3 min read

Focus On Money: Transformative Financial Strategies for Busy Entrepreneurs with Jen Paterson

In a recent episode of the Pathways with Amber Stitt podcast, Amber welcomed Jen Paterson, the founder of Dollar Divas, to share her journey and insights into helping entrepreneurs, especially female entrepreneurs and 'mompreneurs'. The conversation was both enlightening and inspiring, offering a treasure trove of actionable advice on financial management and empowerment for women in business while embedding a festive sense of joy in their discussion.

Jen Paterson's story is a captivating one, rooted in her own experiences with financial advisors and the education she pursued specifically to help women navigate their financial lives more efficiently. Recognizing the unique challenges faced by working mothers, Jen has dedicated her career to creating financial solutions that are not only effective but also efficient, understanding that time is a precious commodity for mompreneurs.

One of the standout strategies Jen developed is her "bank account architecture" system. This innovative approach uses multiple bank accounts to serve specific purposes, such as operating expenses, payroll, and emergencies. The primary advantage of this method is the clarity it provides; entrepreneurs can quickly and easily assess their financial status, making informed decisions without the need for complicated spreadsheets. Jen's system transforms traditional financial management into a task that can be accomplished in just a few minutes, making it accessible and less overwhelming for busy professionals.

The conversation between Amber and Jen highlighted the importance of accessible savings accounts for emergencies and the need for financial stability. This stability is crucial not only for the success of a business but also for personal peace of mind. Jen's method allows for better planning and helps both herself and her clients handle unexpected expenses and business challenges more effectively. By separating business income from personal use and treating it like a well—filling it during good times and drawing from it during lean ones—entrepreneurs can create a more comfortable and authentic business environment while reducing financial stress.

Additionally, Jen emphasizes the importance of mindset, habit, and strategy in achieving financial success. She discusses how early childhood money memories can profoundly impact adult financial attitudes and behaviors. By addressing subconscious stories and emotions related to money, individuals can make lasting changes that promote financial stability. Jen's approach to habit formation is equally innovative, incorporating the use of "Tiny Habits" by BJ Fogg and the concept of a weekly power hour for checking in with finances.

An interesting and unique aspect of Jen's strategy is the use of scent memory and sensory cues to reinforce good financial habits. She suggests using essential oils for clarity and scent association in study environments, and even recommends chewing a specific flavor of gum while studying and during exams to enhance memory recall. This novel idea underlines the importance of leveraging all senses in habit formation, making financial management more intuitive and ingrained in daily routines.

Jen also touches on the broader issue of women's roles in financial discussions and business environments. She encourages women to stand up against being talked down to and to speak up in meetings and financial matters. Open discussions about finances and supporting each other in business and career growth are essential steps towards empowerment and success. Jen's own journey is a testament to the power of self-advocacy and the impact it can have on one's financial well-being.

Amber Stitt, having enjoyed a fun and engaging conversation with Jen, wraps up the episode by emphasizing the importance of taking action. She directs listeners to her website for more information, encouraging them to implement the strategies discussed and take charge of their financial futures.

In summary, the episode with Jen Paterson provided invaluable insights into financial management for men and women entrepreneurs, emphasizing the importance of tailored strategies, mindset shifts, and innovative habit formation techniques. By addressing both the practical and emotional aspects of money, Jen's approach offers a comprehensive pathway to financial mastery and stability for entrepreneurs.