We caught up with the brilliant and insightful Mahalene Dulay a few weeks ago and have shared our conversation below.
Hi Mahalene, so excited to talk about all sorts of important topics with you today. The first one we want to jump into is about being the only one in the room – for some that’s being the only person of color or the only non-native English speaker or the only non-MBA, etc Can you talk to us about how you have managed to be successful even when you were the only one in the room that looked like you?
Representation in the money space matters – female financial advisors account for about 15-20% in our industry and a significantly lower percentage of that identify as female advisors of color. I remember times when I would be at tradeshows with my white, male colleagues and would be asked what it was like working as their assistant. There were instances when I would meet with prospective clients and be asked if I would do a good job managing money because I am Asian and should be “good at math”. Even in my old office, I experienced levels of microaggressions as a minority. Throughout my career, many voices have told me that I wouldn’t make it.
Here’s the thing about haters – the negativity and doubt only fueled my motivation. I am a connector and a big believer in the power of community. Instead of focusing on fitting the traditional mold of what a financial advisor looks like, I focused on being my authentic self and building a business for other women of color to feel the power in their money. For so long, women of color have waited for a seat at the money table – I got tired of waiting and built my own to invite them.
Thanks, so before we move on maybe you can share a bit more about yourself?
CEO in the financial services industry by trade, boy and dog mom 24/7 and multi-passionate by nature… I’m a proud daughter of Filipino immigrant parents whose story of resilience and perseverance inspired me to start my own journey as an entrepreneur. I graduated from the University of San Diego with a degree in Business Administration Finance, then started my career with a larger firm in my hometown of San Diego in 2007. I built a successful business in helping people with their most important financial goals, but changes in the company and having my second son made me realize that where I was at did not align anymore. In 2018 with a baby, a toddler, and my husband in his own career transition, I started my own firm for women+ of color.
I recently expanded my impact with an emphasis on financial education, financial wellness programs and speaking engagements in a fun, relatable way. This is done through my platform “What the FAQ Money™”, where I make learning and talking about money more like FUN-ance instead of complex finance one FAQ at a time.
There are not many money advocates that look like me in the financial services industry, which is why I’m so passionate about my mission to empower and educate other women+ of color with the wealth of knowledge (total pun intended) they need to confidently make, build and protect their money. More importantly, to do it in a way that aligns with their values, their cultures, and their experiences as women+ of color.
If you had to pick three qualities that are most important to develop, which three would you say matter most?
While there are many factors that contributed to my success as a business owner, the three that were most impactful in my journey were (and continue to be):
1. Learning that success cannot be achieved alone,
2. Consistency and showing up intentionally, and
3. Striving for progress, not perfection.
When I became a mom, I was at the height of my career and my personal life. Truth be told, I wasn’t ready for motherhood as my son came as a surprise and I wasn’t ready for how much my life and identity would change after becoming a mom. I realized quickly that a support system, both personally and professionally, was not just important, but necessary for me to survive and thrive. I practice “Do, Delegate, Delete, Defer” where I would focus my time and energy on my loved ones and needle movers in my business – anything outside of that would need to be delegated to someone else, removed from my energy space or delayed for when it was a higher priority.
I learned that the art of consistency is best achieved through small habits done routinely. For example, working out for an hour while juggling kids, my businesses and life was not manageable for me anymore. Instead, I focus on doing shorter workouts throughout the day (i.e. 30 minute walk in the morning, 15 minute movement to break up the workday and at least 15 minutes of uninterrupted play with my kids outside). Consistency doesn’t necessarily mean everyday – for me, it became more about how I wanted to show up for myself and my family, time blocking and giving myself the flexibility in my routine to adjust depending on what season of life I’m in.
Growing up in a Filipino household, my parents put high expectations on me to be the best in everything I do. While this helped me build a strong work ethic and reach for big dreams, it put so much pressure on me to seek out perfection (my Type-A personality didn’t help). One of the biggest lessons I’ve learned and still continue to work on is to strive for progress, not perfection. In choosing to focus on my progress and growth, I can better celebrate my accomplishments both big and small, and more importantly, minimize or avoid burnout from trying to make everything “perfect”. Oftentimes, what holds us back from being able to achieve success sooner is focusing our time and energy on perfection instead of taking action to get the momentum going.
All the wisdom you’ve shared today is sincerely appreciated. Before we go, can you tell us about the main challenge you are currently facing?
One of the characteristics I pride myself in is being a multi-passionate person – I am involved in different organizations and projects that align with what’s most important to me. The biggest challenge I’m facing is how my time is spent while raising my family and running my businesses, which are my top priorities.
I am a visual person and use my handy pen and colored sticky notes to organize my “Do, Delegate, Delete and Defer” process. During this reflection, I also write down what it’s costing me in both dollars and time for my involvement to get a better idea of where my energy is being spent. This strategy has helped me be more honest about protecting my time and setting healthier boundaries for myself to not get overwhelmed or burnt out. I’ll be honest, this is not an easy thing for me as each organization and project I’m involved in speaks to my heart. However, I understand that for me to make a meaningful impact in what I do personally and professionally, I have to be intentional about my time currency.
Contact Info:
- Website: www.mahalenedulay.com
- Instagram: https://www.instagram.com/wtfaqmoney/
- Linkedin: https://www.linkedin.com/in/mahalenedulay/
Image Credits
Keeley Miller Photography Shiloh Colleen Photography Tanya Mercado Photography
