We recently connected with Elena Colquitt and have shared our conversation below.
Hi Elena, so happy to have you with us today and there is so much we want to ask you about. So many of us go through similar pain points throughout our journeys and so hearing about how others developed certain skills or qualities that we are struggling with can be helpful. Along those lines, we’d love to hear from you about how you developed your ability to take risk?
Forging Ahead: Embracing Risk and Finding Success in Financial Consulting”
In the turbulent wake of the 2008 financial crisis, where uncertainty loomed over job markets and economic stability, I found myself navigating a daunting landscape of career challenges. Graduating in 2007, I eagerly stepped into the workforce, only to face setbacks and unexpected twists that would ultimately shape my journey towards becoming a successful financial consultant.
Forced into taking risks by circumstances beyond my control, I embarked on a journey marked by resilience and determination. My first taste of uncertainty came when my inaugural job out of college vanished as the market contracted. Undeterred, I pivoted towards a rotation in collateral debt obligation with LaSalle Bank, a departure from my initial path in commercial banking. Little did I know, the winds of change were stirring, and by March of 2008, the market crashed, leading to Bank of America’s acquisition of LaSalle Bank and impending layoffs.
Faced with the prospect of yet another upheaval, I made the bold decision to leave Chicago and return to the south, making Atlanta my new home. However, my journey was far from smooth sailing. Despite my best efforts, I encountered further setbacks, finding myself laid off from a startup and subsequently from a bank amidst the downturn of the refinance market in 2009.
Each setback tested my resolve, and I grappled with the fear of short-term employment tarnishing my professional prospects. However, in the face of adversity, I discovered an unwavering passion for helping others manage their finances. It was this realization that fueled my decision to chart my own course and establish my financial consultancy practice.
Launching my consultancy was not without its risks, but it was a risk worth taking. Armed with resilience, expertise, and a genuine desire to make a difference, I embarked on this new chapter of my career with determination and optimism. With each client I assisted and every financial hurdle overcome, I reaffirmed my belief in the power of taking calculated risks and seizing opportunities for growth.
Today, as I reflect on my journey, I am grateful for the challenges that propelled me towards entrepreneurship. What began as a series of setbacks evolved into an empowering journey of self-discovery and professional fulfillment. Through embracing risk and forging my path forward, I have found not only success but also a profound sense of purpose in helping others navigate the complexities of finance.
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?
Empowering Financial Freedom: A Journey of Innovation and Empowerment
As a Finance Manager by profession, and an inventor and fintech SAAS founder by serendipity, my career journey has been driven by a passion for innovation and a commitment to democratizing access to expert financial planning. What excites me most about my work is the opportunity to create tangible solutions that empower individuals and small business owners to take control of their financial futures.
Every day, I am motivated by the prospect of making a meaningful difference in people’s lives. My mission is clear: to bridge the gap between financial literacy and financial empowerment. I firmly believe that everyone deserves access to expert financial planning, regardless of their background or circumstances. Through my patented technology and the development of MoneyMate, the world’s first money manager in your pocket, I am striving to make this vision a reality.
MoneyMate isn’t just a tool—it’s a catalyst for change. By leveraging innovative features such as behavioral accountability and autonomous payment processing, we’re revolutionizing the way people manage their money. Our beta launch is just the beginning; in 2024, we’re focused on perfecting the platform and laying the groundwork for the full suite of features that will empower users to achieve their financial goals with ease and confidence.
Having dedicated over a decade to this endeavor, I am more passionate than ever about the impact we can make. My goal is simple: to automate the success of my financial consulting company and extend access to expert financial planning to all corners of society. By reducing stress, saving time, and putting financial control back in the hands of individuals, we’re not just improving financial health—we’re building stronger, more resilient communities.
As we embark on this journey of innovation and empowerment, I invite you to join us. Together, we can create a future where financial freedom is within reach for everyone, and where individuals can live life by their own rules, whatever that may look like for them financially. With MoneyMate leading the way, the possibilities are endless, and the future is brighter than ever before.
There is so much advice out there about all the different skills and qualities folks need to develop in order to succeed in today’s highly competitive environment and often it can feel overwhelming. So, if we had to break it down to just the three that matter most, which three skills or qualities would you focus on?
Reflecting on my journey, three qualities stand out as the most impactful in navigating the challenges and successes along the way: consistency, discipline, and forward-thinking.
1. Consistency: Maintaining consistency in my efforts and actions has been crucial in achieving long-term goals. Consistency allowed me to steadily progress, even in the face of obstacles or setbacks. Whether it was refining my financial consultancy practice or developing MoneyMate, staying committed to the vision and consistently putting in the work laid the foundation for success.
2. Discipline: Discipline played a pivotal role in staying focused and productive, especially during times of uncertainty or adversity. It enabled me to prioritize tasks effectively, adhere to deadlines, and maintain a clear sense of direction. Through disciplined habits and routines, I was able to overcome challenges and stay on track towards my goals.
3. Forward-Thinking: Embracing a forward-thinking mindset allowed me to anticipate trends, identify opportunities, and adapt to changing circumstances. By staying ahead of the curve and constantly seeking ways to innovate, I was able to position myself for success in an ever-evolving industry. Forward-thinking also enabled me to envision the potential of MoneyMate and chart a course towards its development and launch.
In addition to these qualities, solid operational practices have been instrumental in ensuring efficiency and effectiveness in my endeavors. From managing finances to optimizing workflows, implementing sound operational practices has enhanced productivity and supported sustainable growth.
Looking back, it’s evident that consistency, discipline, forward-thinking, and solid operational practices have been the cornerstones of my journey. These qualities have not only guided me through challenges but have also fueled innovation, growth, and ultimately, success in my professional pursuits.
What is the number one obstacle or challenge you are currently facing and what are you doing to try to resolve or overcome this challenge?
The number one obstacle I am currently facing is securing funding as a minority-founded fintech startup. Despite having a proven business model with my financial consulting business, obtaining funding for the development of my software has been challenging. It often feels like the goalposts are constantly moving, especially considering the stark statistics that only 1.3% of black founders receive funding from venture capitalists.
To address this challenge, I have made the strategic decision to finance the needs of my software’s development through the revenue generated from the financial consulting service line of my business. While this approach may require patience and resourcefulness, it allows me to maintain control over the direction of my startup and avoid the pitfalls of relying solely on external funding sources.
Moreover, I am embracing a mindset of self-reliance and determination. Waiting for others to provide opportunities or support may lead to stagnation, so I refuse to let obstacles hinder my progress. By leveraging the success of my financial consulting business and reinvesting profits into the development of my fintech startup, I am taking proactive steps to overcome the funding challenge and propel my vision forward.
Ultimately, my journey as a minority founder in the fintech industry is marked by resilience, perseverance, and a steadfast commitment to turning obstacles into opportunities. While the road ahead may be challenging, I am confident that my innovative solutions and unwavering determination will lead to success.
Contact Info:
- Website: www.ehmoneymate.com
- Instagram: https://www.instagram.com/ehmoneymate/
- Facebook: https://www.facebook.com/eHMoneyMate
- Linkedin: https://www.linkedin.com/in/elena-colquitt-885b5a8/
- Other: https://www.tiktok.com/@ehmoneymate
