Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the fascinating lives of our favorite entrepreneurs. We’re taking a closer look at their backgrounds, careers, and financial journeys.

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We sat down with Kat Garcia, the co-founder and co-CEO of Ground, an AI-powered platform for next-gen consumer companies. She shares her journey from being a TV actress and content creator to consulting at BCG and Accenture, and now leading a tech venture. Join us for insights on her entrepreneurial path and financial wisdom.

Prior to starting Ground, I helped found, build and scale startups with some of the world’s most influential companies at BCG Digital Ventures (now BCGx), the incubation arm of the Boston Consulting Group. Combining my experience as the interim Head of Growth for ventures, and consulting at Accenture, I supported some of the biggest names in the Fortune 100s, such as, AMEX, UBS, and Cisco, among many others. 

Sorry but that’s the boring stuff…I was much cooler over a decade ago, ha. 

I’m first and foremost an artist. I started off as a television and film actress and independent recording artist across both French and English Canada. Some films premiered in the Cannes Film Festival, and I also was the opening act for Young Money in 2010…I’ve been a content creator since 2006. The list goes on. 

I’ve lived many lives but the common thread is the intersection of Creativity and Logic. 

Enter my present era, as the co-founder and co-CEO of Ground. The venture-backed AI-powered platform uncovering untapped revenue for the most innovative next-gen consumer companies.

Entrepreneurship

What made you decide to leave your corporate job to pursue building your own company? 

It was never a matter of IF but WHEN. Generational companies are built on two movements that must work in tandem. Behavioral market shifts and technological ones. My co-founders knew the time was now and given our backgrounds in AI, and consumer markets - it was time to take the plunge.

What has been a major challenge you’ve faced so far as a founder / building your company?

Consistently persevering no matter what. Being a founder means showing up every single day - even if you’ve fallen flat on your face. It’s the biggest challenge any founder will face but the first of many lessons one hopefully endures and comes to understand. 

Did you start creating content to grow your company, or did you start your company in response to your audience's growth?

Since 2006, I've been a content creator and one of the pioneering 'business' creators on YouTube. Over the years, many of my followers on Instagram, TikTok, LinkedIn, and YouTube have become Ground customers or connect with Ground AI because they are also building and scaling consumer companies. My co-founders and I recognized early on that my ability to engage with our target market through content was a key differentiator, and we strategically built our approach around it.

Money

What’s one money tip you live by?

There are bull markets and bear markets—good times and bad times. The key is knowing how to act accordingly in each, as the strategies required are very different. During prosperous times, it's wise to save extra income so that when bear markets hit, you're not only financially secure but also able to invest aggressively when prices are low—like shopping the sales rack.

This principle applies not only to personal wealth building but also to sound business practices. That's why we named our company Ground. We help businesses grow profitably, and regardless of market fluctuations, it's essential to stay grounded. Always aim to stretch the dollar and understand the best times to invest.

Being financially savvy and adhering to this principle is why Ground is thriving today. While many startups were lavishly spending, Ground remained mindful of inputs and outputs and the stages of the market. This prudent approach has allowed us to stay strong and successful, even as other companies unfortunately ran out of cash.

What’s your opinion on funding vs bootstrapping a business? Did you raise capital?

As a tech founder, I believe venture capital offers a tremendous opportunity for growth, but successfully growing a business requires a bootstrapping mindset. The capital we raised for Ground isn’t just “investor’s money”; it’s our responsibility to maximize its value. My co-founders and I have always treated it as our own, a principle deeply ingrained in our culture.

Every now and then, we cover expenses out of pocket, such as Uber rides or lunches with customers. Stretching every dollar is crucial, regardless of funding type, because capital is the lifeblood of a company. At Ground, we embrace a mantra of being ‘owners,’ not ‘renters.’ 

What is your current savings and investing stack/portfolio (i.e any retirement accounts, emergency fund, etc)?

1. Ground: My company has obviously become my greatest long-term investment. 

2. Stocks and Index Funds: The majority of my portfolio is invested in AI / microchip type stocks. Others include consumer, tech, and financial services stocks. Huge fan of $IVV and index funds. I used to be more conservative but after investing in what I understand, I double downed.

3. Cryptocurrency: I own cryptocurrencies like Bitcoin and Ethereum and have dollar cost averaged over the years. I often forget I did that in 2022 when the crypto market crashed again but it’s been fruitful. I don’t plan on touching that account for a while. 

4. Emergency Savings Fund: I moved a lot of my checking cash into a High Yield Savings Account. Hello 5% APY! 

5. Retirement Savings: I’m not a big retirement person. I know that’s not what I’m supposed to say…but I got some good benefits with Accenture, BCG, and during my corporate days. Now, I’m a lot more of a short and mid-term investor. Being a founder means having to put in a lot of my cash into my business and everyday expenses. God willingly my company will be my retirement fund. ALSO, I’m Canadian so I’m a bit confused as to how all of that works, ha.  

As a Canadian living in the US is there anything you wish you knew sooner about personal finances / taxes

After graduating from McGill University, I had a lot of help from my classmates of whom a majority were in investment banking or management consulting. Taxation wise, I knew I would need to be very clean and organized drawing boundaries between two countries and so I closed out my TFSA, bank accounts, etc. 

BUT…my investment personality did change after building many consumer fintechs in the U.S. As a Canadian, I am naturally more conservative financially which is important. However, it’s important to be opportunistic. My American counterparts taught me how to invest in stocks and crypto before the pandemic. I regret not having learned investing sooner. I thought I was too late as a then 25-year old but it’s never too late to start investing. I started putting less in my high-yield-savings accounts and invested heavily in the markets helping me bootstrap Ground before our Seed round for 8 months. Thank you S&P500! 

Also judging by my previous answer, I guess I should learn more about retirement funds since I have a Vanguard account in the U.S…Help?

For any other founder who is also wanting to learn more about investing and retirement check out this resource.

To learn more about Kat Garcia and stay connected, you can find her on Instagram, Linkedin, Tiktok, or find Ground Instagram, Linkedin,or their website.

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

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If you want more resourceson building wealth as a solopreneur/entrepreneur, check these out:

• The Solo 401k handbook

• The Roth IRA handbook

• The Self-Directed IRA handbook

• The Guide to Paying Less in Taxes

• What is a Solo 401k?

• How to Open a Solo 401k