Personal Finance Tips for The Entrepreneur

Carr Workplaces’ client, Lori Atwood is helping people get their spending and finances in line. Get your pen and paper out.

Lori is the Founder & CEO of Fearless Finance, a personal finance platform and app that gives users a complete 360 degree view of their financial situation with specific recommendations on how to improve their financial wellbeing. After working in the finance industry for over two decades, Lori discovered a need in the marketplace for a user-friendly financial tool that provides a whole financial wellness approach and that’s when Fearless Finance was born. Recently we spoke to Lori about her Fearless Finance and working with clients out of Carr Workplaces.

Carr Workplaces: Fearless Finance is all about prioritizing finances and smart spending. A lot of Carr Workplaces clients are entrepreneurs and small business owners who may be taking a big financial gamble to go out on their own for the first time. How did you know it was time to have your own business/go out on your own? What advice would you give to someone looking to make this leap but “not drain the bank?”

Lori: Everybody’s situations is different – the thing I always tell other entrepreneurs is to asses how long of runway you would need. How many months or even years you would need to get up to the amount of money you need to bring home. Then you have three options:

  1. Have it in savings
  2. Your partner or spouse can cover
  3. Freelance/side job

The key is knowing how much exactly you have to contribute, whatever that number is you have make that up. When I wrote the Fearless Finance software, I had my in-person business that I run out of Carr Workplaces to fund my development.  One word I never mentioned here was credit. You need to have cash funding and you have to know your own finances. You cant guess at that kind of thing.  

Carr Workplaces: In your recent Washington Post article you said, “Fearless Finance offers advice and recommendations” is this personalized to each client?  

Lori: An entrepreneur can use the software and know exactly how much they need to run their household. You will know exactly how much you will need to take in “owner’s draw” from your business. You can then figure out how much revenue you need to generate. The software took me two years to develop and there is a complicated algorithm, based on my knowledge as a professional planner, to figure out what those recommendations are. Fearless Finance also has an app you can track and monitor your personal spending.

Carr Workplaces: What have you found are the benefits of coworking?  

Lori: I love it! I love working at Carr Workplaces K Street. Many reasons– super professional, great team of receptionist, the community, I’ve gotten to know people there. When my article in The Washington Post came out I had people come up and introduce themselves, I really felt a sense of community that I would never feel if I rented an office somewhere. I really enjoy working at that location.  

 


Carr Workplaces members can receive 20% off Lori’s Fearless Finance software by in our member portal. https://carrworkplaces.perkhub.com/offers/9433-fearless-finance  

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