By Pauleanna Reid
Karlyn Percil is a leadership coach, speaker and senior managing director at her consulting firm, KDPM Consulting Group Inc. In the process of the making the transition from a senior corporate position to full-time entrepreneur, she learned many lessons about important money matters. Understanding that vulnerabilities come into play without solid financial knowledge and support, Karlyn has been steadily working on learning more about financial discipline. I had the opportunity to speak with her and we discussed the importance of hiring an advisor, establishing boundaries, and wallet hacks to help you stay afloat.
On a scale of 1 to 10 how financially empowered do you feel?
I would say 8. If you asked me a couple of months ago I’d probably say it would be much lower. Now that I feel like I have my money team around me, so much better.
What was the difference between two months ago and now?
I transitioned from working full-time and now I have incorporated my own business. I connected with an amazing accountant. Now that we’re in our second year, I understand the difference between personal finance and my business, taxes, making regular calls to the CRA and not being afraid to talk to them.
Tell me about some of the entrepreneurial start-up costs you weren’t aware of that our readers can take into consideration before launching a new venture.
The bookkeeping. I would say that having money set aside for a good accountant, a good bookkeeper, a good lawyer – these are the conversations that people don’t usually have. Having a good business coach, mentor or advisor who can guide you is key.
Tell me about growing up in your house. What was the conversation like around ambition?
We have emotional memory of what our parents taught us and how they raised us. What I learned growing up is that you have to put in the work in order for you to get results.
Money is not only about having a million dollars in the bank, it’s also about how you show up, how you take the investment your parents deposited in you and what you do with that investment.
What did your time in the corporate world on Bay Street teach you about money?
My corporate experience taught me so many things. It taught me the importance of planning. If you want something in the future, a house, a car – you have to prepare for that. The other thing was noticing how money [can] also give you access to certain rooms; access to getting that ticket to go to a conference or to further your education.
How did you mentally prepare to make the big jump?
Where I was, I wasn’t being fed anymore for my personal growth but I also knew that I had served my purpose at the bank. There was this feeling in my heart that said, “When you turn 40 Karlyn, you just can’t be here anymore. You’re meant to do more.” The funny thing is I wrote my resignation letter almost a year before I resigned because I was waiting for the right sign. So when I received and delivered my last project, I decided that it was time for me to go. One of my mentors at the time gave me an amazing opportunity in terms of a contract and that was when I registered my business. I registered my business in 2016.
How do you track your spending now? Do you budget your money with the use of any apps or wallet hacks?
Working with small companies like Money Basics really helped me to see; okay, you want to make x amount of money? Here are how many clients you need to have based on your services. Seeing the numbers broken down that way really helped me, so now I have my money plan. I did not really fully understand cash flow until I got into business. I recently downloaded an app, I think it’s Expensify, and I’m taking photos of my receipts. I’m not fully there yet. I’m still trying to transition everything over.
What role does your husband play? When it comes to money management, is it a team effort?
We’re both self-employed. If he says he wants to do x by next year, he’s opening a little mini account, adding $50 or $20 into the account that week. Then he’s saved x amount. For me, I know x is coming. If a cheque is coming in I’ll just take the money out of there. He is super disciplined. He’s really great at managing his money and even taking more risks like investing in stocks. I’m still learning to do that. Because he also owns his own business, we definitely learn from each other and talk about how different our money woes are and what we want to do for the future.
With your new business aligned, what kind of support could you provide for those learning to improve their financial status?
I would say emotional intelligence and mental coaching because there’s a lot that I can offer around getting people to understand their money story. How to create good money habits, how to unravel your emotional money energy because [sometimes] a lot of us don’t understand what we’re walking into.
Lastly, can you give me a short-term and a long-term money goal?
I have a lofty goal of saving enough money to buy myself a Chanel purse [with] cash. The other money goal I have is saving to buy another place as my husband and I are real estate investors.