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Is Your Finance Sh*t Together?
Episode 1210th January 2022 • Wealth Witches • Katelyn Magnuson
00:00:00 00:17:51

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It’s tax season… do you have your finance shit together? Do you have the right designations and deductions in order? The good news is that you have me!  

We cover ALL of this in the “Get Your Finance Sh*t Together” self-study course at confidentmoneypodcast.com!

Join our community at confidentmoneypodcast.com where we’ll share tips and resources, and you can suggest topics for future episodes.

Enter to win a free strategy session with me!  Leave a 5-star review and include your IG handle to enter. We draw the winner at the beginning of each month. 

FTC/Affiliate Disclaimer: By using some of these links, at no extra cost to you, I may earn a small commission or referral fee, which helps me continue to produce content like this, support my business, and my team.

DISCLAIMER: I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.

Music credit: Neon Fairies by Wolves 

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Transcripts

Katelyn Magnuson:

Hey, welcome back.

Katelyn Magnuson:

This is the final episode in season one.

Katelyn Magnuson:

Thank you, preemptively for everyone that has DMD on Instagram sent me emails,

Katelyn Magnuson:

told me how much they've loved the information and the season and how much

Katelyn Magnuson:

they're looking forward to future seasons.

Katelyn Magnuson:

This was such a big.

Katelyn Magnuson:

Adventure to take.

Katelyn Magnuson:

I'd been wanting to do it forever.

Katelyn Magnuson:

I've been told by multiple people, oh, you should do it.

Katelyn Magnuson:

You should do it.

Katelyn Magnuson:

You should do it.

Katelyn Magnuson:

But it's been really validating to hear back from all of you,

Katelyn Magnuson:

how much you appreciated the information that we've been covering.

Katelyn Magnuson:

So stay tuned.

Katelyn Magnuson:

And in season two, we're going to delve into all of the personal finance basics.

Katelyn Magnuson:

So we spent this season covering basically everything you need to

Katelyn Magnuson:

know as a small business owner.

Katelyn Magnuson:

And we're going to wrap that up in this episode and then

Katelyn Magnuson:

next season we'll go over.

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All of the details you need to know on the personal side.

Katelyn Magnuson:

So stay tuned again.

Katelyn Magnuson:

Make sure you are.

Katelyn Magnuson:

Sharing this with anyone that you think would find it beneficial or informative,

Katelyn Magnuson:

and that if you haven't already left a review, please go leave a review.

Katelyn Magnuson:

It is a super validating for me.

Katelyn Magnuson:

I read all of them.

Katelyn Magnuson:

and B it really helps the podcast get more reach.

Katelyn Magnuson:

So I cannot tell you how much we appreciate the reviews and the feedback.

Katelyn Magnuson:

And additionally, you get entered to win a session with me.

Katelyn Magnuson:

We do a drawing at the end of every month, and you will.

Katelyn Magnuson:

Have a chance to win a free session with me if you leave a review for the podcast.

Katelyn Magnuson:

Okay.

Katelyn Magnuson:

So we have gone through what kind of entity you should be

Katelyn Magnuson:

as a small business owner.

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Why you should keep your finances separate what you should do for accounting

Katelyn Magnuson:

setup, how you should price yourself.

Katelyn Magnuson:

Um, we got into a little bit of the Wu behind the intentions and the

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reasons for why you're doing things or why you're purchasing things.

Katelyn Magnuson:

And we chatted about how to pay yourself the right.

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So these are a lot of the foundational basics that you need to have a really

Katelyn Magnuson:

good grasp on as a small business owner, whether you end up outsourcing

Katelyn Magnuson:

your finances to a bookkeeper and accountant, a finance team, you

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need to understand these basics.

Katelyn Magnuson:

It'll also make your relationship with any future companies that you work with so

Katelyn Magnuson:

much more easily understood because you'll at least have a foundational knowledge

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of what they're talking to you about.

Katelyn Magnuson:

So, We cover.

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And I know you want to know this.

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Get your financial together self study course, we cover business, entity types,

Katelyn Magnuson:

and registration, and how to do it.

Katelyn Magnuson:

10 90 nines w nines and of your processes, which we are hot and heavy

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in right now, because a reminder 10 90 nines, which you need w nine spore

Katelyn Magnuson:

are due by January 31st of this year.

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So that deadline is coming up really quickly.

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We talk about how and when to hire are you bringing on employees?

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Are you bringing on contractors?

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Do you know the difference between those two?

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Because they're not interchangeable.

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Tech tools, tips and tricks other than being a really, you know, fun

Katelyn Magnuson:

alliteration, what we recommend, what we use and what we really

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like and some good options that are either low cost or no cost as well.

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The legal side to your business.

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We have a guest speaker, Christy Westerfield, that goes over all of those

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little details that you need to know, and then income and expenses, mileage

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tracking, which we're going to pause on.

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Mileage tracking is one of the biggest deductions that most of our clients take.

Katelyn Magnuson:

And it is really frequently missed.

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So make sure whether you do this course or you just buy the mileage tracker

Katelyn Magnuson:

on my website, which comes with its whole explanation video for what, when,

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why, and how to use it the right way.

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Same thing with home office expenses.

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So you get to write off generally a portion of your home office expenses.

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How do you do that?

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What can you write off?

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What do you need to have in there?

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All of that is covered.

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We get a little bit what some people might think boring.

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I get really excited for it.

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Accounting software and systems set up how to use your accounting software

Katelyn Magnuson:

audit, proofing your business, which like, please don't panic, but that's,

Katelyn Magnuson:

you know what receipts you need to be keeping how you need to be.

Katelyn Magnuson:

Keeping records are digital receipts.

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Okay.

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Why do you need receipts?

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And which ones do you need?

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And then we go over how to price.

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Business budgeting and reports so that you can review the most important

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ones and then advanced accounting.

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So things like depreciation, manual journals, or journal entries, um, which

Katelyn Magnuson:

hopefully none of you ever have to do, but you have a basic rundown on.

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And then we have some really fun things.

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So quarterly estimated taxes, how to file your own taxes in TurboTax, how

Katelyn Magnuson:

to pay IRS quarterly estimates, how to pay your IRS taxes online, which if you

Katelyn Magnuson:

are not already doing that, oh my God.

Katelyn Magnuson:

Please pay your taxes.

Katelyn Magnuson:

Both your quarterly taxes and your federal end of year taxes and state

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taxes, wherever possible on line.

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It is.

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Oh my God.

Katelyn Magnuson:

It is so nice.

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Like saves you so much time.

Katelyn Magnuson:

You don't have to get a check.

Katelyn Magnuson:

You don't have to like, go deal with any of that.

Katelyn Magnuson:

Cause I have a client that had no idea that they could pay online and they've

Katelyn Magnuson:

been paying for years with that little voucher, having to go to the bank, get

Katelyn Magnuson:

checks printed, do the whole thing.

Katelyn Magnuson:

Highly overrated.

Katelyn Magnuson:

Highly overrated.

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And then.

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Also what retirement options you have as a self-employed individual and how to set

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up 120 day IRS installment payment plan.

Katelyn Magnuson:

Because we talked a little bit about that during the episode where we

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covered quarterly estimated taxes, but the IRS has payment plans available.

Katelyn Magnuson:

If you ever have a year.

Katelyn Magnuson:

Your taxes sneak up on you, you made more than you realized, or

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maybe you didn't have a lot of extra money to be setting aside those

Katelyn Magnuson:

ratios that you needed to for taxes.

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You know, maybe you had a dip in income and you were just

Katelyn Magnuson:

trying to make ends meet.

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There are some really good options there.

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And lastly, state resources, federal resources, email templates, which I

Katelyn Magnuson:

think are a really cool addition for.

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10 90 nines requesting w nines from people.

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And then there are some miscellaneous resources in here that have, you know,

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like the ultimate basically puts all of these into a checklist for you.

Katelyn Magnuson:

So you have a lot of the key dates by month, by quarter by year, so that you

Katelyn Magnuson:

can be keeping track of all of this.

Katelyn Magnuson:

So that is a lot of information and we have literally only touched on.

Katelyn Magnuson:

Probably half, maybe even less than half a third of what we cover in there.

Katelyn Magnuson:

But so many of them are really visual and have downloads or worksheets that did

Katelyn Magnuson:

not lend themselves to podcast topics.

Katelyn Magnuson:

So while you've gotten a ton of value from the podcast and you have a lot of

Katelyn Magnuson:

the information that you need, if you are not going to take action, whether

Katelyn Magnuson:

it's taking this course, whether it's implement, implementing what you've

Katelyn Magnuson:

learned, nothing's going to change.

Katelyn Magnuson:

So I know we harped on this.

Katelyn Magnuson:

We, the mouse in my pocket I harped on this in our last episode, take action.

Katelyn Magnuson:

Whether it's buying this course, whether it's implementing something that you've

Katelyn Magnuson:

learned, whether it's opening a separate bank account, taking these small steps

Katelyn Magnuson:

we'll help you build confidence in your knowledge and your

Katelyn Magnuson:

ability to handle your finances.

Katelyn Magnuson:

And that is priceless because taking those little steps shows that you can do this.

Katelyn Magnuson:

You can show up for yourself.

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You can be here, you're reliable, and that continues to build the story in your head.

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That you've got this, you can manage your finances responsibly

Katelyn Magnuson:

or with confidence because Googling is only going to get you so far.

Katelyn Magnuson:

And that's the whole reason I created this course in the first place,

Katelyn Magnuson:

because I, there was actually this, um, meme quote that one of my clients

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made, um, of something that I'd said.

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And I said, stop Googling shit, because.

Katelyn Magnuson:

So many people.

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And if you know what you're looking for, I'm going to preface this.

Katelyn Magnuson:

If you have the knowledge to know what you're looking for and to be able to

Katelyn Magnuson:

search it, read through it and make sense by all means the information is there.

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However, even if you find the right information, do you have the confidence

Katelyn Magnuson:

to know that it's the right information?

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Do you have the confidence to understand that that's exactly what you need.

Katelyn Magnuson:

Do you have the confidence to understand that it's exactly what you need.

Katelyn Magnuson:

It's exactly right for your business right now?

Katelyn Magnuson:

Because I've had clients come to me that are making two, three,

Katelyn Magnuson:

$400,000 and are set up as a sole proprietor or a single member, LLC.

Katelyn Magnuson:

And they're literally overpaying 20, 30, 40 grand a year in income taxes

Katelyn Magnuson:

that just doesn't need to be paid.

Katelyn Magnuson:

Because no one told them or they didn't know to ask.

Katelyn Magnuson:

And I don't fault them.

Katelyn Magnuson:

You know, they're, they're not an accountant, they're

Katelyn Magnuson:

not a financial expert.

Katelyn Magnuson:

They don't have a bookkeeper working with them.

Katelyn Magnuson:

So why would they know that they weren't doing the right thing?

Katelyn Magnuson:

So a, should you be doing something different?

Katelyn Magnuson:

Do you know that?

Katelyn Magnuson:

Just by Googling B if you hear everyone throwing around,

Katelyn Magnuson:

oh, you should be an S-corp.

Katelyn Magnuson:

Oh, you should be this.

Katelyn Magnuson:

Oh, my brother's sister did this, which would be your

Katelyn Magnuson:

sister by the way, generally.

Katelyn Magnuson:

But you'll gain the confidence from this course to know, should I be an S-corp?

Katelyn Magnuson:

Should I be a sole proprietor?

Katelyn Magnuson:

Are these things the right fit for me, for my business now?

Katelyn Magnuson:

And are there earmarks occurs or waypoints that I can watch out

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for as I go along and as I grow?

Katelyn Magnuson:

Which I think is really overlooked as being important.

Katelyn Magnuson:

If, you know when you get started, okay, cool.

Katelyn Magnuson:

When I'm making 50 or 60,000 a year in profit, I should

Katelyn Magnuson:

probably look at being an escort.

Katelyn Magnuson:

You know, when that next action point is going to hit, and that is so

Katelyn Magnuson:

beneficial for a building confidence, but be easing a lot of fear and anxiety

Katelyn Magnuson:

that comes with being a business owner and wondering like, am I overpaying?

Katelyn Magnuson:

Like I get a massive tax bill every year.

Katelyn Magnuson:

Is there anything I could be doing differently?

Katelyn Magnuson:

So you're not going to be leaving constantly wondering,

Katelyn Magnuson:

did I categorize that right?

Katelyn Magnuson:

Is that actually a write off?

Katelyn Magnuson:

What's the deduction?

Katelyn Magnuson:

Am I doing it all right.

Katelyn Magnuson:

Am I going to be audited and ended up in jail?

Katelyn Magnuson:

And that is a really, really common fear that people that I work with

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deal with, you know, they're worried that like maybe they haven't filed

Katelyn Magnuson:

their taxes in two years because they got super overwhelmed and then

Katelyn Magnuson:

they ended up in that shame spiral.

Katelyn Magnuson:

Get your finance shit together.

Katelyn Magnuson:

Self study course does exactly that.

Katelyn Magnuson:

It gets your business, finance shit together.

Katelyn Magnuson:

It moves you from a place of feeling unsure, anxious, overwhelmed, stressed

Katelyn Magnuson:

to a place of confidence, peace, clarity, and understanding next

Katelyn Magnuson:

steps for yourself, which brings a modicum of control to your life.

Katelyn Magnuson:

You get to be the driving factor in your life, the driving force.

Katelyn Magnuson:

You are not simply along for the ride.

Katelyn Magnuson:

You're actively, you know, steering the train or steering the bus

Katelyn Magnuson:

or whatever we want to call it.

Katelyn Magnuson:

You're taking a real active role instead of a passive role in your finances.

Katelyn Magnuson:

So you're no longer going to get lost in a sea of Googling.

Katelyn Magnuson:

You're not going to Google for hours.

Katelyn Magnuson:

Think you understand.

Katelyn Magnuson:

And then actually ended up picking the wrong thing.

Katelyn Magnuson:

You'll be able to take what you've learned and implement it, and you can implement.

Katelyn Magnuson:

Immediately.

Katelyn Magnuson:

I mean, even these podcasts episodes, you should be making changes every

Katelyn Magnuson:

time you're listening to them.

Katelyn Magnuson:

Whether that's automating a bill, separating your business accounts,

Katelyn Magnuson:

I'm literally going to harp on this like 17 more times, because if you're

Katelyn Magnuson:

a business owner and you do not have a separate checking account, like.

Katelyn Magnuson:

Do it do it now there's no excuses.

Katelyn Magnuson:

You might have to go in in person.

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It kind of sucks.

Katelyn Magnuson:

Not gonna lie.

Katelyn Magnuson:

Separating that out will make a huge, psychological difference in your business

Katelyn Magnuson:

and how you treat your business finances.

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And it's going to make such a massive difference if you

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outsource your bookkeeping ever.

Katelyn Magnuson:

Or if at the end of the year, you want to go through and pull your bookkeeping

Katelyn Magnuson:

together, which I've been doing with all my clients and they're going through.

Katelyn Magnuson:

Or they're sending a VA through, after going through one of my courses or going

Katelyn Magnuson:

through a training with me and they're having them categorize everything so

Katelyn Magnuson:

that their books are ready for taxes.

Katelyn Magnuson:

And so that they're not leaving deductions on the table and

Katelyn Magnuson:

they're not overpaying their taxes.

Katelyn Magnuson:

So we have this course that covers everything in here.

Katelyn Magnuson:

There's some optional support that you can add on when you're done with it.

Katelyn Magnuson:

It's totally prerecorded.

Katelyn Magnuson:

You can go at your own pace.

Katelyn Magnuson:

And what I really like about how I set this up, we're going to pat

Katelyn Magnuson:

myself on the back here because when I've taken courses in the past, I.

Katelyn Magnuson:

Being neurodivergent ADHD, I don't want to always work through everything

Katelyn Magnuson:

in the exact order that I'm given.

Katelyn Magnuson:

I made this so that you can skip around.

Katelyn Magnuson:

It's flows, I think semi chronologically, but it is not required in order for you

Katelyn Magnuson:

to get the information that you need.

Katelyn Magnuson:

So if you get into this right now and you're like, oh shit, I have 10 90 nines

Katelyn Magnuson:

and w nines and it's almost tax season.

Katelyn Magnuson:

You can dive straight into the 10 90 nines and w nines right now.

Katelyn Magnuson:

And there standalone within this course.

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Do they work in conjunction?

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Are they potentially referenced in other videos?

Katelyn Magnuson:

Absolutely.

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But you don't have to have gone through a bunch of other things in

Katelyn Magnuson:

order to make those work on their own.

Katelyn Magnuson:

If you're ready to be able to watch the video content, download

Katelyn Magnuson:

the workbooks, we made Excel.

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Sheets with instructions that are very simple for things like the quarterly

Katelyn Magnuson:

estimated tax calculator, for the income and expense tracker for the

Katelyn Magnuson:

mileage tracker, so that these are ready to be implemented right now.

Katelyn Magnuson:

And if you're not ready to put a whole accounting software into place, you can

Katelyn Magnuson:

take the information that's in here.

Katelyn Magnuson:

You can take the worksheets and you could do your entire year's

Katelyn Magnuson:

worth of bookkeeping, and be ready to file your own taxes.

Katelyn Magnuson:

Or at the very least know that you're not missing any of your deductions and be

Katelyn Magnuson:

able to send everything to a tax preparer.

Katelyn Magnuson:

So take some time for yourself.

Katelyn Magnuson:

Take action instead of continuing to put it off.

Katelyn Magnuson:

And again, whether it's this course, whether it's a smaller course offering

Katelyn Magnuson:

that I have on my website, this one is just the most comprehensive and gets

Katelyn Magnuson:

rave reviews because of how much time, effort, and energy I put into it to make

Katelyn Magnuson:

sure that it covered all of the bases.

Katelyn Magnuson:

I'm not here to patronize.

Katelyn Magnuson:

I'm not here to talk down to you.

Katelyn Magnuson:

I am here.

Katelyn Magnuson:

To basically be your best friend when it comes to finances.

Katelyn Magnuson:

I talked to you, like I talked to my friends, I talked to you, like I

Katelyn Magnuson:

talked to my sister or my parents.

Katelyn Magnuson:

I want you to succeed.

Katelyn Magnuson:

I want you to do well.

Katelyn Magnuson:

And more than that, I want to see that moment, that things click for you.

Katelyn Magnuson:

And you.

Katelyn Magnuson:

You get to be excited.

Katelyn Magnuson:

You get to feel at peace.

Katelyn Magnuson:

You get to have this just immense feeling of clarity and that you

Katelyn Magnuson:

know where you're going, because life can be really hard sometimes.

Katelyn Magnuson:

Being a business owner can be lonely, difficult, exciting, wonderful,

Katelyn Magnuson:

you know, a whole gamut of the human experience and emotions.

Katelyn Magnuson:

And this is one area that I can make so much less stressful and so

Katelyn Magnuson:

much less anxiety inducing for you.

Katelyn Magnuson:

So confident money podcast.com.

Katelyn Magnuson:

This program is linked there.

Katelyn Magnuson:

You are always welcome to send questions over.

Katelyn Magnuson:

Make sure it's the right fit for you.

Katelyn Magnuson:

There's Even a money back guarantee, you get access preemptively to

Katelyn Magnuson:

some of the modules so you can make sure it's a good fit for you.

Katelyn Magnuson:

So take the time and I'll see you the next season.

Katelyn Magnuson:

I'm really excited.

Katelyn Magnuson:

I loved this season and I'm so excited for the next season.

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