In this episode, we sit down with Carrie Scott, Financial Advisor with Cetera Investors, to talk about building real, sustainable wealth as a creative business owner. Whether you’re a hairstylist, solopreneur, or growing your side hustle, this conversation is packed with approachable tips on setting up financial systems, the biggest mistakes creatives make with money, how to plan for slow seasons and long-term wealth, shifting from hustle mode to intentional money moves. Carrie breaks down complex topics with warmth, clarity, and zero judgment. This is the episode every creative didn’t know they needed.

Carrie recommends you read this book

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Key Take-aways:

1. You can open a RothIRA for your working child to help them get started with their long term wealth building.

2. As a small business owner, look over your spending and income month to month & start with an emergency fund.

3. Set yourself up for success by putting yourself first and start investing for your future plan.

4. Would you rather pay yourself or the IRS?

5. The average age that someone starts to invest in their future is 40. Imagine what it would look like to start earlier.

6. Start with the end in mind. Have the final number you want to retire with and get clarity on what you should be putting away.

7. Monthly installments can help over the one lump sum to accrue interest over

8. Get the mindset of how you’ll start your investment; short, medium, or long term for the best success.

9. Debt accrual is a financial killer and can hold you back from moving forward. Do you want to sacrifice now or later?

10. Index means the money is split between all companies.

11. Investing into a mutual fund or ETF is a safe way to invest.

12. A Simple IRA maxes at $16,500 for the year 2025 if you’re under 50 & have at least 1 employee. There is no cost to set it up, and the employer has to match up to 2%.

13. SEP IRA is for a solo $70k per year or 25%.

14. Both Simple & SEP IRA’s have matching as well as separate requirements.

15. If you put $300 away in an investment account, you’re not actually putting away $300 because $80-100 would have been counted toward taxes, so your check looks like it drops closer to $200 instead.

16. Financial advisors not only help you with choosing how to invest in the right type of account to fit your needs a goals, they also help you come up with a plan to pay off debt, save, and get to your goals faster.

17.Short term typically don’t have fees & don’t pay much, intermediate (5+ year goal) mutual funds which compounds over time, but you don’t have to be 59 ½ before you can touch the money. Long-term don’t touch until you’re 59 ½

18. IRS charges a 10% fee if you take money out prior to 59 ½

19. Annuities you don’t have an age limit when you want to take money out of an account. You only pay taxes for the income, and it’s a nice way to build a legacy and pass over the generations.

20. You have to take income at the age of 73 on your IRA.

21. CDs and HYSA (high-yield savings account) interest payments and terms change all the time.

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