Pt.1 - The Wise Moves of Wealthy Business Women: Melissa Dailey-Newman from CHIConWallStreet

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Thanks to the She Needs Profit podcast,

I'm your host, Sam Varner.

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You know, in my 15 years of business

experience, I've noticed there are three

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things required to create a thriving

business.

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Sales, visibility, and profit.

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And yet most business owners find

themselves overworked, overwhelmed, and

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underpaid.

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If you own a private practice or are a

service -based business owner, this

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podcast is for you.

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On this show, I give you the tools,

strategy, and coaching,

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to run a profitable business and share

stories and insight from people who are

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right there with you.

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Let's dive into today's episode.

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Hey everybody, it is Sam, your host of the

She Needs Profit podcast, and I am

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thrilled today to be in the virtual studio

with Melissa Daly Newman.

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She is joining us to talk a little bit

about all things business and wealth and

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basically the R of the crush formula.

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So, Melissa, I wanna welcome you in and

just so glad that we were able to connect

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this way.

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It's kind of one of those things where we

met each other over Instagram.

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where I saw a post and I reached out and

just said like, hey, I love your

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messaging.

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I need you on the podcast and you were

open to it and here we are, so welcome.

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Thank you.

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It is great to be here.

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And I have told our story already in the

short time that you and I have known each

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other to so many people, especially

business owners of like, this is how it

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works, right?

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And this is what network is all about.

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And I heard you on another podcast and it

was like,

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And pretty soon, you know, we just, it's

serendipitous in terms of recognizing that

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Venn diagram of where we kind of overlap

in our passion for, for what we do, all

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things, you know, and business owners as

well.

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So I appreciate it.

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Yeah, no, I love it.

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I mean, this is, that is probably the

number one thing I love about business the

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most is the relationships that get created

out of where nothing was before, right?

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The idea of just, you boldly put yourself

out there in whatever space and,

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Look at what happens.

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You never know.

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You never know.

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Yep, absolutely.

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And, you know, so by day I am a private

wealth advisor and I work for a boutique,

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you know, independent advisory firm

outside of the Chicago area.

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Although we've got clients all over the

country and family in Western Europe that

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we serve.

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And you mentioned Sheik on Wall Street and

that is just really kind of a brand that I

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launched and a platform dedicated

specifically around empowering women.

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especially on this concept of financial

literacy and so that each woman out there

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on their own personal journey, wherever

wealth means or financial independence

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means to them, it's really just a platform

of social media, like you said, videos,

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webinars, sometimes it's in person events.

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And I love it.

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I have a passion for it.

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This is my 25th year in financial

services, which as I say it out loud,

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sounds crazy how it happens.

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You know, and you just find yourself in in

kind of a lane and go with it.

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And so I do love what I do.

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And a lot of a conversation today will be

around kind of balancing back and forth,

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both facets while you're driving business

as a business owner.

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What does that mean personally and how to

make sure that you're also taking care of

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yourself financially?

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I know you talk about it all the time.

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You yourself first.

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Yes, a salary.

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Right.

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Yeah.

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So important.

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Yeah, it is absolutely critical.

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And I think.

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One of the things when we first were kind

of getting connected is not all of the

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listeners are gonna remember this or know

this necessarily, but I used to do

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financial advising back in the day in

Alberta.

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And so I have a real sweet spot for that

personal finance journey that people go

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through, right?

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So although I've kind of pivoted over to

much more business conversation, it is

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really at the end of the day, all of us

are aiming for, I think,

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personal wealth, right?

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Personal, financial, somewhat

independence, and just the ability in

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particular for women to stand on their own

two feet, whether they need to or not, is

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kind of not the point, but that we have

the means and the knowledge and the

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availability of information so that we

can, right?

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Absolutely.

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Yeah.

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I mean, our voice is just traditionally

underrepresented in this area.

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And even as girls, we just don't grow up

talking about money like boys do or...

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You know, I mean, even into adulthood and

I'm painting a broad brush right here,

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generalizing, but generally speaking, even

guys are often like, hey, what's that hot

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stock tip that you have?

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Or, you know, who's your advisor?

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And I can tell you, you know, the women I

know in my life, it's more like,

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literally, I had a group text a week ago

that was like, what kind of mascara is

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everybody using right now?

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Because they've, you know, discontinued my

favorite.

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I mean, these are important issues, but no

one's really saying, hey, what are you

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doing with your 401k?

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Yeah.

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Or I do want to start a business.

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And what does that mean?

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How do I even financially go about getting

a loan or looking at mortgages?

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And I mean, so just having these rich

conversations and putting it out there

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that it's also OK to talk about money.

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I mean, I know you hit on this a lot

around the profit.

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It's just like we're not running a

nonprofit organization.

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Right.

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So it's OK.

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to want to build wealth, and even that

word has its own stigma.

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Sometimes people say, I don't know if I

have enough money to be wealthy, but I

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think of a wealth of knowledge, a wealth

of resources.

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Any dollar that you have, that's what you

have, and so it's wealth to you.

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And so really just helping someone kind of

move that needle wherever you're at today.

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I just say, imagine where you'll be a year

from now or five years from now and then

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10 years from now.

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That's...

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really how to get yourself motivated and

encouraged about where you can be and

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continue to build on that.

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Yeah, I agree so much that it needs to be

a conversation.

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It's a conversation that I have with my

kids and I've got three boys and one girl,

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but there is an absolute need for just,

yes, and we need to be putting it out

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there to these younger girls to say, like,

we are gonna have this conversation.

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We're gonna talk about what does it look

like even.

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the most recent conversation, because

she's about to go into 11th grade here, is

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how do I afford school?

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So post -secondary education.

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And then the conversation goes to, okay,

what are you trying to achieve with your

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post -secondary education?

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And what job do you come out of that

degree with?

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And how much does that degree cost you?

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And how much does that job pay?

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And having those discussions, does it

change the trajectory of what she ends up

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doing?

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Maybe, maybe not.

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But it is,

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Discussions like that that never have had,

they just don't get talked about, right?

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It's like, well, you just go to university

and you just go and you get a degree and

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you just go into the workforce in that

way.

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And that's been so much of the messaging,

I think, for the kids in many generations,

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but I think especially in the generations

of where my kids are right now.

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And if that's your only messaging, there's

no conversation around what do things

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cost, how can you work in a way that

doesn't need a degree or that does?

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need a degree in your strategic about what

you're doing.

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I think it's all of those pieces where

people, it's that integration, I guess, of

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the messaging about money in all facets of

your life so that you can make more

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informed decisions, right?

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Absolutely.

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I mean, and it is, it's like, is it worth

the dollar that you're going to spend?

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So whether it's a dollar, $10, $100, a

thousand, you know, whatever the cost is,

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right?

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It's about finding value in what you're

spending money on.

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So I tell people all the time, I'm big on

intentional wealth management.

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So that's kind of my, one of my key

messages.

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If you go to Sheik on Wall Street, you'll

see it, it's intentional wealth

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management.

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And I break it down into four categories.

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And it really always comes down to how you

spend, save, invest and give.

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And so that's kind of one of the basic

starting points.

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And then you go from there and it doesn't

matter if you're just starting out, but if

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you apply,

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that kind of framework in your financial

decision making, it's really then can kind

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of take it from there from putting some

purpose and intention behind each of those

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categories.

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So if you think of the spending category,

right?

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And so let's say it's just your kids even,

it's does it make sense to spend that

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money?

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Or, and sometimes it's just, you want to

spend the money and that's okay too,

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right?

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I mean, that's the end goal.

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We want to be able to buy the stuff that

we want to buy.

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So.

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you know, on the spending side with

purpose, sometimes it's a support local

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businesses, right?

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And so that's even becomes in your

messaging.

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And if you're a small business owner,

that's a way that you can kind of even add

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that in your messaging.

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Like here's purpose in your spending, you

know, find the mission and how you're

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spending your dollars, supporting a local

business or, you know, I think of two,

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like some of the buy one, give one

companies like Tom's shoes for every pair

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of shoes you buy, they give one.

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So now you're going to spend the money

anyway.

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So how do you find a way to spend it so

that you're making the maximum impact kind

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of in that spend category?

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And that's something that I absolutely

talk to my kids about.

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So my kids, currently I've got a junior in

high school.

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He's 17, almost 18.

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And then my daughter is 23.

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So I have successfully had one, you know,

head off to college and graduate and find

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her way, which is awesome.

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So I totally.

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all things about teaching kids about

money, like I'm there with you.

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And these are specifically, you know,

spend is a lot of the conversations with

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kids.

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It's really just about the things they

want to buy and what they're spending

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their money on.

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So I think that especially when you're

talking to kids, a lot of times it's in

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that spend category.

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It just, how are you being intentional

with the money that you're spending?

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And you know,

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If it's in state school versus a junior

college versus out of state, how much is

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it going to cost?

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And just a lot of conversation there.

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So that's definitely in the spend

category.

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It's my thought on spend.

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And yeah, I walk everybody through all

those four categories all the time.

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Yeah.

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When I think it's funny, we say, like even

just the idea that like with the kids,

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right, spend is so critical.

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And the reality is it's probably all of

us, right?

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That the very beginning of that

conversation as business owners is.

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we get caught up in that loop of spending

to grow or spending because we think we

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need to or spending for whatever reason,

right?

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In business, I think we do that too.

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I think we become almost like the kid with

the Roblox account that they are just

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like, I have money in my bank account, I

should spend it on growth.

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I should spend it on something.

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I should spend it on a tangible, which of

course then leads you directly to the

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saving.

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discussion, I'm quite sure, right?

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Right.

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As business owners, I'm constantly

fighting that battle with them to say

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like, money in doesn't necessarily have to

be money out.

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It doesn't have to be that way.

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And in fact, it really shouldn't be that

way.

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Yeah.

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Right.

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With all of your dollars.

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Well, it goes back to kind of just I've

been a business owner myself too, which is

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why I really have a heart, especially for

business owners, because as an

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entrepreneur,

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you've got an idea or you found a gap in

the market, right?

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Or you're driven or ambitious because you

want to do something.

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Sometimes it's as simple as a lot of

personalities we share with entrepreneurs

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is we just think we could do it more

efficiently, right?

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Or, you know, you see, you, you know, you

go somewhere and think I could run this

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business better, right?

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I mean, that's kind of how we get started.

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And so for example, one of my businesses,

I was the DJ.

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for many, many years.

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So at all the school events, there I am at

the walkathon or the, I did a junior prom,

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you know, and all the fundraisers, like

for years, I was the school DJ at the

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carnivals and actually did some weddings

and other things as well, but had to make

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the decision on, you know, getting my LLC,

what's the structure going to be.

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And then you're a hundred percent right on

the spend piece when it came to cashflow,

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it was.

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those decisions on how am I reinvesting in

the business all the time.

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So I would make money and it would always

be, well, now I'm gonna go buy more

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equipment.

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And in that business, it was lights and

upgrading microphones and upgrading all

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the things.

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And so it was always, I just thought of it

as a cashflow versus an asset.

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So for sure, if I look back on how I

managed that business, it really was like

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a cashflow business versus actually

accumulating any.

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real asset that ultimately was a value for

me, which happens a lot probably in

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service businesses especially too.

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Yeah, it does.

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It really does show up frequently and it's

only because I think in large part it's

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because when we first start, it's like

you're just chasing, right?

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You're chasing the sale, you're chasing

the cash, you're chasing, you're chasing.

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When we finally get it, it's like all the

ideas I've had, right?

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Especially that comment about the

entrepreneurs, like that is reality.

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It's like,

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but I want it to be bigger and better and

it can do X, Y, and Z if I just had the

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money to do the thing or hire the person,

right?

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Lots of times we fall into that trap and

we aren't looking at it.

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Most business owners aren't great at

looking at it like I'm creating an asset

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long -term to build wealth in my life.

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Whether that becomes a sellable asset down

the road, right?

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Like I'm gonna grow this to a certain

percentage.

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I'm gonna have it look a certain way and

then have it be a sellable to someone else

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purchase.

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Or I'm just going to grow it to the point

where it is sustainable more and more

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independently.

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And I can step back and my own personal

labor is not used in it as much anymore to

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the point that I'm just taking money out

as the management and it is doing its own

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thing in whatever capacity, right?

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It's often not completely hands off, but

it's very hard to have that vision day

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one, right?

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Or sale one or whatever.

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And it just becomes like a cash.

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churning monster and we don't ever

actually accumulate anything.

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We're just still chasing that next one.

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Yeah.

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Well, I talked to a lot of people about

just as a reminder, if you worked at a

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company, if you worked for an employer, if

you were, you know, at XYZ company, what

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would the benefits be?

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You know, and so in terms of that

messaging around making sure you're paying

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yourself so that it's not just cash flow.

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you know, thinking of it from the savings

or even investing side of things, you'd

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have a 401k, right?

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And so that's what I, a lot of times, like

the clients that I have that are business

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owners, I have to remind them and

encourage them to not only just take the

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salary, but then make sure that they're

also paying what they would be getting if

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they were working for someone else.

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So we take it for granted.

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And for some people, they worked, you

know, in a profit situation first, and

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they've walked away to start their own

business.

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And that has to be part of kind of the

cashflow too.

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So rather than just go buy the more

equipment or go spend it on something,

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spend it on yourself.

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And that could be in the way of a salary

or that could be in the way of a set by

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array or individual, you know, 401k or

whatever.

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I encourage every business owner to create

some type of retirement plan that's an

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employer sponsored retirement plan so that

the business is making a contribution to

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you.

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And maybe that's not salary now, but

that's important.

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And so when it comes back to this concept

about building your personal wealth and

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really accumulating wealth so that in the

future, one year, five year, 10 years from

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now, you're better off, you've got to put

money aside for savings and investing, or

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you won't hit those measurements.

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Your business could be the most successful

business today, right?

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And your 12 month cashflow could be

amazing.

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But if you're spending it all and you're

not,

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: 00:16:16

putting it into those savings or invest

buckets, then you are doing yourself a

312

: 00:16:20

disservice as well and not setting

yourself up for future financial success.

313

: 00:16:24

Yeah, let's kind of go down that path a

little bit.

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: 00:16:28

Like, let's talk about what is your advice

for, let's just go through like three

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: 00:16:33

different business owners.

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: 00:16:34

So we've got business owner number one.

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: 00:16:37

What do you tell that person who is just

starting a business and not really sure

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: 00:16:42

how it's going to go?

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: 00:16:42

They don't have a whole lot of sales, if

any, at this point.

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: 00:16:45

How do they set themselves up for the best

possible scenario long -term when they're

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: 00:16:51

just getting started?

322

: 00:16:52

There's no numbers to show for it just

yet, but how do you structure it?

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: 00:16:55

Like, do you just take a percentage right

off the top from day one, even if it's a

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: 00:17:00

dollar, because that's all we have and

then it's $2, et cetera, et cetera?

325

: 00:17:03

What's your advice there?

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: 00:17:05

I think that even starting out, because

it's all about habits, right?

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: 00:17:10

Yes.

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: 00:17:10

And so if you start out paying yourself,

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: 00:17:13

It's actually easier sometimes when you

don't have anything.

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: 00:17:17

So I have found, and that probably can

sound, you know, not intuitive to some

331

: 00:17:22

people, but actually the less you have,

well, then you don't necessarily feel like

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: 00:17:29

it's a big number.

333

: 00:17:29

Cause some people are intimidated to say,

I can't afford to pay myself, you know, a

334

: 00:17:33

thousand dollars this week or this month

or what have you.

335

: 00:17:36

And yet they could do $10, you know?

336

: 00:17:39

And so sometimes it's the small amount.

337

: 00:17:41

And I actually just recently had someone

reach out to me and I work with his wife.

338

: 00:17:47

And so he, you know, kind of came to me

and he's starting what is essentially a

339

: 00:17:51

side hustle.

340

: 00:17:52

I think of that category too, like, I've

got this little side hustle that, you

341

: 00:17:56

know, you think I'm going to just make

some extra money and he's detailing cars.

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: 00:18:00

And so he came to me and doesn't have.

343

: 00:18:03

the book of business or the revenue or the

numbers, right?

344

: 00:18:06

And so, so part of it for me was even

talking through what are your goals?

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: 00:18:10

What are, what are you expecting to bring

in?

346

: 00:18:13

You know, I'm not the, the business coach

per se, so I couldn't help them from a

347

: 00:18:18

pricing perspective.

348

: 00:18:19

And I know you talk a lot about this and I

love it when you remind people, increase

349

: 00:18:23

your prices.

350

: 00:18:24

Like that's one of the first things you

can do, right?

351

: 00:18:26

But so even understanding how much does he

expect to bring in?

352

: 00:18:30

And even if it's a small dollar amount,

353

: 00:18:33

than just carving out through, what are

you gonna set aside?

354

: 00:18:36

So even if you think about it in that

spend, save, invest, give framework, I

355

: 00:18:41

think that could be a good helpful way for

any business owner, but we'll use this

356

: 00:18:45

case study of new business owner.

357

: 00:18:47

So start there.

358

: 00:18:49

How much are you gonna spend?

359

: 00:18:51

How much are you gonna save?

360

: 00:18:52

So every time a customer pays you, let's

say they pay you $100, then just have your

361

: 00:18:56

own personal framework of, well, 70 % is

gonna get.

362

: 00:19:01

go out the door or that's how much is

going to get spent or whatever.

363

: 00:19:04

But I want to make sure to save 10%.

364

: 00:19:07

And then right off the bat from the day

one, if you can be intentional on the

365

: 00:19:12

investing side, you will set yourself up

for success.

366

: 00:19:15

And that can be a small amount.

367

: 00:19:17

That might be a roundup in utilizing one

of those kind of online banks that you can

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: 00:19:22

have a small balance.

369

: 00:19:24

But that's an investment.

370

: 00:19:25

And investment just means that you're

371

: 00:19:27

putting dollars into something today

that's gonna grow in value for tomorrow.

372

: 00:19:32

And if you think of just at the baseline

of what it means to invest in yourself,

373

: 00:19:36

invest there.

374

: 00:19:38

And then ultimately the giving pieces is

important too.

375

: 00:19:41

And I think that kind of gets overlooked,

but what's the purpose of having, you

376

: 00:19:45

know, all the things if you're not able to

also give back, whether that's in a pay it

377

: 00:19:49

forward with your time and talents, or if

it's actually your money.

378

: 00:19:53

So that'd be my advice, I think for

someone just starting out is,

379

: 00:19:57

Just be super intentional from the

beginning with your books, with the

380

: 00:20:01

business on the money side of that save,

spend, invest, give kind of those

381

: 00:20:05

components and incorporate that into, you

know, as you've got profits, as you've got

382

: 00:20:10

revenue, as you've got cashflow, where we

know which one of those buckets can it go

383

: 00:20:14

into?

384

: 00:20:14

Yeah, well, and I, I 100 % agree with you.

385

: 00:20:18

And I really believe that the idea of the

first hundred bucks, the next hundred

386

: 00:20:22

bucks, the next hundred bucks or whatever

that looks like, if we do it habitually,

387

: 00:20:26

it doesn't hurt.

388

: 00:20:27

Right.

389

: 00:20:28

I don't know who, I don't know, it might

be Dave Ramsey, somebody, but somebody

390

: 00:20:32

said at one point, it's that auto pull out

of your bank account.

391

: 00:20:36

So when I very first entered the

investment world and the financial

392

: 00:20:40

planning world, it's like, if we just take

it out before you even see it, you don't

393

: 00:20:44

know it's gone, but it's sitting over here

actually doing something productive.

394

: 00:20:48

Right.

395

: 00:20:49

So I think that's the way to go.

396

: 00:20:51

Right.

397

: 00:20:51

Is if you haven't started yet, no big deal

at the very beginning of your business,

398

: 00:20:54

just start from the first time you get

paid.

399

: 00:20:57

Right.

400

: 00:20:57

Separate your money separate like from the

beginning right the separate Please and if

401

: 00:21:03

you haven't separated your money right

now, and you're not at the beginning You

402

: 00:21:07

know what I'm gonna say and Melissa agrees

you need to separate your money

403

: 00:21:10

immediately Correct if you're listening

write this down your first thing to do is

404

: 00:21:14

separate separate separate and because

otherwise How are you paying you as an

405

: 00:21:20

employee?

406

: 00:21:20

versus the business owner, and I think

that's

407

: 00:21:23

You know, juggling the two hats.

408

: 00:21:24

So from somebody just starting off, it's

like encouraging, encouraging, make sure

409

: 00:21:28

you know, what hat am I wearing?

410

: 00:21:31

And I say that to people about their

money.

411

: 00:21:33

Like, well, which hat are you wearing?

412

: 00:21:34

Because, you know, they'll come in and

say, hey, I got this client or I got this

413

: 00:21:37

new deal or I'm bringing in a partner.

414

: 00:21:40

All right, well, which hat are you

wearing?

415

: 00:21:41

Are we having a business owner

conversation right now?

416

: 00:21:44

You know, or think about it as an

employee.

417

: 00:21:46

you're your best employee, you should be

your best employee.

418

: 00:21:49

Hopefully, right?

419

: 00:21:50

Fingers crossed.

420

: 00:21:51

Would you hire yourself?

421

: 00:21:52

And if not, then let's do a review, right?

422

: 00:21:55

And we need to have an HR discussion about

what is going on.

423

: 00:21:58

Right.

424

: 00:21:59

I think it's fire yourself every day and

hire yourself every morning or something

425

: 00:22:03

at the end of the day, right?

426

: 00:22:04

Because it's like, so that you are, you

know, doing better each day.

427

: 00:22:08

But anyway, I think that's a big piece.

428

: 00:22:09

And when you separate your money,

429

: 00:22:11

between personal and your business.

430

: 00:22:13

And even if it is $100, right?

431

: 00:22:16

Like find that free checking account

that's not gonna charge you fees, but that

432

: 00:22:20

allows you to do this transfer like you're

talking about where just transfer the

433

: 00:22:24

money and make sure if you're depositing

it into the one account, that then you've

434

: 00:22:28

got, you know, the transfer happening over

to the other account.

435

: 00:22:30

And that's just one way I think that can

be a good thing.

436

: 00:22:33

So for sure, that's the action item out

there if you're listening and you don't

437

: 00:22:37

have two checking accounts.

438

: 00:22:38

Business and personal are two separate

things.

439

: 00:22:42

And with that, we're going to take a

break.

440

: 00:22:45

I'm going to pause this interview here.

441

: 00:22:47

We get into so much fantastic information,

Melissa, Daily Newman and I in the next

442

: 00:22:53

segment.

443

: 00:22:54

And I wanted to push that into next week's

episode.

444

: 00:22:58

So we're going to pause here.

445

: 00:22:59

I'm going to wish you a very profitable

week and we will see you for part two next

446

: 00:23:06

week.

447

: 00:23:07

And that's this week's episode of the She

Needs Profit Podcast.

448

: 00:23:11

If you like what you heard today, connect

with us on Instagram at Sam the Prophet

449

: 00:23:15

Coach or leave us a review in your podcast

player.

450

: 00:23:18

Don't forget to sign up for our newsletter

packed with more Prophet tips.

451

: 00:23:22

The link is in the show notes.

452

: 00:23:24

See you next week.