Alright – so today we’ve got the honor of introducing you to Mahalene Dulay. We think you’ll enjoy our conversation, we’ve shared it below.
Mahalene , looking forward to hearing all of your stories today. Let’s kick things off with a hypothetical question – if it were up to you, what would you change about the school or education system to better prepare students for a more fulfilling life and career?
Money is deeply rooted in many different aspects of our lives, no matter where someone is in their journey. As a financial advisor for the last 15 years, a common theme that I see with my clients and my community is the lack of sound financial education. To be clear, I’m not talking about the AMOUNT of financial educational resources and tools that are out there. Social Media and the rise of money influencers have given the masses access to information from savings hacks, investing, home buying and the “secrets” of the wealthy. While this is a great way to get relatable bite-sized information and tips, it’s still not accessible to everyone. Also, let’s be honest… not everyone on the web has the credibility or credentials to claim themselves as a “money expert”.
What I would change about our education system to prepare students for a fulfilling life and career is implementing comprehensive financial education and literacy as early as Kindergarten, if not sooner. More importantly, I believe that this type of curriculum should be part of the requirements to graduate. Learning about money and how it plays a role in our lives should be as much of an integral part of our education system as math, science, history, reading and language. Financial education should also include topics on our behavior, attitude, relationship and building healthy habits around money – these aspects play an important role in HOW we use money in our lives.
Nowadays, students follow different paths to pursue their passion or career: college, trade school, apprenticeship or starting their own business. No matter what direction that may be, money and what to do with it will show up in different forms. Whether that’s in the day-to-day or saving and investing for bigger, long-term goals, our students need to have the financial fundamentals to feel confident in their decisions.
Back in high school, my economics teacher spent a week with our class talking about credit cards, the importance of saving for emergencies and investing as early as possible. This experience was one of the first of many in the years to come to spark my interest in personal finance. Though I remember thinking how cool it was to talk practical life skills, I didn’t take action on it myself as soon as I started working and going to college. Whether it’s because I was caught up in being a young adult or other reasons, I look back on it now from the lens of a financial advisor and see the benefit of having those conversations early on, frequently and consistently.
Imagine what it could be like to give our students the education and tools over a long period of time while being in school to then turn around and use that knowledge to create a big impact in our world. Imagine the possibilities of closing the wealth gap for women+ and communities of color with financial education. For me, why imagine when financial education in our schools can be a reality if we implement the policy to enact change. Believe me, it’s a huge endeavor and requires more than just policy to make it happen, however, I strongly feel that this is an area that we all can benefit from.
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
My story started before I was born. I am the proud daughter of Filipino immigrants who came to the U.S. in hopes of achieving “The American Dream”. They faced discrimination and had to assimilate to fit in the neighborhood I grew up in. Despite their hardships, I watched them start with little to their names to becoming successful business owners. Though they worked hard to create the life they wanted, my parents did it all on their own without much financial guidance. The stress of having to figure it out themselves inspired me to take my own journey of entrepreneurship and help others thrive in the lives they envisioned.
I graduated from the University of San Diego with a degree in Business Administration/Finance, then started my career as a wealth advisor with a larger firm in San Diego. As a female advisor of color, I had my own set of challenges for not looking like my white, male colleagues. I wasn’t taken seriously and had my own experiences with microaggressions both in and out of the office. Nonetheless, I built a successful business and realized that in order to give other women of color and other historically marginalized communities representation in the money space that has for so long overlooked them, I took a leap of faith and opened my own firm in 2018. Thus, Modern Wealth Collective® was born.
My clients come from different walks of life, but my passion lies is helping women+ of color, moms and small business owners thrive in their financial confidence and success. It’s through curated holistic financial plans where my clients and the community I serve can find alignment in creating, building and protecting their wealth with what’s most important to them. I’m going on 15 years strong — it’s an honor to work with clients for the long-term and see their life story evolve throughout the years.
LIVING LIFE WITH PURPOSE
I believe that it’s achievable to create a successful business that aligns in harmony with my values and vision. When I’m not in the office, I dedicate my time to organizations and initiatives that serve to make a positive impact in financial education, the environment and women+’s rights.
Of course, life is also about having fun! I love being outdoors in nature as often as I can, whether that’s hiking or hanging at the beach. I’m a “Game of Thrones” and “Bridgerton” fan, love cozying up to a good book or podcast, eating my way through my travels, exploring new things and having dance parties wherever I go. Family is a core value of mine – my kids are my WHY for working as hard as I do.
As a working mom of three (five if you include my dogs, Guiness and Arya), I understand the challenges of having to “balance it all” between family, business and community service. To be honest, balance in motherhood and business doesn’t exist, so instead I pride myself in focusing on living my life with purpose, be present, and more importantly, giving myself grace. Motherhood is not easy, but having a supportive family, friends and team is a great reminder that time is my most valuable asset.
Any advice for growing your clientele? What’s been most effective for you?
I’ve always been a social people person – I love building connections with others. It’s through these connections that my most effective strategy for growth has consistently been, and continues to be, my community and network. My community is built on finding those that align with similar outlooks on life, who I can relate to and who fills my cup. Over the years, I’ve learned that abundance in these connections comes from showing up and providing value first. By elevating others and focusing on collaboration over competition, stronger trust is built, and the money will follow.
Learning and unlearning are both critical parts of growth – can you share a story of a time when you had to unlearn a lesson?
Growing up, my immigrant parents taught me that hard work equals success. Though this is true to a degree, it also came with a price. They built a successful business and provided more than what my sister and I could ask for, but did a lot of it with little help and with a hustle mentality. I understand why my parents went this route – they came from little to their names to a brand new country and wanted to make a name for themselves on their own. I’m incredibly proud of their accomplishments and living their best retirement life now, but they didn’t have many opportunities to enjoy their hard work during their working years.
The lesson of hard work I learned from my parents is valuable to me and something that I strive for in everything I do. The pitfall to this “hustle mentality”, however, is that I had a difficult time (and still do sometimes!) asking for help when I needed it. Entrepreneurship can be lonely, as can motherhood – put the two together and burnout can be amplified. Not to mention I’m the oldest child and have a Type A personality, which inherently puts high expectations on myself!
It’s taken a lot of years and reflection to not just ask for help but to receive help as a necessary part of my success. By shifting my mind and way of doing things from, “I can do all this by myself” to “I can do all things better with the help of others”, I have been more intentional about focusing on the needlemovers of my business and what I love most in my personal life.
Contact Info:
- Website: www.modernwealthcollective.com
- Instagram: https://www.instagram.com/modernwealthcollective/
- Facebook: https://www.facebook.com/modernwealthcollective/
- Linkedin: https://www.linkedin.com/in/mahalenedulay
- Youtube: https://www.youtube.com/channel/UCDIr4kJ0s23JOVNJG7mIW4A
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Modern Wealth Collective® is not affiliated with Kestra IS or Kestra AS. Kestra IS, Kestra AS, and Modern Wealth Collective® do not approve, endorse, nor are affiliated with these sites or any of the material contained therein. This profile is published for residents of the United States only. Registered Representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact our Compliance Department at 844–553–7872. Investor Disclosures — https://bit.ly/KF-Disclosures
Image Credits
Keeley Miller Photography and Tanya Mercado Photography