20 Aug EP 168 | The Incredible Way One Couple Overcame Losing $1,000,000
Welcome to episode 168 of The Retirement Years on Profit Boss® Radio! In this episode, we’re bringing those of you who may be suffering financially a ray of hope.
When more than a million dollars disappears from your business – and, subsequently, your net worth – how do you find the courage and resilience to begin the emotional and financial journey to recovery?
Today’s guest is Ivy Slater. Ivy is an entrepreneur, best-selling author, speaker, podcaster, and certified business coach. Before she founded Slater Success, she operated a successful printing business for over 20 years in New York City.
Ivy had to learn hard financial lessons when she and her husband discovered a massive financial tragedy had occurred. She and her husband had to find a way to deal with their grief and anger while navigating an unrelenting set of financial commitments. While their story isn’t without missteps, ultimately they’ve set their recovery in motion in a way they can now be proud of.
If you find yourself at a financial crossroads, making virtuous and productive choices can feel futile, after all, the bank balances don’t rise automatically or immediately. Rewinding the clock on your financial planning by 20 years takes gumption, and it takes time to see the results of your hard work. Ivy’s is another of the stories we highlight on Profit Boss® Radio to show you that it does make a difference to make the right moves and start planning and building.
Today, I’m sharing parts of my conversation with Ivy about the intimate, difficult, and emotional process of losing everything and starting over – and how she and her husband exemplified my 7 Steps to Wealth framework as they courageously rebuilt their lives, survived serious financial trauma, and stayed together as a family.
Here’s what you’ll find out in this week’s episode of Profit Boss® Radio
- What happened when Ivy and her husband discovered that over a million dollars went missing – and how they created an action plan to start rebuilding.
- How Ivy talked to her kids about their serious money problems – and how she paid to put two kids through college, including one year where she needed to cover $100,000 in tuition expenses!
- Why accepting responsibility and committing to each other helped keep Ivy’s marriage alive at the toughest times.
- How navigating this loss helped Ivy prioritize herself, become a better leader, find joy, and pay it forward
Wealth Multiplier Course
If you’re running a business and are ready to finally master your numbers, CLICK HERE to put your name on the interest list for the 2020 Wealth Multiplier Course. We’ll be launching in September for all business owners, and if you’re ready to use your hard work to grow your net worth, I’m here to help you have the quality of life you’ve always known was possible.
Resources and Related Profit Boss® Content
- Slater Success Coaching with Ivy Slater
- Connect with Ivy Slater on Facebook, Twitter, LinkedIn, and Instagram
Call for Listener Stories
Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.
- If you crush a specific financial goal, I want to hear from you.
- If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
- If you are making big financial or career plans, I want to hear from you!
Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.
Email your audio clip to email@example.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!
And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.
- So, what’s that top of mind money question that’s been pinging around in your brain?
- Where have you been stopped?
- What have you been arguing with your spouse or significant other about?
- What tip or tool aren’t you sure about?
- Do you have questions about saving? Spending? Budgeting? Investing?
Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.
Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to firstname.lastname@example.org. I can’t wait to hear your questions!
Enjoy The Show?
- Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
- Don’t miss an episode, subscribe via iTunes, Stitcher or RSS.
- Leave us a review in iTunes and share the show with your friends
- Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
- Join the conversation by leaving a comment below!
Hilary Hendershott: I’m Hilary Hendershot, your host and this is Profit Boss Radio, The Retirement Years Episode 168.
The Retirement Years on Profit Boss Radio is your weekly wealth building and retirement mastermind. Profit Boss is also a movement for women who want to reach their full wealth potential and be financially free. Let me be your guide as you defy the odds, take control of your money, grow your wealth, and retire well. Do you want the secrets of wealth and retirement to be yours? This is the place. I’m Hilary Hendershott. I’m a certified financial planner running a leading advisory firm for women and couples and I’m sharing with you real stories from real life and real people who are making it happen. Forget Wall Street. You ready? Let’s do this.
Hilary Hendershott: For those of you who may be suffering financially because of the coronavirus pandemic I bring you today’s interview as a ray of hope. Today we’re going to hear from someone who had the unthinkable happen. More than a million dollars disappeared from her husband’s business and subsequently their net worth. She’s sharing her story today, her emotional and financial journey so you’re going to want to stay tuned for that. I really want to support you to get through this time financially. We’ve worked hard on the COVID-19 Financial Recovery Resources Center on my website. If you go to HilaryHendershott.com and click on Resources, there you can find out about the government programs that are available to you as well as evidence-based insights on the stock market, how to protect yourself from fraud which is rampant as fraudsters get into gear impersonating government officials offering assistance, be very wary, and evergreen insights from Profit Boss Radio to bolster your skillset and confidence.
I will share with you it was the last financial crisis that took me down financially. I was living in a financial house made of straw as it were. It didn’t take much to blow that house down and I found myself in a world of hurt. I decided that I was no longer willing to live that way. I was no longer willing to be someone who had financial emergencies and needed my parents to bail me out. I changed everything about my financial life after that, and now as you know, I teach all the things I learned and what I now know here on Profit Boss Radio and in my programs. When the pandemic started in March, my business income dropped by 30%. Almost immediately, my household income dropped by almost seven figures. I said to myself and my team, “Well, obviously, we’re not doing a wealth coaching program this year.” I just mentally threw that out the window. I dropped it like a hot rock. It took a couple of weeks for me to realize that all that pessimism was in my mind. I keep business and personal spending low relative to income so the temporary revenue drops really didn’t impact our ability to pay our bills or enjoy our lives at all.
I surround myself with cash now instead of debt. I have many months of spending in the bank accounts so I was never cash strapped and never entered that cortisol-filled place where you don’t know how you’re going to pay the bills that you know are coming. I was able to confidently tell my team, “At least for now, your jobs here are not at risk.” That was very significant and meaningful to me. I was proud to be able to say that and it isn’t something I would have been able to do at all at the last downturn. Then I decided to take the opposite view of you, my listeners, and the world who all want financial peace of mind and autonomy. What I saw is that this is the perfect year to offer a wealth coaching program. It’s fantastic. The need has never been greater and your access has never been easier for an immersive and transformative program you can complete all from the comfort of your home or your kids’ bedroom or your closet or your car or wherever the heck you’re working from.
Those were my money blocks coming back to haunt me. But now I have a really good warning system to know that my beliefs are limiting me. When I started to feel depressed and pessimistic, I just sat down and wrote out all the things I was saying to myself that caused that mood. And then I acknowledged to myself that I made all that up, and I got into action. So, are you ready to have this be the last economic event that impacts you financially? Are you ready to propel yourself into a future of financial independence and empowerment? I’m so excited to announce that we’re going to be launching my Wealth Multiplier Coaching Program in September of 2020, just a month from now, and some very cool developments there. First, you may notice the 50K is gone from the name. This used to be The 50K Wealth Multiplier Experience and now it’s just The Wealth Multiplier Course. That’s true, but it’s not because the program can’t produce that kind of result in your life but more because, of course, you have to walk that fine line between what you offer and what you promise.
I certainly can’t impact your money unilaterally. You need to really want to make a change. If you’re ready to make a change and willing to do the work, we will not be daunted. In the past, the program has been limited to women. This year the program is open to everyone. Why you may ask? Well, that is a big deal and I really did some real soul searching in December of last year. And what I saw and what my amazing team saw and created with me is that the world we’re really interested in living in is one where all people are thriving. My business is not just about producing revenue and profits. I’m here because I really want you to have quality of life. 2020 is a pretty unique year, yes? So, why not even make it more unique and open the program to all genders? Because our mission is all people are thriving. While this new version of the program is designed for business owners, all business owners are welcome.
So, if you’re running a business and you want to finally master your numbers in a six-month intensive experience, where you get your own cash flow coach to dig in to your business and personal numbers and finally make sense of them and get them headed in the right direction, start growing your net worth through all your hard work, break through limiting beliefs and disappear money blocks in a supportive and inspiring environment, head on over to the show notes for today’s episode at HilaryHendershott.com/168 and put your name on the interest list for the 2020 Wealth Multiplier Course. I’ll be sharing more about the program as the date approaches. The media is telling us that American savings rates are higher than ever. Everybody is staying home. You don’t have expensive clothes to buy. All of your travel is canceled. So, you have cash. You have time. Let’s get this aspect of your life handled forever. Get your profits and your personal net worth growing in the right direction.
Hilary Hendershott: Okay. Let’s get to today’s interview. With us today is Ivy Slater. She’s an entrepreneur and internationally best-selling author, a speaker, a podcast host, and a professionally certified business coach. Prior to founding Slater Success, Ivy owned and operated a successful seven-figure printing business, Slater Graphics for over 20 years in New York City. Ivy is a dynamic and no-nonsense lady. She interviewed me on her podcast and, of course, I talked about my financial turnaround story and the other stories my listeners and clients have shared with me. After she stopped recording, she kept me on the line. She actually took her laptop and microphone outside. Like hushed tones, she said, “Listen, I have something I can share.” She said, “I really haven’t talked about this publicly but I can tell that you’re sharing stories that really make a difference for people and I’m willing to share mine.” And of course, I had to hear more. And today, profit boss, you get to hear more.
I’ll be summarizing parts of Ivy’s story today and you’ll also hear parts of her interview where she shares some of the very intimate, difficult, and emotional parts of her journey. I’ll also be highlighting for you the aspects of the seven steps to wealth framework that Ivy and her husband exemplify in this story. For those of you familiar with my seven-steps framework, if you’re not, please go listen to Episodes 77 of Profit Boss Radio. The seven steps are decide, speak, plan, ask, earn, invest, and protect. And it’s through that seven-step framework that you really can transform everything, everything that’s happening in your financial life. If you get those seven steps working and running consistently in your life, I say you will have financial freedom and financial independence. Ivy and her husband suffered a financial setback that put them back below zero. They were forced to start completely over and you will hear elements of at least the first five of the seven steps in her story. I’ll be pointing them out as we go along.
The beginning of Ivy’s story goes like this. Ivy and her husband were successful business owners for nearly two decades. They owned a three-bedroom apartment in New York City and a country house. They were doing good and doing well. They had two children both in private schools In New York. Their son was in middle school, their eldest, the daughter, was in high school. When around 2006 interest rates were very low, you may remember, so they refinanced their house in a way that tied their own personal net worth to his business. In other words, they personally guaranteed some of the business. In that way, they set it up so that if the business went down, their personal finances were obligated to pay the debt. Now, he had a solid, long-standing profitable business so they didn’t suspect that anything was going to happen to that business. But to this day, Ivy regrets not trusting her gut about that refinance, which she double and triple-checked with her husband and the accountant. She is a numbers person. She says she’s a strategist, but her husband and the accountant dismissed her concerns and she ultimately ignored her hunch and moved forward, signing the refinance papers, something she came to deeply regret later.
Fast forward some time, her husband did something any ordinary business owner would do in the course of business. He had a right-hand person. This person was a male family member who had worked for him for years and Ivy’s husband made some scheduling requests of him. He said, “Hey, I’d like you to cover me so I can be out on these days and basically just move the normal schedule around and swap some workdays.” But it turned out, to all of their surprise, that person didn’t want to make scheduling requests. He didn’t want to make any changes, which left him in the office on certain days alone. Here’s what Ivy said her husband said to her about that conversation with his right-hand trusted family member employee.
Ivy Slater: Either his marriage is in trouble or he’s robbing me blind and you ever had that you know when you put something out in the universe? Six weeks later for $10 million business, he found, he discovered that $200 went poof in the night. And when he asked questions, the only person that could have gone poof in the night with was his right-hand person relative. That was the inkling. I came back from this holiday. He called me and he said, “Remember what I said when we were driving back from the country house and I said either his marriage is in jeopardy or he’s stealing or he’s robbing me blind.” That is the expression, right? He goes, “That expression seems to be fact.”
Hilary Hendershott: Ivy and her husband set to investigating, poring over the books, and working with a forensic accountant, going back the entire 20 years this person had been working for him. When the numbers were finally tallied, they counted more than a million dollars missing from his business. They both had serious suspicions about the family member who was working for the business. They hired surveillance and investigators to check out this inexplicable and mysterious behavior. Ivy was very clear in the interview that because of the status of the case, she is not making any accusation of this family member who was working for her husband. However, she can say clearly and ultimately, when all was said and done, more than a million dollars was missing from the business. And since this refinance had tied their personal fortune to the business, they were going to be on the hook for it. They worked to uncover the crime and then eventually Ivy’s husband fired the family member, but the money was gone. And this left them in the position as a couple to recoup all of those losses. Ivy’s world started to crumble.
Ivy Slater: At the same time, I have a midlife crisis, saying, “Oh my god, I turned 45. My father passed a year ago. I never mourned. I’m unhappy. Who am I?” and that’s a whole another story. And we realized that, okay, we have a big problem. The problem is seven figures, close to 20 years or something like that. That’s what disappeared. That was the hole in the business.
Hilary Hendershott: Soon, Ivy, her husband, and their attorney had a devastating realization. Because of the refinance, they were on the hook for the disappeared money.
Ivy Slater: We said, “Let’s really sit down and crunch these numbers,” and he said, “Well, you’re going to owe the bank over seven figures.”
Hilary Hendershott: Now, Ivy and her husband are resilient and determined, so they marshaled their resources and get into action, making plans to bring money in all the while grappling with their devastation and anger. Here is where you will hear Ivy and her husband decide to recoup their losses and be empowered. Ivy gets into action quickly and decides to downsize her family’s living arrangements to be able to decrease costs and pay the bills and she faces pushback but she is determined. This is plan, the third step in the seven steps to wealth framework. Then you’ll hear how her husband got on the phone and in a tremendous act of bravery and honesty and integrity, he will speak his truth to his business community and implicit in that speaking is an ask that gets fulfilled in the form of a lucrative job offer, which is of course, earn. Not only that, but Ivy shares how and what about the family crisis Ivy decided to share with her teenage children, which is also speak and how she creates the event as a family adventure, which is ask. She’s asking them to come along to participate, to still be a family, and to find joy in the process. So, the first five steps in the seven steps to wealth framework are here. You can hear Ivy and her husband manifest them courageously. Here we go.
Ivy Slater: Okay. We kept saying we’re two smart people. How do we deal with this? How do we handle it? What do we do?
Hilary Hendershott: Is that the first place you went to?
Ivy Slater: No. We went to we want to kill each other. Let’s be real. There was a lot of anger.
Hilary Hendershott: Didn’t you want to kill the other person?
Ivy Slater: He had an enormous amount of anger. I had an enormous amount of anger and had a lot of fear. I was scared to death because I kept saying my kids are now in their young teen years.
Hilary Hendershott: This changes everything.
Ivy Slater: How do we keep them in the schools they’re in, raising two kids in New York City? They were in summer camp programs. They had two parents who work and run businesses. They were in great summer camp programs. They had friends. We had financial commitments. It kept spiraling in that. There was one night that I remember standing. We put the kids to bed. It was school night so there was still like you kind of like said goodnight to them at a reasonable hour. I remember my husband and I looking at each other and he looked me in the eye and he said, “They’re healthy. We’re healthy. It’s only money, Ivy.” I was crying. 100% I had tears running down my face and I couldn’t be loud because they were like sleeping and the New York City apartment is a lovely apartment. It’s only a city apartment so mom cannot get hysterical unless like you go really into your bedroom and you close all the doors. And he goes, “They’re healthy. We’re healthy. It is only money. We made it. We’ll make it again and then some. We know people. We know really smart people who have lost a lot of money in business and who were uber-successful. We will be back.”
Believe me. I had a lot of hours of tears, okay, and I had a lot of hours of fear of just sitting in a quiet place. I would leave my printing office. I had already started going to open Slater Success. I was in this transition. I made a commitment to this transition. I looked at him. I said I’ll get a job in a printing plant. We’ll have a steady income. And he looked at me he goes, “Absolutely not.” He goes, “If you believe you can do this, then you can do this. You’ve done crazier things. Do it. But make it happen.” And so, then you have the guilt like getting a job in a printing plant was such an easier solution, right? Because it was just so easy. I know that stuff. I could sell printing. I could manage production.
Hilary Hendershott: And when you go into business, you have to be self-confident and you’re probably lacking self-confidence at this point.
Ivy Slater: I had nothing because I kept beating myself up saying, “I knew. I knew.” And I knew what my gut was telling me and I kept listening to those guys and I knew I should have pushed back stronger. So, there was the blaming of myself. There was an anger at myself. Because of that, my confidence went into the tank. So, when I started building this company, when people said, “Oh, you should charge this and you should do that,” it’s like, well, I really can help many people because I couldn’t see how I could even help myself in that moment.
Hilary Hendershott: Yeah. And so, in many ways, getting a job would have been the easy solution but it also prevents upside.
Ivy Slater: I haven’t had a job since I was 28 years old. And so, my concept of having a job is somebody’s going to pay me. I don’t know what they’re going to pay me, $40,000, $50,000, $60,000. What’s that going to do? Not with those numbers.
Hilary Hendershott: Not much when it comes to a seven-figure debt. So, you measured the debt. You have the forensic accounting firm. You’ve acknowledged the numbers. How long is the trough? And what are the things that you need to do to put the pieces back together? How long were you just like at bottom?
Ivy Slater: My husband eventually in March of ’08, we made the decision to close his company and that was a big decision. It was his very first baby. He opened it the month we discovered I was pregnant with my oldest child. So, it was significant. He had lost both, original partners had passed many, many years ago. It was significant and then spent the next several weeks calling every person he knew in the industry he was in for 25 years letting them know that he closed the doors. Because he felt if all industries have the degree of gossip then he said, “I’d rather them hear from me that I closed the doors more than anything else they’re going to hear on the street.” Through that, an opportunity came for him for employment. We looked at each other and we knew we needed to have income. He took that a little before all of that happening. I told him we’re going to sublet our apartment. That’s going to give us enough money to pay our mortgage, rent another apartment, that we could keep the kids in school, that it might not be as beautiful as fancy as ours, but we’ll figure it out. We’ll create a criteria. I already looked online. We could look in these neighborhoods, we could keep the kids in their schools, and we can pay both bills.
He thought I was crazy that it was an emotional time. We’re starting to see the numbers, really starting to see we were underwater but then you have to accept you’re drowning. You’re seeing it. You kind of look at the water and say, “Wow, I’m not in a good situation here. I wonder if I can get to shore,” but you still believe you can get to shore just the way things are. You don’t need help yet. Well, we could do this and we could do this and we could do this. And I said, “And we could do this now.” Granted, remember what I said, there was some emotion. We did some fighting. Don’t get me wrong. I said, “Well, you might feel that we could figure this out but part of figuring this out is we have a 6:00 appointment tomorrow.” I’m not saying we’re going to do it or not, although, I clearly knew we were going to do it, for me. I said, “But we have to explore everything.” The broker came over, gave us a range for the apartment, and he’s like, “And what are we telling our young teens like why are we moving? Like this is their home. This is where they were raised.”
We were as honest as young teens needed to know. So, we shared that there were some business issues and that this was a strategy, but in the strategy, we’re going to make this fun. So, as opposed to us hiding it from you, you are welcome to come online with us and look at apartments. We could look at it during the week if you don’t want to be part of it. We could look on the weekends if you choose to be part of it. We approached it that way and they chose to be part of it.
Hilary Hendershott: In retrospect, now that you’re through it because a lot of the questions I get are about how to talk to kids about money. Is there anything you would do differently about the way that you did? It sounds like you really created it as an adventure and a family activity.
Ivy Slater: A hundred lessons learned. Number one, when you’re making these decisions, you don’t know what’s right. There is no book you could read that says this is how you talk to teens that your parents are about to go financially under. It was being as honest within boundaries of their comprehension. There was upset. There was pushback, “I don’t want to move.” I said, “I agree with you. I understand completely.” I’d say one of my lessons learned is one of the greatest skill sets was I had gone through coach certification already at that time and I learned this skill set of acknowledging and validating and that was listen and repeat back what they’re saying so they know they’re heard, and how important it is for people to know they’re heard. “I understand you don’t want to move. I get that. I’m not saying I want to move either.” So, I didn’t say I didn’t want to move. They would come to me with the talks and I say, “But this is the best thing for dad and we love dad. And this is the best thing for our family. And sometimes you do things as a family that might not be the most fun thing in that moment but think of all the fun things we’ve done together and how dad and I working in our businesses had been able to gift that to ourselves and our lives. And this is something that’s important to do because we love dad.”
Hilary Hendershott: Ivy shared that her children who had been in high school when Ivy in her husband learned about the seven-figure hole in his business only learned about the betrayal that had occurred many years later when they felt it was appropriate to share and that the kids could handle that information like adults. They didn’t need to know about it when they were 14, of course. In this next clip, you’re going to hear Ivy talk through paying for two kids to go to college after suffering these devastating financial losses. In her response, you’ll hear more of Ivy employing earn and a lot more of plan. She’s allocating their scarce dollars based on their priorities and you’ll hear her talk through her decision framework, acknowledging that she did something she didn’t have to do. You’ll also hear how growing confidence led Ivy to growing bank account balances. She’ll also share with you her motto that kept her going and inspire during tough and lean times. I asked Ivy if the losses meant they would no longer be able to pay for the kids’ college.
Ivy Slater: You would think it would and amazingly, it didn’t. So, my daughter is the older one and she went to University of Wisconsin and my husband and I, he was unemployed. He was already doing very well. By then, we had a lot of debt to pay and we were strategically navigating a little bit here, a little bit there, a little bit here, a little bit there. You go through your expenses. You’ve cut your expenses. It was a few years later that she had entered college. It was about three to four years, three-and-a-half years later. So, we didn’t have the savings much but we had the business. When I started building my confidence back as a business leader, I was able to then start moving Slater Success forward. We paid for both colleges at a cash flow. It was one year overlap that my daughter was graduating and my son was a freshman. The tuition was $100,000.
Hilary Hendershott: $100,000 in one year? That is a lot of money to come up within one year. How did you do it?
Ivy Slater: It takes me back to my high school years but in high school, there was a dance called the hustle and that was my motto. Not kidding. You need a motto. You need to have something that mobilizes and generates you and it was like John Travolta with a floral shirt on, and it was doing the hustle. That was my motto that year. Again, my kids are smart. My son got a little bit of a scholarship but he was also in a private university. It was a lot of money.
Hilary Hendershott: I asked Ivy what was it like emotionally to choose to fulfill on that financial commitment when so much had gone awry with your plan. Were you fully in? Did you consider telling the kids they were on their own for college? Where did you find your inspiration? Again, you’ll hear her talk about the decision she and her husband made. They decided that this loss wasn’t going to cost their kids any more than it already had. Not only that, and I think this is one of the most inspiring parts of this story, you’ll hear how her husband took responsibility for what had happened to them. It wasn’t his fault but he took responsibility for the oversight and most importantly for what was going to come next. That takes an empowered human being and that is the kind of empowerment I encourage and see happen in my wealth multiplier course and that is what allows a human being to be free. You’ll hear how it impacted Ivy and she says that is a large part of the reason they stayed together, moving past the past, taking responsibility, and moving forward authoring their lives.
Ivy Slater: If you’re going to go into that begrudgingly, so we did not have to pay for college. You do not have to pay for your children’s college. You can pay for part of it. You could pay for none of it. Taking loans was not an option under our names. There are things you can do and there are decisions you have to make. And you have to know in your heart of hearts, what the decisions are you’re making, your why around what’s making those decisions. So, it’s not something we had to do. It’s something that from the time they were born that we talked about that we were committed to do and it was not about following through the commitment to our kids. It was about following through about the commitment that we made to ourselves that we wanted our kids to graduate college without debt. It is important to understand what you’re committed to and why you’re committed to it. Because you can’t pull yourself out if you’re not. If you don’t know why you’re committed to something then you get really, really, really tired when you’re trying to pull yourself out versus motivated and mobilized to do it.
We were both victims, yet the reason our marriage lasted, and this is for me important and there was fighting, there was arguing, there was a lot of emotion, there was a lot of tears, there was a lot of anger, is there was one blow up that my husband looked at me and he said, “Nobody took from me. I hold 100% of the responsibility that I allowed people to walk out the door with what was mine. I took the eye on the ball. I hold responsibility.” In that fight, he goes, “And I promise we are both smart enough and we will pull through this and I am committed to you.” Through a lot of tears, we recommitted to one another and he held the responsibility. See, you can’t be stolen from in a situation like this. We were victims and we weren’t victims. What I am saying is to come out of it, we were a really good team on the good days and we were a team on the bad days.
Hilary Hendershott: How can someone find that kind of strength like you have?
Ivy Slater: How do you find the strength? You have to be willing to do the work. So, resilience comes from within. In the mayhem of it, I’ll tell you, I gained 10 to 15 pounds and I got back out and I started taking care of myself again. I started taking my own health into perspective. I played around with meditation. I knew I was a leader, not just for my business. I was a leader for my family. And so, it had to come from me leading myself first. And so, one of the switches that clicked was for me putting that as a priority. Thank goodness we both thrive in what we do because we’re not going to be early retirers. So, building forward isn’t about, “Oh my god, we have to see how much we can save right now.” Part of it is the strategy there. Yes, vitally important to have a strategy there. And the other component is be in the joy of what you do so you can gift it forward to your family, yourselves, and the lifestyle like as I choose to one day, hopefully, I’ll be a grandparent. I’ll be a grandma. What do I want my life to look like then and what I’m doing as opposed to saving for retirement? I’m planning for that next life’s transition.
Hilary Hendershott: There you have it. That’s really in the trenches with getting lemons and making lemonade, don’t you think, profit boss? Those are the kinds of miracle stories I love to hear. I hope you found this inspiring. To find out more about Ivy, check out SlaterSuccess.com or find all the ways to contact Ivy in today’s show notes at HilaryHendershott.com/168. Also, let’s make this your lemonade year. I’d love to have you in my wealth multiplayer course. Come put yourself on the interest list at that same web address. See you next time, profit boss.
Hilary Hendershott: Hey, profit boss, if after listening to today’s episode, you think you might be ready to take meaningful actions with your wealth and perhaps consider working with me and my firm in some way, then I’d love to hear from you. Just go to HilaryHendershott.com/Start-Here. When I’m not sitting behind the mic, I’m running Hendershott Wealth Management. We’re a fee-only fiduciary financial advisory firm. We work with women and couples to take their finances to the next level. Everything I talked about here on the show gets personalized and put to work for my clients. So, I ask you, why wait until tomorrow when you can start realizing your full wealth potential today? The life you want to live, it doesn’t have to wait. Just imagine the freedom and joy you’ll experience when you’ve secured your retirement and enjoyed the years leading up to it. That’s what I want for you. That’s what I do for my clients. And if that’s what you want for yourself, just head on over to my website right now, HilaryHendershott.com/Hello. All of our initial conversations are totally complimentary. So, let’s just see where our friendly conversation may lead. HilaryHendershott.com/Hello.
Hilary Hendershott: As we wrap things up here for today, I need to review with you the things I have to disclose as a fiduciary financial advisor offering wealth management services through my firm, Hendershott Wealth Management LLC. You should know that the opinions I express on Profit Boss Radio are my own and they can change. The content I provide in the show is for general education. It’s not intended as specific investment advice, nor do I recommend any specific financial products. Unlike how I roll at home with my husband, I can’t guarantee that my statements, opinions, or forecasts are always 100% right. Of course, I wish I could peek into that proverbial crystal ball but so far, I haven’t found it. Past performance is not indicative of future results. I talk a lot about indexes and I want you to know, you can’t actually buy an index because, of course, when you take a list of companies and create a product that allows people to invest in those companies, there are fees and expenses involved that reduce returns. Remember, all investing involves risk, which as you know, means you could lose your money and I have to tell you that there is no guarantee that any investment plan or strategy will be successful. And that should keep my lawyers happy. Have a great day!
Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.