Secrets of Success - Molchan Financial

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Molchan Financial and Money Momentum

How would you characterize your relationship with money? We all believe we know the best way to make money, save money, spend money – but do we? This week we are profiling downtown business owner, author, speaker, money coach and financial advisor, Shari Molchan, owner of Molchan Financial and Money Momentum. Shari is in the business of teaching people, especially women how to how to have it all.

DNBIA: How long have you been in business?
Shari: Downtown; 8 years and 16 years total as a Financial Advisor.

DNBIA: How many employees do you have?
Shari: No employees, but I do contract out work. I have a virtual assistant.

DNBIA; Can you give us a short description of your business?
Shari: I do Financial Planning and Money/Success Coaching.

DNBIA: What motivated you to start Molchan Financial?
Shari: I was in the industry already for 8 years, but I knew there was a piece missing in the way that financial planning was approached. There had to be an educational element. I know from personal experience that financial planning for women is different in many ways; we live longer, we are in the workplace less, and statistically we make less, however that is slowly changing. We all have grown up with different beliefs around money and we need to understand those beliefs and learn new ways to achieve success with money. From the very beginning of my business I have adopted an ‘out of the box’ approach to financial planning. I started the Diva Club in 2005, which educated women about money and I made it fun. As I helped women with their investments, I recognized that women stay stuck in their beliefs around money. I wanted to empower women so they can achieve their dreams and turn their passion into profit.

DNBIA: You make investing and success sound fun?
Shari: I believe in doing what you love. I love to golf, so I started the Ladies Golf Business Network. It’s fun to be able to have some laughs with the girls – learn some golfing techniques, network with other women and get empowered by a speaker while enjoying dinner. I recently just started; ‘Wine, Women and Wealth’ workshops. I am building a community of women who want to take charge of their financial future by expanding their knowledge, and building their confidence regarding money and wealth. Amazing things happen when women team up – especially when you add fine wine to the mix!

DNBIA: Why did you choose to locate your business in downtown Nanaimo?
Shari: Eight months after I left the corporate world, I came downtown. Before coming to Nanaimo, I had lived in downtown Vancouver and I loved the ambiance, the people and the energy of a downtown. I knew I wanted to be part of the community. Before opening Molchan Financial, I was a Manager at Clarica and I did a lot with the community. I was an active Chamber of Commerce member, a member of Business Networking Institute. I am also Past President (couple of times) of Nanaimo Women’s Business Network. I found this downtown gem of a location and it was perfect. I was already doing things downtown, like the Diva club at the time, so I thought; I may as well work downtown, it felt right and like home.

DNBIA: What is Money Momentum?
Shari: Money Momentum is the coaching side of my business. I am originally known for being a financial advisor, but now I am becoming known for being a money/success coach. I help people create a vision of what their life or business would look like if they had a different money mindset. Couples don’t talk about money, as a society we don’t talk about it. I love breaking down the messages and beliefs – keeping the good ones and getting rid of the bad. Sometimes it’s not about your money at all but about your personal life, even your marriage. The number one reason for divorce is a lack of communication and often it is because they don’t talk about money. I love helping couples get on the same page with money basics and a plan.

DNBIA: Were you always successful with money?
Shari: When I was 38, I was raising two teenage boys, I had been divorced twice and I was in deep debt.  A woman that I worked with was single, had a nice car, a home and I said, I want that life, and she said I’ll show you how. She mentored me and it changed my life dramatically. Now I want to pay it forward.
It was work. I had to be my own white knight. Starting my own business meant leaving a successful career and I went from a six figure income to zero, but within 18 months I was back up there. If you do what you love the money will come, but you have to learn to set goals, that is why I wrote my book “Maximum Money Momentum” It’s a goal setting guide; a step you need to learn because – it’s not about the money, it’s about what you want! I teach women to be successful with money by empowering and supporting them. The hardest part is recognizing that you have a problem with money and most are not honest with themselves with their issues around money. Money gives us choices. The key is to realize and actualize what our purpose is and declare our intention – then be open to the possibilities. How does one become a butterfly? You must want to fly so much that you are willing to give up being a caterpillar.

DNBIA: Why is this approach more successful than the traditional approach?
Shari: Times have changed, people are no longer able to have “Freedom 55” or even retire at 65, yet investment companies are still using old financial models with their clients. Most baby boomers have grown up in a “buy it now society” and they have not planned for the future; this is really hurting people. I help them by looking at their financial situation with fresh new eyes. I’ve been at the bottom where there is no light, and if I can do it, others can too. It is important to have the support of someone who understands. I have 16 years of financial planning and over 50 years of life experience, and my mission is to empower other women to be successful.

DNBIA: What is it about your business makes you the most proud?
Shari: I am most proud of being a role model for women. A lot of women look up to me. I inspire other women to go for it and not let them stay small. One of my clients who was a nurse working in a private office came to see me with her husband because she wanted to get their finances in order. They needed to have two incomes, with 2 little ones at home still. I helped them focus on what they wanted and after one year, she was able quit her job, doubled her income and spend more time with her family and do what she loves. I have many success stories. I love it when my clients tell me that when they go to spend money; they hear my voice in their head – in a good way…. that is my success. My goal is for my clients to say; “Money…Yeah I do that!”