sid Williams do the money hum at a Dynamic Essentials Seminar I thought I had joined a cult.
It was a winter morning at the Renaissance Hotel Ballroom, just down the street from the Big Chicken in Marietta, GA. My roommate and I had just started chiropractic college and wanted to see what the fuss was about at the DE seminar.
We walked into the seminar, already in progress, with Dunkin Donuts coffees in hand. We observed a charismatic, white-haired man in a dark brown suit, pumping his fist in the air and leading a chant:
“Mmmmmmoneyyyy!”
The crowd was whipped up into a frenzy and my roommate and I wondered if we could still get a refund.
The Money Hum was weird. Dr. Sid would receive a lot of ridicule for it over the years. What was often missed by his critics is that the purpose was to encourage chiropractors to not be shy about asking for money.
Much of what I learned about money and the business of chiropractic, I learned in the hallway discussions at DE. I observed how other chiropractors talked about money, how they spent money and how they ran their businesses.
At chiropractic school, we were taught to “give, love and serve out of our own abundance,” a concept I liked. It felt good to help people regardless of condition or financial ability to pay.
The problem was this mentality was harming a lot of practices. Many old timers traded increased volume for lower fees for years, devaluing their care. They gave free exams and negotiated fees while facing home repossession .
This became tragically evident at a meeting when a prominent chiropractic mentor who had spoken at DE for years had been diagnosed with cancer and could not afford his treatment. His pals had decided to take up a collection and were passing the hat around to pay for his treatments.
Imagine working your entire life, inspiring thousands, and not having two cents to save your own life. It was sad and scary.
Thankfully, I got great advice from a (verified) successful chiropractor at the seminar:
“Want to know why these guys went bankrupt multiple times with 1000/week practices and why I’ve saved millions doing a quarter of the volume each week?” he asked. “Simple, they didn’t follow the chiropractic money rules.”
Here are the rules he taught me:
Pay off your debts as fast as possible.
Save for taxes.
Live a lifestyle that allows you to save 50% of your income outside of chiropractic.
“Don’t complicate things. Oh, and don’t forget rule number 4. Never take financial advice from another chiropractor (except me). No schemes, fancy tax shelters, or risky ventures until you're financially independent. That's how you make it in this profession.”
I didn’t grow up with money. I had to work from an early age and watched my parents fight over money. It made an impression on me and I vowed to never end up in such dire financial straits. I was petrified of being broke.
As my practice grew, I paid off my student loans and credit card debt in about 3.5 years. I worked 16-hour days, lived frugally, and didn’t take any big vacations. I saved half and invested.
I wish I could say that chiropractors are better with money today, but they are not. For example: I’m currently interviewing new grads for an associate position. Many of them drive new luxury vehicles, take weeks-long vacations to Italy, and don’t want to work Saturdays citing “work-life balance.” I will never hire those chiropractors.
Lack of self-discipline with money leads to struggle, regardless of income. The rules are simple and time-tested. Most chiropractors spend more than they make and save little. After 40 years in practice, if you follow the rules, no one will should have to pass around a hat for you.