Podcast Episode

9

#9 - Finances as an Entrepreneur - Paying Yourself, with Megan Kelly – Part 2

With this 9th episode of the Simplifynance Podcast, host Rachel Stewart continues her discussion about handling finances as an entrepreneur with Megan Kelly, Founder of Baton Rouge Mompreneurs.  During this second part of the series, Rachel and Meagan talk how to figure out how much you should pay yourself vs putting back into the business.  

Episode Highlights:

1:09 - At what point should an entrepreneur begin to start paying themselves?

1:22 - Different people have different goals

1:32 - You have got to put yourself first.

1:40 - Moms tend to put themselves last.

2:08 - Build a personal financial plan to determine with your personal goals to determine your need or goal.

2:52 - Find someone you trust to talk through your goals and put numbers to them.

3:23 - It helps you set prices based on what you know you need to bring in.

3:50 - Math explosion

3:56 - Struggle with focusing time on our craft vs the business components

4:23 - Stronger when you surround yourself with other strong like-minded people.

5:32 - It’s about the simple stuff

6:14 - It’s helpful to sit down with someone who can look at things from a different perspective

6:58 - Megan doesn’t look good in orange. 🤣

7:18 - We’re doing this not just for ourselves,but for our children.

3 Key Points:

  1. Personal goals drive business goals.
  2. Connect with someone who is strong in the areas your are not.
  3. When faces with something you don't want to do, remember who you're ultimately doing it for.

Resources Mentioned:

Simplifynance Resources

BRMomprenuers

Contact:

Megan Kelly

Rachel Stewart