Katie is a former-accountant turned entrepreneur who gets over-excited about money management systems and business strategy. She teaches women entrepreneurs how to achieve personal and business financial wellness so they’re truly free to pursue their PASSIONS, not their next paycheck. She’s also known for being a nap lover, buffalo wing addict, and overly-obsessed dog mom. In this episode Katie breaks down how to manage your finances, how to budget the money you earn, some mistakes she sees people making with their money and what financial freedom looks like and feels like for her.
Katie Scott is a money coach for entrepreneurs who runs More with Money and the Financial Legacy Lounge, both of which encompass all things financial education for women entrepreneurs. Katie takes everything she has learned from her accounting background—including all that she hated about the public accounting world—and created what started out as a productivity blog into a movement to educate others on proactive money management. She believes in putting family first above all things, which means teaching women how to eliminate wasted time which can then be invested into the things that matter to them the most.
Katie’s biggest mindset shift was overcoming imposter syndrome, characterized by her journey to find her place in the finance industry. Being a right-brained women in a world filled mainly with left-brained men, as well as wading through dozens of specializations, Katie had to navigate this intimidating space by objectively reflecting on her passions, talents, and skills taken from her accounting background and finding the intersection that would become her niche as a financial planner.
The biggest money mistake that Katie has seen among her clients is commingling business and personal funds. She recommends immediately opening up a separate account as being “the best thing you can do for your business for 101 reasons and more.”
Another big mistake is not saving for long-term, infrequent, and unexpected expenses. These can be as simple as having savings left over for annual subscriptions or to replace your laptop or other important gadget should you ever need to. Katie recommends using sinking funds, or the practice of setting aside a little bit every month for a later, larger expense. For example, an annual $120 renewal means putting $10 away every month for a year to cover that expense.
Listen in and learn Katie’s tips for developing a profit-first system for business budgeting, putting proactive money management into action, and what financial freedom actually means on a practical level. We would love to hear your thoughts and any questions you may have can go right here in the comments! Enjoy!
Let’s dig into the highlights!
About Katie Scott, her story and her career [1.18]
Turning passion for time and financial freedom into a business [2.25]
Katie’s biggest mindset shift as an entrepreneur [5.45]
The two most common money mistakes people make [12.00]
How to set aside funds if you do not have a lot of money to work with [14.47]
Annual versus monthly subscriptions [17.29]
Katie’s recommended main categories of business expenses and allotted percentages [20.04]
The role of the profit category [23.09]
Growing a mindset that allows you to adopt habits which help you scale your business [25.57]
Working around “feast-or-famine cycles” [26.28]
Other tips on implementing a profit-first money management system [31.44]
What financial freedom means to Katie [36.57]
How to connect with Katie [40.04]
Links Mentioned:
Katie’s financial legacy lounge
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