Episode 2

full
Published on:

15th Nov 2021

It's Okay To Let Go

My company, The Freelance CFO, has been around in various iterations for about 10 years now, but I really went all in full time at the beginning of the pandemic in March of 2020 after being let go unexpectedly from my day job. Because I had a solid financial foundation in my business, I was able to survive and thrive.

Cliches aside, I want to change the world. I want to change the way our workforce is treated and in order to do that, I needed to create my own workforce.

If you are still working a corporate job and that’s benefiting you, great! If you decide to job hop or leave corporate altogether, remember that it’s a transactional relationship. Don’t feel guilty for your coworkers or your boss. When it’s time to go, it’s okay to let go.

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 

A Podcast Launch Bestie production

Transcript
Katelyn Magnuson:

So I've had my business in some capacity for 10 years now, the

Katelyn Magnuson:

freelance CFO has had different names, different faces, different iterations.

Katelyn Magnuson:

And I went full-time.

Katelyn Magnuson:

With it being my sole source of income in March of 2020 during the

Katelyn Magnuson:

pandemic, because the day job that I had taken on for a break and to help

Katelyn Magnuson:

make qualifying for house easier, let me go really unexpectedly.

Katelyn Magnuson:

And I was overwhelmed, nervous, shocked, and panicked.

Katelyn Magnuson:

And that was about.

Katelyn Magnuson:

Probably the first 48 hours I think was really a rollercoaster of emotions.

Katelyn Magnuson:

especially having not seen it coming, I was let go with two days notice,

Katelyn Magnuson:

because the company that I worked with worked with a lot of restaurants and

Katelyn Magnuson:

construction industry of businesses, which meant that when everything

Katelyn Magnuson:

closed down, their cash flow dried up and they were in survival mode.

Katelyn Magnuson:

Now my business had been running all along and in the background would be

Katelyn Magnuson:

running it working, you know, an extra four to eight hours every day on top

Katelyn Magnuson:

of my day job, to make sure that I kept going, kept the clients taken care of.

Katelyn Magnuson:

And it was really building this company that I was so passionate about.

Katelyn Magnuson:

And when I ended up making the jump to full time, I had the

Katelyn Magnuson:

repeating discussion with my.

Katelyn Magnuson:

Sweet husband, who was really stressed out by the thought of me

Katelyn Magnuson:

going full-time in my business.

Katelyn Magnuson:

And we've had this conversation in the past and you know, the

Katelyn Magnuson:

decision of, do I look for another job or do I decide that this is it?

Katelyn Magnuson:

And this is going to be what I do.

Katelyn Magnuson:

And I was done.

Katelyn Magnuson:

I had compromised three years earlier and taking this job on

Katelyn Magnuson:

for a few different reasons.

Katelyn Magnuson:

It let me.

Katelyn Magnuson:

fung shui what I had going on, um, in my business, you

Katelyn Magnuson:

know, restructure some things.

Katelyn Magnuson:

And that felt really good to me.

Katelyn Magnuson:

That felt really expansive.

Katelyn Magnuson:

It gave me a little bit of a break and this time, this

Katelyn Magnuson:

was the final straw for me.

Katelyn Magnuson:

So despite it being terrifying, cause I am the primary earner and

Katelyn Magnuson:

now the sole earner in our household.

Katelyn Magnuson:

And we just bought a new house, with a much larger mortgage in a different

Katelyn Magnuson:

state, six months earlier removed.

Katelyn Magnuson:

My husband is actually still living and working in Oregon where we moved from.

Katelyn Magnuson:

And I was living by myself in this house in a new state

Katelyn Magnuson:

with no job during a pandemic.

Katelyn Magnuson:

And had I not had all of my financial shit together in my business, had I not

Katelyn Magnuson:

been treating it like a business and paying attention to it and reviewing

Katelyn Magnuson:

profit margins and all those things.

Katelyn Magnuson:

that so many of us are guilty of not doing or not understanding

Katelyn Magnuson:

how to do it properly, right?

Katelyn Magnuson:

Because we're not taught this in high school or college.

Katelyn Magnuson:

If you went to college and you know how this works in the real world.

Katelyn Magnuson:

So I had set up a business that was profitable.

Katelyn Magnuson:

That was less than full time in order to make a full-time salary.

Katelyn Magnuson:

And I actually made up my salary and then some in a little under six months

Katelyn Magnuson:

from the time that I was let go.

Katelyn Magnuson:

So I was let go in March of 2020, and in September, I was

Katelyn Magnuson:

consistently supporting our family.

Katelyn Magnuson:

I was lucky enough that I had a severance.

Katelyn Magnuson:

You know, my husband ended up leaving his job in the middle

Katelyn Magnuson:

of all of that, and we've done.

Katelyn Magnuson:

We've made it.

Katelyn Magnuson:

And on top of that, we have grown 300% in 2021, over 2020 hired employees,

Katelyn Magnuson:

which I never thought I would do.

Katelyn Magnuson:

And I attribute all of that to having.

Katelyn Magnuson:

My financial house in order now, does that mean that I paused on a lot of my

Katelyn Magnuson:

investments and a lot of my retirement.

Katelyn Magnuson:

Absolutely.

Katelyn Magnuson:

That slowed way down during that time, because I knew that I needed

Katelyn Magnuson:

to prioritize paying mortgage, paying the bills, you know, keeping.

Katelyn Magnuson:

Income coming in, keeping food on the table.

Katelyn Magnuson:

And now over the last six months, we've actually been able to put a more

Katelyn Magnuson:

robust retirement plan in place and start playing a little bit of catch up.

Katelyn Magnuson:

But because I had a severance that I was able to get, I had clients

Katelyn Magnuson:

that I already had in place.

Katelyn Magnuson:

I had a profitable business that was already running and throughout

Katelyn Magnuson:

all of that, I had clients that knew that I had a day job.

Katelyn Magnuson:

And then they knew when I made the jump to being full-time and having

Katelyn Magnuson:

this be my only source of income.

Katelyn Magnuson:

And I think sharing a lot of this journey with them has been really helpful because

Katelyn Magnuson:

I've had their support and not only have I been completely referral-based,

Katelyn Magnuson:

my whole business is based on referral, which is amazing because, you know,

Katelyn Magnuson:

we have clients that we've worked with for years now, they refer their

Katelyn Magnuson:

friends, their colleagues , anyone that they can to come work with us because.

Katelyn Magnuson:

It's not just a know like trust factor.

Katelyn Magnuson:

We're not looking at clients, from this purely salesy tactic, we're looking

Katelyn Magnuson:

for clients that want to work with us.

Katelyn Magnuson:

For the next 10 years that we want to work with, that we get really excited for.

Katelyn Magnuson:

And a big part of having taken that day job on before for me was so that we could

Katelyn Magnuson:

restructure our offerings, our pricing, and who we worked with to do exactly that.

Katelyn Magnuson:

And so it really primed not only myself, but the business to be able to take off as

Katelyn Magnuson:

soon as I had the creative capacity, which being, let go from my job provided me.

Katelyn Magnuson:

I now had so much mental bandwidth and clarity, and I had the

Katelyn Magnuson:

financial system set up the taxes, uh, payroll, quarterly estimates.

Katelyn Magnuson:

You know, I had all of these things running.

Katelyn Magnuson:

I had profitable services and I was able to do that and scale it up, but also then

Katelyn Magnuson:

have the bandwidth to be reaching out to be doing education, to be, you know,

Katelyn Magnuson:

working on our social media presence.

Katelyn Magnuson:

And I'm not here to tell you that you need to post on social media 35 times a day.

Katelyn Magnuson:

I am a firm believer in taking care of yourself, taking care of

Katelyn Magnuson:

your current clients, and then working on your sales pipeline.

Katelyn Magnuson:

Because if you have clients that are aligned, that you really love

Katelyn Magnuson:

working with, keeping them is one of the easiest things that you

Katelyn Magnuson:

will ever do for your business.

Katelyn Magnuson:

And then bringing new clients in is gravy.

Katelyn Magnuson:

Right.

Katelyn Magnuson:

If we have a profitable business and our numbers support what we're doing, then

Katelyn Magnuson:

there's no reason that you need to be scrambling for new clients all the time.

Katelyn Magnuson:

You know, it's not the shiny object syndrome.

Katelyn Magnuson:

You need to be able to focus on what brings the income in and what keeps the

Katelyn Magnuson:

lights on for lack of a better term.

Katelyn Magnuson:

So how do we push through the fear and the anxiety and the overwhelm when

Katelyn Magnuson:

we're making a decision to go full-time.

Katelyn Magnuson:

Or the decision may be, is made for us, or we feel a little bit nudged along, and I

Katelyn Magnuson:

want you to understand that not everyone is meant to run their own business.

Katelyn Magnuson:

Not everyone will thrive in that situation.

Katelyn Magnuson:

And you need to get really honest with yourself I think owning a business

Katelyn Magnuson:

has that plus therapy have been two of the most brutally honest mirrors on

Katelyn Magnuson:

myself that I have ever had in my life.

Katelyn Magnuson:

Where are we doing things that work for us?

Katelyn Magnuson:

Are we actually happy with the thought of our personal livelihoods.

Katelyn Magnuson:

If you ever think about hiring employees, our employees livelihoods,

Katelyn Magnuson:

you know, there's, there's this pressure that comes whether you're

Katelyn Magnuson:

an employee working for someone else.

Katelyn Magnuson:

And there's, there's no shame in that.

Katelyn Magnuson:

First of all, if it works for you, by all means, I have been in and out

Katelyn Magnuson:

of corporate for the last 12 years.

Katelyn Magnuson:

And it was great for what I needed for my skillset, but it was not for me.

Katelyn Magnuson:

Long-term and I kept dipping my toe back in and like, oh, maybe

Katelyn Magnuson:

this time, maybe this time.

Katelyn Magnuson:

And the last job that I was at was the perfect.

Katelyn Magnuson:

If I could have designed a corporate job that met every single

Katelyn Magnuson:

requirement, I asked them it was it.

Katelyn Magnuson:

And by the second year I was still feeling absolutely stifled and.

Katelyn Magnuson:

I wanted to change the world.

Katelyn Magnuson:

And I know that that is so cliche, but I want to change the way in which our

Katelyn Magnuson:

workforce is treated and in order to do that, I needed to create my own workforce.

Katelyn Magnuson:

So how do I make the jump and how do I start creating these positions?

Katelyn Magnuson:

Well, again, it comes back to understanding my profit.

Katelyn Magnuson:

Knowing my numbers, knowing what my business expenses are and knowing

Katelyn Magnuson:

what I have available to spend.

Katelyn Magnuson:

And so I baby stepped it for quite a while.

Katelyn Magnuson:

hired my first VA, I think in 20 15, 6 years ago, maybe longer, I think 2015.

Katelyn Magnuson:

And it was the best thing I ever did.

Katelyn Magnuson:

I don't work with that person now.

Katelyn Magnuson:

I have a few pretty long-term team members, but learning how to.

Katelyn Magnuson:

I think it was failing quickly.

Katelyn Magnuson:

I've heard someone describe it as, and I've not had, you know, none of

Katelyn Magnuson:

them were big failures, but failing in the regard to how quickly you

Katelyn Magnuson:

make a decision that is aligned.

Katelyn Magnuson:

So I brought someone on, they were absolutely knowledgeable,

Katelyn Magnuson:

but they ended up not being the right fit for my personality.

Katelyn Magnuson:

You know, we weren't the right fit and understanding that

Katelyn Magnuson:

that's not a reflection on you.

Katelyn Magnuson:

But that instead, it's an opportunity for you to find someone that

Katelyn Magnuson:

is more aligned or that works better with your personality.

Katelyn Magnuson:

There are millions of people in the world that are qualified,

Katelyn Magnuson:

you know, for things that you may need help within your business.

Katelyn Magnuson:

That doesn't mean that they're all going to have the personality that

Katelyn Magnuson:

you need to work well together.

Katelyn Magnuson:

So bring them on, do a test project, listen to your

Katelyn Magnuson:

intuition, listen to your gut.

Katelyn Magnuson:

I'm a really firm believer in that, and it will be easier to listen.

Katelyn Magnuson:

The more experience that you have with doing that.

Katelyn Magnuson:

So as we're working through this process and you are failing quickly,

Katelyn Magnuson:

you're learning so much, you're doing the same thing with your clients now.

Katelyn Magnuson:

I want you always providing, you know, the top tier service that

Katelyn Magnuson:

you can for the service offering that you're providing, right?

Katelyn Magnuson:

We're not here to do half-assed shitty things, but when something is not

Katelyn Magnuson:

aligned, when it's time to raise pricing, when it's time to change your service

Katelyn Magnuson:

offerings, and this is something that I have struggled with over the years.

Katelyn Magnuson:

And I think a lot of us struggle with letting clients go.

Katelyn Magnuson:

When the client relationship is no longer working now, it doesn't have to be.

Katelyn Magnuson:

Broken to not be working your client, doesn't have to be an asshole many times.

Katelyn Magnuson:

They won't be, maybe you've raised your prices and you haven't

Katelyn Magnuson:

increased your prices for them.

Katelyn Magnuson:

So you're feeling resentful.

Katelyn Magnuson:

Maybe this client asks for more than you're willing to give.

Katelyn Magnuson:

And when you first started, you didn't have firmer boundaries.

Katelyn Magnuson:

And so they're used to getting, you know, a same day response for you

Katelyn Magnuson:

or a same hour response, and you can reinforce and reinstate your boundary.

Katelyn Magnuson:

And if those boundaries are not honored or you know if, you get

Katelyn Magnuson:

a message from them and your stomach drops or you feel anxious.

Katelyn Magnuson:

It's pastime to let them go.

Katelyn Magnuson:

And not just for yourself, but you are now doing them a disservice.

Katelyn Magnuson:

So with all of this, as you are building your business, and as you are making

Katelyn Magnuson:

the decision to jump to full time, to increase a side hustle, having

Katelyn Magnuson:

all of your numbers, Laid out so that you understand are you profitable.

Katelyn Magnuson:

And if you have a corporate job, use the shit out of that

Katelyn Magnuson:

corporate job to test the waters.

Katelyn Magnuson:

You know, we're here business in the evenings, working on the weekends, working

Katelyn Magnuson:

on your lunch break before you go to work.

Katelyn Magnuson:

I don't care, but fail quickly during that time, because you have

Katelyn Magnuson:

a fallback, you have potentially the financial ability to hire help.

Katelyn Magnuson:

To not put all the pressure on your budding business, right.

Katelyn Magnuson:

It doesn't have to support you right this second.

Katelyn Magnuson:

If you can keep a corporate gig, even if you need to go part-time at your

Katelyn Magnuson:

corporate gig, do it look for another one.

Katelyn Magnuson:

Like now is the time to be switching jobs.

Katelyn Magnuson:

If you need something that's more flexible.

Katelyn Magnuson:

To be able to grow your business and or to be able to increase your overall earnings.

Katelyn Magnuson:

Like there's no reason that you can't job hop.

Katelyn Magnuson:

I job hopped from 24,000 a year to just shy of six figures in six years.

Katelyn Magnuson:

Yes, my skillset improved dramatically, but it's been shown that changing

Katelyn Magnuson:

employers, every, I think year to two years can increase your earnings

Katelyn Magnuson:

substantially over being promoted or changing roles, even within that company.

Katelyn Magnuson:

The most value that you will ever have to a company is in that hiring process

Katelyn Magnuson:

when you're an asset that they want.

Katelyn Magnuson:

Now, the one thing that I want to remind you of is if, and when it is time to make

Katelyn Magnuson:

the jump and you are feeling anxious and nervous, and yes, you've ran the numbers

Katelyn Magnuson:

and yes, it checks out and yes, you have money in savings and, you know, it's time.

Katelyn Magnuson:

And you're maybe dabbling on the edge of burnout.

Katelyn Magnuson:

I would love for you to be out before.

Katelyn Magnuson:

That's the case.

Katelyn Magnuson:

You need to understand if you start to feel even an ounce of guilt or loyalty

Katelyn Magnuson:

to the company that you're at with very, very few exceptions, remember

Katelyn Magnuson:

that you are at that company for as long as it has beneficial to that employer

Katelyn Magnuson:

or that company for you to be there.

Katelyn Magnuson:

And you need to treat that opportunity, the exact same way.

Katelyn Magnuson:

They are valuable to you until such time as it is not benefiting you.

Katelyn Magnuson:

And that is okay.

Katelyn Magnuson:

This is a transactional relationship.

Katelyn Magnuson:

You are not responsible for your coworker's workload.

Katelyn Magnuson:

You are not responsible for your boss and you are not responsible for your clients.

Katelyn Magnuson:

You are able to leave because it is purely a contracted engagement and relationship.

Katelyn Magnuson:

And when it is time to go, it is okay to let go and to jump into whatever

Katelyn Magnuson:

it is, whether that's your business, whether that's taking a full ass

Katelyn Magnuson:

break, you don't owe them a three month window where you, you know, work

Katelyn Magnuson:

part time and you answer questions.

Katelyn Magnuson:

Boundaries become really important here.

Katelyn Magnuson:

And I want you to remember.

Katelyn Magnuson:

That they would not hesitate to let you go.

Katelyn Magnuson:

If your role, your pay, their finances, any of those no

Next Episode All Episodes Previous Episode

Listen for free

Show artwork for Wealth Witches

About the Podcast

Wealth Witches
Where financial empowerment meets magic!
Welcome to the Wealth Witches™ podcast, where financial empowerment meets magic! I'm Katelyn Magnuson, your guide on this enchanted journey to holistic wealth and prosperity. Here, we honor all identities and invoke our inner witches to create a community where everyone feels welcome and inspired.

Formerly known as the Confident Money podcast, we've transformed into Wealth Witches™ with Katelyn Magnuson. This change is about embracing the once-taboo topics of money and magic, blending them into a powerful mix of practical advice and mystical insights. Whether you're here for financial tips or to explore the magical side of life, this podcast is your new home.

What can you expect from Wealth Witches™? We combine actionable financial advice with a holistic approach to life. You'll hear from guests like astrologers, neurodivergent business owners, and magical creatives, discussing everything from business requirements to the latest trends in holistic wealth. We're breaking down the barriers that make finance feel dry and inaccessible, making it exciting and relevant to your life.

This podcast is for anyone who feels out of place in the traditional financial world. If you've ever felt like your interests in magic, human design, or holistic living didn't belong in a financial conversation, this is the podcast for you. We're here to tell you that you can embrace all parts of yourself and still be financially successful. We're not just talking about money – we're talking about creating a life of abundance and freedom. Our community is dynamic, diverse, and inclusive, and we want you to be a part of it.

Join us as we explore new ways to think about money and life. We're here to challenge the status quo and help you embrace your inner witch on your financial journey. Each episode is designed to inspire, educate, and empower you to take control of your financial destiny.

🔮 Wealth Witches™ Monthly Membership Program 🔮
Are you ready to take your financial journey to the next level? Join the Wealth Witches™ membership for exclusive access to live training sessions on money, taxes, retirement, and business support. You'll also gain entry to our inclusive community where you can connect with like-minded individuals and get even more out of your financial journey. We're a community of passionate, purpose-driven entrepreneurs who see creating wealth holistically rather than stuck in another crypto-bro investing black hole membership. Join today: www.thefreelancecfo.com/wealth-witches-podcast-member

Follow us on Instagram @WealthWitchesPodcast or drop us a message with your questions and episode requests. If you want more advice, visit our main Instagram @thefreelancecfo.

🌟 Enter to Win a Free Month of Wealth Witches™ Membership! 🌟
Leave a 5-star review and include your IG handle to enter. We draw the winner at the beginning of each quarter.

Stay magical and empowered, and remember, wealth isn't just about dollars in the bank – it's about creating abundance in all aspects of your life. Let's conjure some financial clarity together.

DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided.

About your host

Profile picture for Katelyn Magnuson

Katelyn Magnuson

Katelyn, the driving force behind The Freelance CFO and creator of Wealth Witches, is revolutionizing accounting with a sprinkle of magic. With a decade of experience, she’s not your typical number cruncher. Her unique blend of expertise and approachability, infused with a touch of spiritual insight, has made her a go-to authority. Katelyn believes finance should be a stepping stone to success, not a barrier. With a judgment-free ethos, she simplifies complex financial topics, making them actionable for entrepreneurs and small businesses. Her ultimate goal? To empower you to manifest your authentic life—not a cookie-cutter one!