“There Are No Silver Bullets”: Financial Advice for Substack Creators

Hannah Moore, CFP®, on how creators can avoid risky investments, make smarter financial decisions and grow their newsletters with confidence

Today’s interview is part of a special October series covering “Paywall Puzzles”—strategies, launching a paid tier and thinking about money and buying psychology for Substack creators.

Through these posts, I’m inviting creators to think about their newsletter’s financial side more intentionally. One of the reasons I decided to invite Hannah Moore, CFP®, this month is because I’ve seen far too many writers spend hundreds—or even thousands—of dollars chasing a dream without considering standard business principles that could protect them from risky investments.

Hannah, a financial expert who deeply understands both the business and emotional challenges of managing money, brings fresh, practical insights for creators. Not only has she trained over 4,000 financial planners, but she also continues to push for diversity in the financial industry. (Read Investment News’ latest piece about the initiative she launched during the pandemic, “A welcome mat into financial planning.”)

I knew she’d have important perspectives to share about evaluating financial decisions, especially in spaces like Substack, where promises of quick success can often lead to overspending.

One of the standout lessons she’ll share is why creators need to be wary of fear-based marketing tactics and remember that there are no silver bullets.

Hannah and I met during our time at Baylor University, and I’ve seen firsthand how she helps people from all walks of life approach their financial decisions with clarity and confidence — something I believe every Substack creator can benefit from. I hope you’ll enjoy our conversation and share some of your questions about money, business and Substack in the comments.

Understanding the Emotional Side of Money: What is Money Mindset?

Amanda: "Money mindset" is a big topic in the creator space. How do emotional money mindsets affect creators’ business decisions, and how can they overcome limiting beliefs to grow sustainably?

Hannah: Money mindset is essentially how people feel and think about money, often shaped by their past experiences or beliefs. As a financial planner, I see this frequently. Some people view money as something they can control, while others feel it’s out of their hands. Mindset blocks can prevent people from making decisions that could improve their financial well-being, and I often help clients navigate those blocks.

While money mindset coaches focus more on the emotional side of finances, I also weave in a more practical approach, but I still work with clients to address their mindset and how it’s impacting their financial decisions.

Amanda: When it comes to money mindset coaching, Substack creators often hear a lot about overcoming limiting beliefs. But when you work with clients, especially creative entrepreneurs, what practical aspects do you think money mindset coaches overlook? What should Substack creators consider financially when they’re building a newsletter business?

Hannah:  Money mindset coaching can help people recognize their emotional barriers to financial success, but it often lacks a deep dive into the real numbers—like savings, investments, or budgeting for business expenses. For newsletter creators, it's not just about how they feel about making money but also about understanding the costs of running a newsletter as a business. Creators need to balance their personal emotions about money with the practical side of growing a sustainable business.

→ It’s important to know what your true costs are and to evaluate your spending decisions through that lens, not just based on how you feel about money.

Balancing Emotional and Practical Financial Decisions for Your Newsletter

Amanda: Many creators price their subscriptions too high or overspend on tools. How can they find a balance between emotional and practical decision-making when it comes to money?

Hannah: Research suggests that most money decisions are emotional decisions, so I am hesitant to draw a distinction between emotional versus practical decisions because those are often one and the same. When I feel intense or more emotionally charged when making financial decisions around my business, I want to explore why that is. I want to understand why I am feeling this way and use the information I discover to help guide my decisions.

Business resources are often marketed through fear-based tactics. Having been in business long enough, I am aware that there are no silver bullets that will solve all my business ails, and I would imagine that’s the same case for anyone publishing a newsletter.

If it sounds too good to be true, it probably is. I am cautious when I realize I’m getting caught up in the hype of an offer instead of looking intentionally at the substance of the offer and evaluating the credentials of the person offering the advice. 

I tell my clients often that although I’m a financial expert, they are the experts on their lives. And for anyone reading this today, you are the expert on your newsletter — and as you bring in people to help, it’s important to not give away your power just because an expert may have a different perspective.

→ Be cautious around anyone who uses phrases like “you can’t do this without me” because that person isn’t supporting you as the expert. Listening to someone who offers that kind of marketing pitch can often undermine the essence of what makes your business or newsletter what it is.

When I feel strongly about a business decision, I’ll run it through several decision filters:

• Is this the best way to get the desired result?

• Are there other ways to get to the desired result faster or more affordably?

I also give myself time to make the decision, even if it is a day or two so I have more confidence in the decision.

Is This a Lot or a Little? Setting Subscription Prices and Business Expenses

Amanda: You often talk about asking "Is that a lot or a little?" when making financial decisions. How can Substack creators use this concept when setting subscription prices or deciding on expenses?

Hannah: The idea of “is that a lot or a little” comes from recognizing that money is relative, and how something feeling like ‘a lot’ or ‘a little’ can change depending on the situation and the person you’re interacting with. 

For newsletter creators, this is especially important when you’re thinking about pricing your subscriptions or making an investment in tools, help or marketing. A subscription that feels like a big expense to one reader might be a small, negligible amount to another. Similarly, an investment in hiring someone to help run your newsletter might seem like a lot to you right now, but could feel like a small price to pay once you see the growth and time savings it brings.  

For Substack creators, I encourage you to look at your offerings and ask: “Is this pricing based on what feels like a lot or a little to me, or to my audience?” Often, we underprice because we think our audience can’t or won’t pay more, but that’s based on our own financial mindset rather than an objective assessment of what our audience values or can afford. When it comes to what we spend money on to help grow our newsletters, the more intentional you can be with specific outcomes tied to your investment, the more satisfied you will be with your investments. 

Viewing Your Newsletter as a Business: Making Smart Financial Investments

Amanda: When it comes to spending money to grow, like investing in marketing or hiring help, how can folks on Substack evaluate if their spending is a good investment or if they’re at risk of overextending themselves?

Hannah: When it comes to spending on a newsletter, you want to evaluate if the cost aligns with your goals. For example, I often recommend the ⅓, ⅓, ⅓ rule for business finances:  

- ⅓ goes to you, the creator, for the actual newsletter creation.  

- ⅓ covers operational support (virtual assistants, research, design help, technology).  

- ⅓ is the profit.  

This rule helps to ensure you’re paying yourself properly and not just covering expenses. Of course, sometimes you might go outside of these ratios if there’s a clear long-term benefit (or you’re just launching a newsletter — things rarely fit inside this perfect ratio), but it’s essential to recognize that over-spending on any one area can throw off your balance.

The ⅓, ⅓, ⅓ Rule: Managing Your Newsletter Finances

Amanda: Some creators struggle to view their newsletter as a business. How can they assess if they’re investing wisely in growth or overspending?

Hannah:  I’d advise getting clarity on what you need to support your personal life first—this will vary based on each person’s lifestyle and goals. Once you have a clear understanding of what you need to live on, you can apply general business rules, like the ⅓ split I mentioned. But ultimately, the idea is to ensure that you are not only covering your operational expenses but also generating profit and compensating yourself as a business owner, not just a newsletter creator.

Evaluating Risks and Protecting Yourself Financially

Amanda: Creators sometimes face risky investment decisions, like spending on ads or tools. What’s the best way to evaluate these risks while ensuring financial safety?

Hannah:  If you’re thinking about investing in something that’s a bit risky or hasn’t generated income yet, the first priority is ensuring you’re financially safe. I often advise clients to think about the baseline: Can you still pay your rent or mortgage and maintain your essential lifestyle if this investment doesn’t work out? It’s important to protect yourself financially while taking calculated risks. Each person’s risk tolerance is different, but knowing that you have a safety net is crucial before you commit to a big expense that may or may not pay off.

Q&A with Hannah: Share Your Financial Pain Points

One of my favorite takeaways from this interview was Hannah’s advice to be cautious around anyone who says, "you can’t do this without me" — because that kind of pitch undermines your expertise. As creators, we know our writing, our stories, our businesses, better than anyone else, and listening to someone who tries to take that power away can do more harm than good.

This ties into Hannah’s larger point: especially when money is on the line, beware of fear-based marketing tactics and remember, there are NO silver bullets.

Have you ever encountered a marketing promise like that? I know I have — more times than I can count, in many different business environments.

So, how are you approaching your financial decisions on Substack?

→ How are you thinking about the money you're investing in your newsletter?

→ Have you ever felt pressured into spending money on something that didn’t deliver?

Share your experiences with us or ask Hannah your money questions below — she’ll be in the mix of the comments today!