We were lucky to catch up with Amy Colton recently and have shared our conversation below.
Amy, so good to have you with us today. We’ve always been impressed with folks who have a very clear sense of purpose and so maybe we can jump right in and talk about how you found your purpose?
My life has been a series of transitions and transformations and my sense of purpose was developed through my life experiences. It wasn’t something like I woke up in my teens or twenties and I knew exactly what I wanted to personally invest myself in. And I’m not speaking of work and a working life but something greater and deeper. Ultimately, I wanted to take what I had learned and encountered and use it to educate others.
I entered the corporate world with IBM, where I spent 20 years. During that time, I experienced two career changes, going from tech support to sales, three marriages, three divorces and four geographic moves. And then, after leaving IBM I spent five more years in the technology industry, and then I moved on to pharmaceuticals, toiling away for seven years in skin care and aesthetics sales.
And then the fateful recession hit in 2008, and like so many others, I was laid off, and that’s when the purpose started coming into focus. After losing my job in the corporate world, I decided to embark on my fourth career, which led me on the path to becoming an entrepreneur. I wanted to find something that I was passionate about and that no one could fire me from because I was too old or making too much money, or treated me differently because I was a woman. I successfully weathered the recession storm because of my careful planning and strategies, and so I was prepared to reinvent myself at the age of 55.
Of course, going from a corporate position to an entrepreneur was challenging especially given the fact that 65% of new businesses fail with the first 10 years. Today, however, I am a Wealth Advisor with Forefront Wealth Advisors and have devoted a large part of my practice to educating and supporting women, especially ones that have gone through major life transitions, either in their work or in their personal lives. I could relate to either situation.
Let’s take a small detour – maybe you can share a bit about yourself before we dive back into some of the other questions we had for you?
When I became a financial advisor I wanted to build a practice devoted to women, especially women going through major life transitions. The three major transitions are death of a loved one, divorce, and retirement. All three can bring a heavier burden if there has been no financial planning or preparation.
Fate intervened and early on there was a family law attorney in town who had decided she didn’t want to do divorce work any more as it was too stressful, and she started sending her clients to me. She told them that if they could work out the financial aspects of the divorce with me, she would file the paperwork with the court and write up the divorce decree. The light bulbs eventually went off as I realized this was a better way to navigate a divorce and all the difficult or painful aspects related to financial assets. I began to see that it was more cost-effective, time-efficient and more amicable.
I became a licensed mediator as well, and over time I have perfected the process and have guided many individuals and couples through their divorces.
I found that divorce was an area that really needed financial and tax planning, and many times, couples are not getting the proper advice. Most people getting divorced are going through it for the first time. They don’t know what to expect, what questions to ask their professional team, or how to develop a plan or process for going through this journey. Instead, they rely heavily on their attorneys to help them through the emotional, legal, and financial aspects of their divorce, and quite frankly, that just isn’t the best approach.
One thing they don’t realize until well into the process is that their attorneys are there to give legal expertise, not to offer sound financial advice or emotional support.
I created Your Divorce Made Simple (YDMS) to give individuals and couples going through divorce the information they need to navigate this difficult journey. Drawing upon knowledge from my own three divorces as well as my skills as a Certified Divorce Specialist (CDS®), Certified Divorce Financial Analyst (CDFA®) and Family Law Mediator, I am able to provide clients the necessary education and to help them clearly see what an amicable financial separation of assets is, regardless of their personal feelings.
I call my unique approach for helping people navigate this emotional and stressful time the Kitchen Table Divorce. My process helps clients save money and time, and creates an amicable environment that allows for win-win outcomes. My team and I have worked with both individuals and couples to help them negotiate the division of assets and child considerations, as well as providing financial and tax planning needs both during and after the dissolution of the marriage.
We educate our clients on the different options available, the likely outcomes, and the financial and tax ramifications of their decisions. This approach guides them through the divorce process with civility and saves them thousands of dollars versus their going to lawyers to hammer out details, a task attorneys are ill-equipped to handle. Because most people fight over money during divorce, getting advice from a financial professional who understands the nuances of divorce is essential to reaching a beneficial settlement that can work for both spouses.
We have seen how the Kitchen Table Divorce process inspires our clients to move forward with confidence and make better financial decisions during one of the most stressful life transitions they’ll ever go through. After all, the decisions they make during divorce will affect them for the rest of their lives.
Later this year “The Kitchen Table Divorce” book will be available and will have important information that will help people navigate this difficult journey.
If you had to pick three qualities that are most important to develop, which three would you say matter most?
The first piece of advice I would give someone is never give up. I have always been determined to reach my goals and I’ve never let anyone tell me that I can’t. We all face obstacles, and education, whether it’s book learning or street smarts, and careful planning will serve you well. One of my professors in college described me as having “dogged determination” and that has always reminded me that I have the determination and resolve to do whatever I set my mind to.
Secondly, I believe in being a life-long learner. I am always exploring new ideas, reading new books, attending new seminars and honing my personal and professional skills. Develop good listening skills and you will find knowledge everywhere, even from where you least expect it. And I walk several times a week, among other physical activities, which also keeps my mind sharp.
Lastly, I tell people to find a mentor. It is a lot easier learning from someone else who has been in your shoes, than re-inventing the wheel. Mentors come from different areas of your life, both personally and professionally. Just be open to finding them and learning from their wisdom. You’ll thank them later.
What would you advise – going all in on your strengths or investing on areas where you aren’t as strong to be more well-rounded?
I think that everyone has strengths and I believe that they should capitalize on those strengths. Trying to be the expert in all areas is not productive and can drain you of energy that could serve you better if you’re focused on what you do best. I know that my strengths are in business development and sales. I know that I am not very good and don’t enjoy learning technology or doing administrative tasks, and so I leave that to others who find joy in those areas.
Contact Info:
- Website: www..yourdivorcemadesimple.com
- Instagram: amy.colton.77
- Facebook: https://www.facebook.com/amy.colton.77
- Linkedin: https://www.linkedin.com/in/amy-colton-mba-cdfa-30094b158/
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