Managing Finances with Katherine Salisbury
Today's guest is Co-Founder and Co-CEO Katherine Salisbury. Katherine and George Friedman had a growing family, and growing money stress. Keeping track of their finances from a traditional joint account proved impossible. They needed a joint overview of all their finances, and they wanted to automate how their money moved to savings, investments, bills and spending accounts – but neither was possible with their bank setup. Out of their frustration, the idea for Qapital was born.
Join us as we discuss how to make saving feel more like shopping, how to reduce money tension in a relationship, what it's like to be in business with your partner, and how to navigate the emotions of being an entrepreneur.
Highlights:
03:49 - The idea was how can we get aligned? So take this summer, for example. Are we going on trips? What are we spending on summer camps? We can create an experience where I'll make a goal - sailing trip.
06:12 - And so that, to me, is also clear communication. It's just like managing people in the company, a really clear definition of the specifics makes the stress go away.
10:45 - One of the biggest challenges is, this is our first time doing it. So we have been learning by doing and learning in front of everyone and making mistakes as we go. But at the same time, there's just no better way to learn something than for it to really be mattering and pulling the levers.
20:00 - For me, one of the things that I wish someone had said to me, and George, at the same time and earlier, is neither of you are wrong on how you want to approach your financial life. You don't have a crystal ball. We don't know if we're gonna live to be 130 or if we're going to live to be 60. We don't know what's coming. And so how much you plan for the future or live in the moment seems to be a lot of the tension in couples. How much risk do you take, which is similar to that, and having respect for each other.
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