life coach for women, midlife, empty nest, coach, next act, coaching for women
27
Feb
2017

Becoming a Daily Money Manager in Midlife: Susan’s Story

image_print

After almost two decades in banking, a string of personal losses led Susan to re-evaluate her life. She quit her job and founded My Trusted Partner, where she helps the elderly and busy professionals organize their finances and legal documents.

 

Tell us a little about your background.

Me, the baby, with my parents and siblings in 1966

I was born in Indianapolis, Indiana, where I currently reside (I moved away as an adult and came back years later). I am the youngest of four children. Both my parents are deceased. I graduated from Culver Academies and DePauw University and was married at 22 years old—one month after the suicide of my future father-in-law. I moved to St. Louis for a year to support us while my husband was finishing graduate school. We settled in northern Indiana, where I started my banking career. We had no kids and divorced several years later. Now, I am happily married to a man who has three grown children. We have a 3-year old granddaughter and a newborn grandson.

With my husband Paul, his children, and our granddaughter

I spent almost 20 years in the banking industry with two careers—one that included many roles on the banking center management side and the last 10 years as a Private Banker working with high net worth clients for a local bank in Indianapolis. I was the 52nd employee of almost 300 employees. Additionally, during my career, I was fortunate to have supportive bosses who encouraged community involvement so I was active as a volunteer, event chair, and board member with several organizations. I believe that to whom much is given, much is expected.

During the last ten years of my career, my husband and I entertained his donors and my clients or attended bank-sponsored events approximately four nights a week, including weekends. Some would say it was a fun and glamorous life; however, I grew to resent the time taken away from our family and leisure time, and the energy drain I felt on a daily basis. I was one of the few “regulars” called upon to attend these engagements. Combining this activity while doing my job to cultivate new business, manage a large portfolio, and serve as a loan officer and culture coach affected me, my health, and my relationships with those close to me.

With colleagues when I worked in banking

 

When did you start to think about making a change in midlife?

In 2014, my husband and I experienced seven deaths between our families and friends. It just didn’t stop for us. To make matters worse, I was terminating an assistant and experiencing some health issues related to feet and legs due to wearing high heels. It was during this time that I told my husband that I was making a plan to change my job rather than stay put and become miserable to the people around me. In January 2015, I met with my boss to discuss other job opportunities. Unfortunately, by fall, I knew that I was not taken seriously; I concluded that no job would be created  and no opportunity would present itself at a bank that I had truly loved and succeeded at.

This January 2016, on the one year anniversary of the day I initially talked to my boss, I left my job. When I announced my resignation, she asked if we could discuss another position; I responded something like, “You had a year.” She asked if I could stay to train my replacement and I said, “No, my new routine begins.” I told her it wasn’t personal. We are still friends. Frankly, I think leaving a long-time career and place that I invested a lot of time and effort in requires a period of grieving. It felt like a death of part of my identity. The end of a career is similar to the death of a loved one or of a comfortable relationship that didn’t last.

This winter, as I was driving to a yoga class, Diane Rehms of NPR was interviewing Barbara Bradley Hagerty about her new book Life Reimagined: The Science, Art, and Opportunity of Midlife. She spoke to me so I went to the bookstore and bought her book. I tabbed a section of a person whose life was like mine, Laurie Plessala Duperier. I emailed Barbara and Laurie and still correspond with both. It was Laurie who led me to you, Hélène, and Next Act for Women. One of my hobbies is to write to authors of books that resonate with me. So far, at least a dozen have written me back! If they take the time to write, they certainly deserve to have feedback especially with people who like what they wrote, right? Someday, maybe I will write a book that others will feel the same way!

 

What is your next act?

I am a daily money manager with my own business, My Trusted Partner, LLC, which I launched last year at age 50.

While I was still in my banking job, I started receiving calls from clients in need of help with daily money management. Some didn’t have relatives living in the area and felt a need for support. Others had resources but no knowledge of how to manage their life. A daily money manager is someone who manages personal banking needs when the person doesn’t want to, or know how to, do it. It’s a much-needed service for seniors, busy professionals young and old, and those in transition due to death or divorce.

I can organize financial documents, legal documents such as wills, trusts, Power of Attorney (POA), and other important documents in one area for loved ones to locate. I can pay bills reconcile bank statements, open and sort mail, and address any other projects needed such as home maintenance issues. I provide an extra set of eyes for loved ones. It’s surprising how many people don’t have wills or POAs and may need some help with budgets too. Some things I do and other things I can refer to a professional.

I love the personal relationships I form with people. I love knowing that I am making things easier by being helpful, organized, and knowledgeable. It still draws on my banking experience—in a good way.

And I love owning my business. It’s been something I have wanted to do since I did a career test in college. The test showed I rated high as a small business entrepreneur or teacher. Funny, because I have always enjoyed teaching and mentoring my staff and younger employees!

Working with a client

 

Why did you choose this next act?  What other options did you consider?

Well, I spent a lot of time during the past three years getting to know who I was, what I enjoyed, and what I valued with the help of a life coach. I narrowed my options, based on my skills and values, to a community relations position or trainer, executive director of a non-profit, or a small business owner with a focus on service. My high level of service, professionalism, and planning are some of my strongest qualities.

 

How hard was it to take the plunge? How did you prepare?

I set up the shell of the business in 2015 but waited until I left the bank to launch the business this spring around the time I was attending a conference where I knew I would be running into former coworkers.

How did I prepare? Two days after I left my job, my husband and I went on Caribbean vacation to celebrate my 50th birthday—walking the beach, doing yoga, kayaking, and enjoying the sun. It was the best way for me to make the initial change to my routine. When I returned, I did nothing for a month, which was extremely difficult. During my previous life, I took great pride in accomplishing a lot on weekends, not realizing that it was exhausting me and those around me. I wasn’t doing myself any favors.

In March, I decided to do a 30-day yoga challenge on an impulse, which turned out to be one of the best things I have done. Since then, I am a regular yogi but keep myself in check that I don’t over-do it. I am cultivating new friendships. Even though I am an introvert, the absence of social contact through a career has been a challenge, so I look for opportunities to have lunch, coffee, walks with others, and join the board of a small non-profit called Paws and Think—an organization dedicated to improving lives through the power of the human-dog connection. 

With Kathy Janes, volunteer coordinator for Paws and Think

 

How supportive were your family and friends?

Once my husband understood the business and how aging Baby Boomers could be instrumental in my business development, he was on board and has been my biggest fan! Some don’t understand why I left a great job to start a new business. They say that this is a temporary stop for something greater down the road, while others say that this is great fit for my personality and background.

 

What challenges did you encounter?

Now, I don’t have the reputation of an organization to open doors, so to speak. Now, it is me and how I show up. First impressions are lasting ones! I am challenged by time. The business isn’t going to come to me so I have to put myself out there and let people know what I do.

To promote my new business, I applied the business development skills I used in my previous jobs. I made a list of people I knew, including centers of influence, those people who may refer business to me: CPAs, financial planners, Estate Law and Elder Law attorneys, bankers, trust officers, geriatric care managers, and healthcare advocates. These are people I feel comfortable referring business to and I can also ask them specific questions when dealing with a client’s issue.

Announcing your new venture is a great way to let people know that you have started something on your own. Preferring the personal touch, I called people I knew well and left the business relationships to emails and letters. Committing to calling a few people every day was a good goal for me. As I spoke to them, I asked for referrals. Word of mouth really is the best way to reach new clients and a vote of confidence!

This year, I started personal and business Facebook pages, and my website is up and running. I hope to blog about topics that I think are most relevant to my clientele.

I spent the last 10 years safely and quietly doing my job under the bank’s image. At times, I felt I didn’t speak up or show up. Now, I am marketing myself. It is time for me to shine my light and be the person I was meant to be.

With a client

 

Were there times when you thought about giving up?  

Absolutely! Fear of failure is HUGE for me. If I fail, everyone will know. If that’s the worst thing that happens, then I guess I’ll just have to see what happens! Many years ago, when my boss told me I needed to entertain clients over lunch, I wondered how I could do it so I read Feel the Fear and Do It Anyway by Susan Jeffers. It’s a great book that encourages you to push through the fear.

My husband has been very encouraging when I get down. I know that my late parents are looking down at me and are there to nudge me in the right direction too! Also, I feel liberated by this experience so I know I can keep going. I have no regrets.

 

What did you learn about yourself through this process?

I am a lot stronger than I give myself credit for. I have been given a lot in my life as well as a lot of adversity—suicide, three bank robberies in 8 years, and divorce. Those close to me would say I am resilient and courageous. Anything that I have taken a risk on has been greatly rewarded. One of my mantras is: No risk. No reward. Finally, I learned to trust myself. It was a huge epiphany when I realized that I was doing things to please others, and now I can trust myself with the decisions I am making at 50!

 

Looking back, is there anything you’d have done differently?

Yes, I probably would have taken more time off just being, and probably travelled more during the hiatus. My husband and I love to travel and explore. And, self-care has been something I have had to learn. There were no role models for me to follow. I look for opportunities to recharge and care for myself when days don’t go well or people don’t behave the way I hoped.

 

What advice do you have for women seeking reinvention in midlife?

Don’t let your age or fear hold you back and keep you from doing something different. Even it you aren’t ready to change your job, make a plan to try one new thing a day, whether it’s driving to work a different way or sampling a new food. Get out of your comfort zone. That’s when we grow!

Since I have been gone, people I know ask me “How’s retirement?” to which I respond, “I’m not retired, just reinventing myself.” Don’t let other people’s comments on what they think you should do affect what you know about yourself. Find new people who will support, encourage, and believe in you. Leave the critics and jealous people behind. They are wasting your time and energy.

Hatha Yoga at The Yoga Studio

 

What advice do you have for those interested in becoming daily money managers?

I know several people, men and women, who would be excellent daily money managers. They are kind, patient, good with numbers, manage their own family member’s finances and home, and have integrity. It is a great job for people who want flexibility and variety. You can work for yourself, have a partner, or form a team, depending upon how big you want to grow. Finding the right people in other professions to refer clients back and forth helps. Determine who the people are who are like you and if you would like the type of people they have as clients. You can partner with them on presentations too.

Self-employment isn’t for everyone. It’s challenging and rewarding. It takes patience, perseverance, goal setting and a vision for how you see your life and time evolve. It takes setting healthy boundaries.

 

Favorite books

 

What resources do you recommend?

When I started researching this field, I came across AADMM, American Association of Daily Money Managers. They have a mentor resource and can answer any questions you may have regarding starting a similar business. Every month, we have a virtual call with other daily money managers to bounce ideas off each other and see what works for others in the field.

I have a life coach, Julia Mattern, who has been instrumental in my growth. She works with the entire person, not just the one who is trying to figure out a new career. I have learned a lot about myself.

I recommend the following books:

The Introvert Entrepreneur: Amplify Your Strengths and Create Success on Your Own Terms by Beth Buelow

Quiet: The Power of Introverts in a World That Can’t Stop Talking by Susan Cain

You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life Jen Sincero

50 Things to Do When You Turn 50: 50 Experts on the Subject of Turning 50 Ronnie Sellers

Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person by Shonda Rhimes

The Richest Man in Babylon: Now Revised and Updated for the 21st Century – Common by George Samuel Clason

It’s Not About the Money by Brent Kessel

The Real-Life MBA: Your No-BS Guide to Winning the Game, Building a Team, and Growing Your Career by Jack Welch & Suzy Welch

The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying Suze Orman

With Paul, in Rome

 

What’s next for you?

I definitely have another next act in my future and would like to think that this is the beginning of a new chapter for me—that this is the stepping off point for other opportunities. I would like to consider teaching, speaking, and other entrepreneurial opportunities. Certainly, there’s a need to teach financial literacy in schools. Who says you have to do the same thing for the rest of your life unless you love it?  Life is short, and I am seeing that there is more to life!

 

Contact Susan St Angelo at susan@mytrustedpartnerllc.com

Website

LinkedIn               

Facebook Page         

 

Don’t miss any inspiring stories of reinvention! Subscribe.




(Visited 276 times, 2 visits today)

You may also like

Let’s Hear From an Expert: Dorie Clark, Author of Reinventing You
Let’s Hear From an Expert: Cathy Severson, Retirement Coach
Providing Comfort and Support to the Dying: Amy’s Story
Launching a College Consulting Business: Tina’s Story

2 Responses

  1. Trudy Belinski

    Hi – this is your friend Trudy. I just finished reading your blog – what a great story. Your attitude is wonderful. I just moved to my daughter’s home, two blocks away from where I lived . . . she has worked her tail off for me moving stuff and getting me set up here. Good luck with your new endeavor and don’t lose touch with me.

Leave a Reply

CommentLuv badge