August 19, 2021

682: Kristin Lee | How High Net worth People Manage Their Money

46 minutes

With great money comes great responsibility; so how do you manage it and who helps you in the process? Kristin Lee is an accountant and business manager focusing on intricate international tax and business structures for a myriad of clients.

Kristin has worked at some of the top business management firms in the world throughout her career before starting KLBM, a company providing a full range of business management and accounting services to musicians, athletes, writers, actors, producers, labels, and other high net worth individuals and companies all over the world.

Dive into this episode and learn some practical knowledge about how Kristin helps high net worth individuals and entities manage their money.

Things you will learn in this episode:

[00:01 - 05:21] Opening Segment

I introduce today’s guest, Kristin Lee

Bio

Kristin gives us some background on her story

A love for performance and music

Following the business path

Getting into the passionate side of business and accounting

[05:22 - 21:01] How High Net worth People Manage Their Money

Transitioning from traditional accounting to the creative space

Avoiding the emergency point

Don’t be afraid to delegate

How much should education come into play vs. delegation

Due diligence is still important

When it’s time to outsource

Business mistakes people should avoid early on

The issue of not forming your business correctly

Watch out for taxes

General, legal tax saving tips

A word from our sponsors

[21:02 - 37:20] Kristin Lee on Building Your Network

Kristin talks about the process of growing her firm

Who you know or what you know?

A lot of growth due to who you know

How to stay on top of the mind of clients

Be the best and take care of your clients

Working through the pandemic

Having the right systems and people in place

The role masterminds and mentorships played in Kristin’s success

Having good bosses who trained well

Connections that led to success

How Kristin would build up her network from ground zero

Persistence and alignment with the right people

Annoying persistence vs. Professionalism

[37:21 - 45:46] Closing Segment

ThE RaNDoM RoUnD

How to engage with Kristin

Links below

Final words

Tweetable Quotes:

“I would encourage people to not be afraid to delegate because then you can really focus on things that are growing your business, growing your brand, making you - you.” - Kristin Lee

“Every situation can provide a new challenge… We can always get better, and I’m not afraid to change or update something that doesn’t work, just because we’ve done it ‘that way’ for so long.” - Kristin Lee

Resources Mentioned:

KLBM

Kristin Lee Clubhouse

Connect and engage with Kristin on LinkedIn, Instagram, and Facebook. Check out http://klbmllc.com/ and learn more about their world class business management.

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By Travis Chappell

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