When Barbara Boustead’s mother, Mary Hyatte, could no longer manage on her own, Barbara took on the role of meticulously managing her medical and financial documents, negotiating with creditors and advocating on her behalf with service providers. Before long people started referring to her as Mary’s Daughter.
A licensed clinical social worker for almost forty years, Barbara decided she would like to assist with the many money management needs of especially seniors and veterans who do not have adult children or family members or friends to help them. While researching how she could provide these services she came across the American Association of Daily Money Managers website. It was then that Barbara knew she had found her calling.
In 2011, at age 60, Barbara launched her Daily Money Management (DMM) business. As a tribute to her mother she landed on the business name Mary’s Daughter LLC which is based in Madison Wi. She has worked with individuals, couples and families as a therapist and councilor and has an excellent understanding of the complexities and challenges that impact veterans, older adults and their families when dealing with legal, financial and medical matters. Barbara says that her mom, who passed away in 2014, inspired her everyday with her unconditional love, attitude and grace. Barbara plans to continue her legacy of serving others to honour her mother.
Clients who contact Mary’s Daughter are usually in need of assistance with getting bills paid, reconciling bank statements, organizing legal, financial and medical documents, or just getting a sense of order in their lives. They are often overwhelmed by piles of paperwork and stacks of unpaid bills. Her mission as a daily money manager is to ease the burden of financial tasks so that clients can live their lives without worrying about whether or not the bills have been paid.
Barbara says that she is often the “eyes and ears” of the adult children of her clients. Many do not live close to their aging parents or are unable to visit on a regular basis. She can spot if “mom” hasn’t been taking her medications or if a client is having cognitive issues and may need someone to come in and help during the day. She can also recount stories of protecting clients from financial fraud committed by caregivers or family members.
At age 65 Barbara recently retired from her work as a social worker while simultaneously celebrating the fifth anniversary for Mary’s Daughter LLC. I can attest to the fact that all it takes is a few minutes chatting with Barbara to get a sense for the energy and enthusiasm she has for life. She has no plans for slowing down and in fact in many ways has never been more fully engaged.
So what are Barbara’s lessons learned and words of wisdom that can benefit any 50+ aspiring entrepreneur?
- Find your passion or an area of interest that motivates you. Barbara already had a fulfilling job, but at the time when most people are contemplating retirement she discovered a passion and found time to take on a new dream. Barbara will be the first to tell you that it took a lot of hard work and advise you to keep your passion as a hobby if the hard work is not of interest.
- Fund your business with money separate from your living expenses. By continuing her work as a social worker, Barbara was able to cover basic expenses including health and disability insurance and over the last couple of years was able to save 50% of her income in preparation for the loss of this income in retirement. Barbara has a partner who was supportive of this plan. She advises that having a candid money conversation with family is very important before launching any business venture.
- Develop a great supporting team, people who will help you take your business where you want it to go. For Barbara it includes her business coach and website support team, among others.
- Express gratitude and appreciation for the opportunity. According to Barbara starting a “next chapter” later in life is incredibly rewarding and fulfilling. Each day provides an opportunity to make an impact for good. She is grateful for each day. She loves learning from others and is truly amazed by the generosity of top notch entrepreneurs and professionals who are eager to share their time and expertise.
Living life on your own terms. Doing something that you are truly passionate about with the flexibility to continue to entertain other interests. The opportunity to give back and create a legacy. These are all things that describe Barbara’s journey and something we can all aspire to as we contemplate our own “next chapters”.