Katy Song | MONEY TIPS with a Chief Financial Planner

Hello MONEYO2 listeners! In this episode, we're joined by Katy Song, a Certified Financial Planner and the Chief Financial Planner for Domain Money. A former investment banker turned CFP, Katy brings a wealth of experience, having completed over 800 personalized financial plans throughout her career.

In this insightful conversation, we use Qnity's framework of MONEY EDU/MONEY PRO to structure our dialogue. We discuss the importance of MONEY MINDSET and hear that negative money stories occur regardless of income levels. We also talk about how to maximize your MONEY IN, and go through specific pitfalls Katy's seen in her career around MONEY OUT, including 3 of the most common areas people tend to overspend in, and so much more. This episode is packed full of practical advice and is a brilliant opportunity for us to learn from someone who has helped almost 1000 clients navigate the ins and outs of their finances. I also share my personal experience in working with Katy,  and what the process of working with a fee-only financial planning company like Domain Money was like for my husband and I. Some key takeaways include:

• The importance of understanding your personal money story and how it affects your financial decisions

• Why you should focus on cash flow and knowing your break-even point

• How to approach debt constructively and avoid the pitfalls of lifestyle creep

• The 32% rule for housing expenses and why it matters

• Why you need different savings and investment strategies based on your time horizon for each financial goal

My hope is that learning from Katy gives us all better tools and frameworks to think more strategically about our finances and make informed decisions. As Katy puts it, "Money needs to flow" - and this episode will help you ensure it's flowing in the right direction for your financial wellbeing.

DISCLAIMER: The host of this podcast, Erin Kuhn Bhansali is a real client of Domain Money. She and her husband received a free plan.

INTERESTED IN WORKING WITH DOMAIN MONEY? Visit https://dmnmny.co/qnity and use the code: Qnity2024 for $300 off your plan.