Financial Horror Stories: Whitney Catalano
With Halloween as my inspiration this month, I’m sharing with you the theme of Financial Horror Stories. I want to be clear that we’re utilizing this titling in a very tongue-in-cheek manner. First of all, I don’t think any financial story is of the horror variety, but I’ve worked with clients long enough to know that after a string of unfortunate financial occurrences, it’s quite easy to feel as though you’re starring in your very own Financial Horror Movie. This month I’m going to share with you some of those stories where our clients have felt as though they were in some scary situations and how they worked their way out of them. Spoiler alert, they all make it out alive. Joining me today is Whitney. She built a successful business only to want to walk away from it all and in the process, her financial choices added in a scary way until the point she couldn’t avoid them any longer. And how here’s Whitney.
What Are We drinking?
Whitney - Espresso Martini
Shannon - Community Spirit Vodka and Soda
Podcast Notes
Whitney started her first business when she was 22, working in the disordered eating recovery space. She saw success pretty much overnight but quickly got in over her head. She wasn’t set up for long-term sustainability and quickly burned out. Healing her own eating disorder is what inspired her to get into this work, but there was a point where she didn’t want to continue talking about it all the time.
She knew she wanted to make a shift, but had built a lifestyle based on the income she was making. There are many stages of the self-employment journey, and Whitney felt trapped at this point. She felt like all the money made had to be reinvested to grow the business.
In 2019, she was offered a book deal. She didn’t have an agent, or anyone to look over the contract. As she was writing the book, she realized that she did not want to be on this path as it meant having to be an expert on the topic of disordered eating for the next two years. She’d be responsible for book promotion and ultimately decided to return the advance.
From there, she was trying to figure out the next business moves, different launching offers to see what would stick. She was always able to pay her bills but started adding a little bit of credit card debt here and there. She was frantically investing in coaching with large sticker prices, and at the end of 2020, paid for an expensive program. She thought, I already have debt, what’s a little bit more?
In 2020, she moved into an apartment out of her price range. The credit card debt was building, but she thought being in a more expensive spot would motivate her to make more money. This type of language is present in manifestation communities online, but she realized it wasn’t sustainable and was able to find a roommate in February 2021.
In September 2021, she thought she was going to magically figure it all out, pay off the debt, and that everything would work out. Her late father had a gambling mindset, and she realized the similarities in her own thinking. She was just waiting to hit it big, and that would solve her money issues.
She was scared of judgment but started sharing about her debt within the coaching community. Her mom knew something was going on and encouraged Whitney to tell her about it. It took a few months, but she finally had the courage to share with her mom what was happening.
Her mom put Whitney in touch with their family financial planner. That financial planner doesn’t typically work with these types of financial cases but is connected to one of The Financial Gym’s investors. There was a waitlist at the time, but Shannon decided to reach out for a quick call with Whitney directly. She knew Whitney was ready to do the work, and Shannon took her on as a client.
They discussed bankruptcy, which scared Whitney’s mom that it did Whitney. There is a lot of unnecessary stigmas attached to bankruptcy, but Shannon is very comfortable discussing it. It can be a really healthy reset. They decided it was the best choice for Whitney, and she wanted to own the process. The bankruptcy does not create any negative energy or take up space in her mind anymore.
Every financial mistake is fixable. It’s not a true horror movie; the first step is owning and accepting it, so you can make a plan forward.
She’s currently in the bankruptcy process and for Whitney, it lifted a weight off of her shoulders. She no longer had to focus on making as much money as possible. It provides the freedom and flexibility to build the business she truly wants to run. All of the pieces are coming together.
She’s working on building a place for creative people to come together, build community, and have a space to talk about their experiences. Being a creative professional comes with so many unique challenges, and she wants a place where folks can help each other. There will be various courses to complement the membership model. She’s also working on a podcast.
Takeaway: My biggest takeaway is that everything you do financially is fixable. Every single wrong turn or misstep or poor choice is not something for you to be afraid or ashamed of because you haven’t done anything permanent to your financial health. Let’s leave the horror stories for the movies going forward.
Random Three Questions
What is a job you see in your future?
What is a show you love to binge?
When was the last time you cried?
Connect with Whitney & The Creative Co-Op
Learn more about 1:1 business & life coaching: https://whitneycatalano.com/coaching/
TikTok: @whitneycatalano
Instagram: @whitneycatalano
Join the Creator Co-Op: https://whitneycatalano.com/join
Podcast: It’s All Made Up Anyway
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
My biggest goal for The Financial Gym right now is to grow our Certified Financial Trainer Licensing Program. This program is built on over 10 years of working with tens of thousands of people to get them financially healthy. My goal is that every financial advisor, planner, or coach has our certification. Our approach to financial wellness is revolutionary and it’s important for me and my team that anyone who plans to work with people around their finances understands the important lessons we’ve learned along the way. I always say the problems are the same, the zeros are different. If you’re a personal finance nerd with a passion for helping others, this is the course for you. If you’re a financial professional helping others, this is the course for you. If you’re working with a financial professional, you should insist that they get this designation so that they can become more holistic in their financial planning. So head over or send friends to financialgym.com and under our services, you’ll find more on the certification program.