937 Michelle Taylor:

Wings of Inspired Business Podcast EP937 – Host Melinda Wittstock Interviews Michelle Taylor

Melinda Wittstock:

Coming up on Wings of Inspired Business:

Michelle Taylor:

So many powerful conversations are had on the golf course or over bourbon and cigars, and it’s not even in the conversations that we’re having with sisters, you know, close friends, exposing our daughters to, but it’s the conversations we’re having in professional settings as well. I think that when we get together as female founders and entrepreneurs, we are just still skirting the issue, not asking the hard questions and not always sharing the resources that we’ve discovered or been led to that could benefit another woman. So, it’s really just, you know, encouraging each other, asking the awkward questions. I can’t tell you how many times I’ve had to say, I hope that isn’t uncomfortable. I talk about money for a living.

Melinda Wittstock:

Ladies! How many conversations do you have about building your wealth with other women?  How often do investment strategies come up in casual conversation?  Michelle Taylor says there is a striking difference between how men and women discuss money. Michelle says women shy away from expressing their financial ambitions—likely because all too often expressing big goals, like building a billion-dollar business, can draw skepticism from other women, while men are typically more encouraging with each other. So today we talk all things money and wealth and how women can get better at stepping up for each other.

Melinda Wittstock:

Hi, I’m Melinda Wittstock and welcome to Wings of Inspired Business, where we share the inspiring entrepreneurial journeys, epiphanies, and practical advice from successful female founders … so you have everything you need at your fingertips to build the business and life of your dreams. I’m all about paying it forward as a five-time serial entrepreneur, so I started this podcast to catalyze an ecosystem where women entrepreneurs mentor, promote, buy from, and invest in each other. Because together we’re stronger, and we all soar higher when we fly together and lift as we climb.

Melinda Wittstock:

Today we meet an inspiring entrepreneur who made money her business. Michelle Taylor is the founder of Women and Wealth and a passionate advocate for closing the wealth gap for women. Growing up with a single mom struggling to make ends meet, and then navigating entrepreneurship, Michelle has witnessed firsthand the structural and cultural challenges women face around building wealth. From the subconscious bias that restricts female founders to less than 2% of venture capital investment to our own subconscious blocks to knowing our true value, we talk about how and why it’s vital to shift our money stories, get financially literate, have the hard conversations, share resources with other women, and encourage each other to aim higher.

Melinda Wittstock:

Michelle will be here in a moment, and first:

[PROMO CREDIT]

Are you building a never-ending job for yourself – or an asset that will grow your wealth and assure your legacy? Women entrepreneurs are doing amazing things in record numbers, facing down challenges men don’t. Less funding. More juggling. Constant second-guessing. And a world that tells us to “play nice” and not ask for too much. We succeed against many odds, so it makes sense to take advantage of whatever resources and knowledge we can find to use our businesses to generate generational wealth and impact. So if you’re stuck in the grind, navigating complex markets, AI disruption, economic headwinds all while balancing family, relationships, and your own wellbeing, it’s time to think differently. That’s why I’m inviting you to join the next cohort of Zero Limits Value Growth Club. It’s led by VC investor and serial entrepreneur Steve Little, who’s built 6 of his own businesses to 9-figure exits, helped 470+ companies more than 20X their value, and now also invests in female-founded businesses. I’ve known Steve for a decade, and what I’ve learned from him along the way has been nothing short of transformational in helping you understand and operationalize what is growing the actual value of your business. Hint: It’s not revenue and earnings. Check out what we do in the Value Growth Club, how it’s all custom-crafted for you and your business to uncover hidden risks and unearth hidden opportunities– all with monthly interactive sessions with other mission-driven founders and CEOs, office hours for real-time decision-making, Steve’s personal guidance and access to bold supportive founders like you, plus allies and investors. So, if you’re waiting for the “perfect time” – spoiler:  it never comes. This is for women who are done with guesswork, isolation, being underestimated and are ready to grow their lasting wealth and legacy. Because you deserve more than a seat at the table. You deserve to OWN the table. Check it out at growthclub.zerolimitsventures.com and hope to see you on the inside.

Melinda Wittstock:

Chances are you’ve overheard groups of men talking about money—investments and opportunities, and sharing their knowledge with each other. At the golf club, in the bar, on the basketball court, wherever. It’s always matter of fact, no shame, no reservedness. 

Melinda Wittstock:

It’s different when it comes to women, and Women and Wealth founder Michelle Taylor today explores with me the scarcity mindset that holds so many women back, and provides actionable strategies to not only claim your value in negotiations and venture pitches, but also create financial independence through diversified investments. Whether you’re a startup founder, a seasoned entrepreneur, or just seeking greater confidence in your financial journey, this episode is filled with wisdom, encouragement, and real-world tools to help you reframe your relationship with money—and help the next generation of women rise.

Melinda Wittstock:

Let’s put on our wings with the inspiring Michelle Taylor, founder of the Women and Wealth Initiative and host of the podcast, Talk Wealthy to Me.

[INTERVIEW]

Melinda Wittstock:

Michelle, welcome to Wings.

Michelle Taylor:

Thanks so much, Melinda. I’m happy to be here with you.

Melinda Wittstock:

Yeah. I want to get straight into it with what led you to this? What made you want to solve the wealth gap for women? It’s a big thing.

Michelle Taylor:

It is a big thing. And I think that if I had to answer that in a quick response, it would just be the experiences that I had, both being raised primarily by my mom, who was a single mom, my parents were divorced. And seeing the differences that, you know, their lifestyles showed me, and then also being an entrepreneur and going through starting a business on my own, realizing the conversations that I never had, and realizing how different the experiences were for me than they were for a lot of my male friends who are entrepreneurs. I found myself here, and I couldn’t be happier.

Melinda Wittstock:

It’s interesting that you mentioned the differences between male and female entrepreneurs. I mean, that’s particularly acute in the venture world, where women for the last 30 years have gotten less than 2% of the available venture money. And this is for businesses that qualify for venture. You know, that could potentially be…

Michelle Taylor:

Yeah.

Melinda Wittstock:

…Billion-dollar unicorns. And so, what’s going on there? How much of it is on us as women just to get better at it, and how much is structural that, you know, it’s just really hard to break through? A lot of subconscious bias.

Michelle Taylor:

Yes, I. I mean, I do think that there is that. That bias that we’re up against. I think that we are in a time that is better than it’s ever been, with actual attention being brought to it, and women who have forged the path ahead of us, trying to impact and change the trajectory for other young women. I think that there’s, you know, still a lot of work to be done. But I’m. I’m glad that you brought up how much of it falls on us, because I do think at its core, so much change and impact can be had just by changing the things that we are talking about with each other and conversations that we’re having, education that we’re seeking out based on what’s out there, what resources are there, and not selling ourselves short just because we have a lack of access, but going out and finding it and talking about it. I think we can all do better in that regard.

Melinda Wittstock:

Well, this is interesting just on the point of talking about it. Men’s and women’s conversations about money are so different, and I want you to break that down. One of the things that I’ve noticed is that women are just much more reticent about talking about it, or there’s just some sort of, I don’t know what it is that holds us back. Like, I, I’ve been in groups where you say, okay, like, I’m building a billion-dollar business. And a lot of the other women look at you like, what makes you think you can do that? Whereas men are like, hey, that’s great, you know, know, go for it.

Michelle Taylor:

I know I always tease and say, so many powerful conversations are had on the golf course or over bourbon and cigars, and we need to do a better job of just bringing it up. And, and I think to your point, it’s not even in the conversations that we’re having with sisters, you know, close friends, exposing our daughters to, but it’s the conversations we’re having in professional settings as well. You know, especially in this, the entrepreneurial world that we’re in. I think that when we get together as female founders and entrepreneurs, we are just still skirting the issue, not asking the hard questions and not always sharing the resources that we’ve discovered or been led to that could benefit another woman. So, it’s really just, you know, encouraging each other, asking the awkward questions. I can’t tell you how many times I’ve had to say, I hope that isn’t uncomfortable. I talk about money for a living. I don’t mean to, you know, overextend my questions in this personal territory, but it, it will make the most immediate and impactful change, and that’s something that we can control immediately instead of waiting for the world to catch up to us.

Melinda Wittstock:

Right. So, what holds women back from talking about money without shame or any self-consciousness?

Michelle Taylor:

I think that in general, we are always taught to play it more quiet, be reserved, be respectful, don’t step on toes. We are the nurturers. We’re supposed to consider everybody around us and how they’re feeling and shy away from controversy. And I think that that has been something that’s been ingrained in us. You know, all of the things that we all should be talking about to move closer together are the things that we’re taught not to. You know, with the tough conversations. Religion, politics, money. Those are all things that, you know, you always hear you should avoid.

Michelle Taylor:

But specifically, women, I think that we are the ones that are tasked more with keeping things calm, cool, and collected, even in our own relationships. Friends.

Melinda Wittstock:

Right. Do you think it’s partly because. It’s a combo of things that we’re stuck in. Scarcity.

Michelle Taylor:

Yes.

Melinda Wittstock:

The Idea that only a few women can make it, so we’re like, competing with each other instead of just with everybody. And on the other hand, not really knowing our true value really deep in our bones.

Michelle Taylor:

I think that both of those things are a significant part of the conversation. I think. One, I can’t tell you the women that I have interviewed, you know, over the course of being an advisor and consultant for the last decade, I’ve talked to thousands of women, and most of them are female founders. And it is. It boggles my mind when we talk, the things that they tell themselves in their own money story about what it means to be wealthy or successful. There’s so many negative connotations that. That come with that. And again, it is what we have absorbed from the world around us that I think people are afraid that they will sound like they’re being boastful or trying to put the people around them in a position that they feel less than.

Michelle Taylor:

And again, it’s just changing the narrative in the way that we’re talking about money, and we are operating from a scarcity mindset. I think it does feel like we haven’t seen, as many women have, the success that men have had. So, it feels more like something that’s unattainable. So, you don’t want to sound like you’re chasing something that’s unattainable. I think there’s a lot of. Also just fear and intimidation of talking about big money goals or big career goals that people will say, oh, you’re crazy. You can’t do that. I mean, I encountered that myself, even with my.

Michelle Taylor:

My mom, who, you know, always taught me, don’t ever go after a marriage to give you the life you want. Don’t depend on anyone. You go out and get it yourself. And then when I told her that I was doing just that, every single time I would talk about a new venture, she would always, because of her own scarcity mindset and intimidation, almost try and discourage me. And I always just found that. So. And it was coming from a place of love, obviously, but I think that we all do that with each other.

Melinda Wittstock:

She probably thought she was protecting you. Right? Correct.

Michelle Taylor:

Right. Yeah.

Melinda Wittstock:

This is the issue. Like, I. I think we need that. There’s our family and friends and the people around us, but I always think we need our business family. They’re different, right?

Michelle Taylor:

Oh, very much, yes.

Melinda Wittstock:

You know, to, to be able to help us see these things because people often limit us really with the best intentions, you know, and, and you know, when we buy into it, we really shortchange ourselves. Right. Just even in terms of thinking what’s possible.

Michelle Taylor:

Like right there.

Melinda Wittstock:

I’ve seen so many women say in a venture context, ask for actually less money they need than. Actually, ask for less money than they need. Right. Often because they think they’ll have more success doing that. But ironically, the folks investing in venture want to see you thinking big.

Michelle Taylor:

I know, it really is incredible. When you said in the very beginning, I think that’s something that we all need to take a little bit of ownership of is we are playing smaller than we need to be, not only in the conversations, but in the asks, in the research and the self-led education. And I think it’s up to us to encourage the women around us that we lean on. You know, it takes a village. We say that so much with raising kids, but it takes a village to be in the business world. When you just said that it’s so important to find the women that are in business or understand business in a mentorship or a mentee relationship to build that village, to encourage and uplift and push each other to ask for bigger things, ask for the things we need. Throw your hat in the ring to really make an impact.

Michelle Taylor:

Because we have daughters and nieces and young women looking at us and they don’t even understand that. They’re hoping we’re going to change it for them and, and we need to own that and, and go after it ferociously.

Melinda Wittstock:

Really, really true. So, there’s a whole bunch of different things here that we can talk about. We can talk about women at, at work just getting that pay raise or knowing your value, standing your ground on that. We can talk about going out and raising money. We can talk about women who get held back asking for a sale or underpricing and over delivering. I mean, there’s so many different directions this conversation can go.

Michelle Taylor:

I know.

Melinda Wittstock:

I want to lean in though on this whole idea of not knowing our own value and shortchanging ourselves right out of the gate. A lot of this is just a mindset issue. So, tell me how you help your clients get past that to actually really know their value.

Michelle Taylor:

Well, I think it all, again, starting with your money story and what may be holding you back that you aren’t even aware of is the first step. Because you’re right, you Know when you are. And I’ll even use an example of in. In within a consulting firm. You, you know, men will always ask for more from a, an engagement perspective than women will. And it’s because of the lack of conviction around bringing enough value. Women underestimate themselves and men typically overestimate with the anticipation that if they need to pivot, they will. So, they’re again going after it with giving themselves the, the leeway and grace to scale back if needed to still get the Y.

Michelle Taylor:

Women are so afraid of the “no”, that they aren’t even willing to shoot for a bigger yes. So, it all starts with just conversation around your money story. What is holding you back? And even if it comes down to reiterating to someone the value that they bring in, why and spending time there, I think that that is, is so important. You know, there’s such a confidence gap with women, and I’m sure you’ve seen some of the, the data and statistics around this. But if a man sees an opportunity, even if he’s not qualified for most of it, he’s going to go after it. Where women have to be almost overqualified for, you know, the ask before they will even put their hat in the ring and really is something that we need to consciously work on and hold each other accountable to. So, start with your money story. Figure out where the trepidation is coming from and work on it diligently every single day.

Melinda Wittstock:

Really. Very, very true. So, some of this is just financial literacy.

Michelle Taylor:

Sure.

Melinda Wittstock:

This frustrates me why financial literacy is not taught in schools. Do you know what I mean? Like from the earliest days and, and such. Right. So, so you have to make it an objective to actually understand money. And then that means you got to get past all your, you mentioned money story. You have to actually understand how money works, that it’s a tool, it’s not a thing in and of itself, right?

Michelle Taylor:

So, you hit the nail on the head.

Melinda Wittstock:

Right. So, all it is a marker of the exchange of value between things. It’s nothing more. But we, we put so much stuff around it, like just so many, many things. So, tell me a little bit about your process of helping women towards financial literacy, but also kind of correcting their money story, getting rid of all that ‘flim-flam’ around money.

Michelle Taylor:

I founded a community called Women and Wealth and the initiative is to change the way women think and feel about money. And I think that first and foremost, it’s understanding how this tool works for you and taking the emotion out of it and how we do that is making it less scary. So, you know, finding resources to learn as you go. For example, so many women that I’ve encountered will say, well, I, I know for example, what venture capital is, but then when I hear people talk about, you know, private credit or private equity, it, I’m not sure what those things are. Maybe I’m just not ready for that yet. And I wanted to make sure that I, I brought to the, to the forefront a place where women can go in. And it doesn’t matter what it is or where you’re at in your financial journey, you can self-pace all of the learning that you can possibly consume, ask questions and find resources of both, you know, books and templates and PDFs, but also community to ask the questions around the areas that we need the most hand holding in. And I can’t tell you how many women I sit down with that will say, I’ll talk to them about a concept, and they won’t stop me and say, I have no idea what that is, but I can see it on their faces.

Michelle Taylor:

And I’ll say, let me back up for a second. How familiar are you with this? And so often they’ll say, oh my gosh, I’m so glad you came back to it. I have no idea. Tell me about it. It’s just being vulnerable enough to say, can we back up a second? Explain this to me. One of my favorite things to say is explain it to me like I have crayons in my backpack. So often I feel like the talking heads in the world explain things using complex examples and, you know, words that make people they think, will make people feel they are well educated and an expert. But the reality is if someone isn’t understanding the information you’re giving to them, they’re tuning out, nodding their heads.

Michelle Taylor:

So really breaking things down to a place where anybody can understand the concept and then supporting and nurturing them and giving them a safe place to, to dig deeper, lean in on women that have already been where they want to go and build your financial acumen, that is the number one easiest place to start along with having the conversation. So that’s where women and wealth was the story of the foundation. And it’s so exciting to see people learning and growing together and changing the narrative.

Melinda Wittstock:

Yes, exactly. I think if we can, you have to get good at asking what we perceive as stupid questions.

Michelle Taylor:

Yes.

Melinda Wittstock:

We’re sort of like afraid of the judgment. Like, oh, like, I didn’t know that, so I’m gonna look like an idiot. Right? But like, and then when you do, I mean, I learned this lesson very early on because I started my career as a journalist and there was no such thing as a stupid question. And I remember being a financial correspondent on the Times of London. I was 22 years old. And we were in this press conference, and everybody was talking about this really complex financial instrument. And the company at the press conference was, I think, hoping that nobody really understood it because there was sort of, you know, a little bit of shenanigans going on with that. And I just asked the question because I didn’t understand what the financial instrument was.

Melinda Wittstock:

And to my amazement, because it took me a lot of courage to do that because I thought, oh, to look so stupid. I’m this young woman; I’m not even English. I’m in this press conference in London with all these financial experts. But I’m just going to ask it because I can’t in good faith write this story without understanding what I’m writing about. So, I asked it, and to my amazement, I found that all the other, like, older men, journalists, right, like big name people, were all furiously writing down the answer because they didn’t understand either. 

Michelle Taylor:

And it’s such a moment of validation. And I think just you having that story in your arsenal to tell is going to make an impact. And I think so many women feel that they don’t belong or haven’t earned the seat at the table. There’s a lot of imposter syndrome. So, they are certainly not going to raise their hand and say, I don’t understand. Because the idea that, that everyone else at the table will say, oh, you know what? She doesn’t belong here. Will keep them back. And that is keeping us back in all facets of business and cap raises.

Michelle Taylor:

I mean, there’s. It’s just the number one issue I think women face is feeling like they. And letting others know that they deserve a seat at the table and have the visibility to ask the questions they need to get them to the next level.

Melinda Wittstock:

Exactly. Yeah. Just even knowing, just knowing the terminology. And again, there’s no excuse for this. Can you just go into ChatGPT and say, tell me. There’s like no excuse for not knowing now, right?

Michelle Taylor:

No, no.

Melinda Wittstock:

I’m old enough to remember a time where it wasn’t necessarily easy to learn all this stuff, but now, I mean, it’s not masterminds, but you’ve got all this AI that will just tell you.

Michelle Taylor:

You know, well, and, and that brings another really interesting thought to mind. So, we’re in a time where, you know, information, anything we need is in our pocket at all times. And I think another, it almost can make women feel intimidated again, because although they can get the information, I can’t tell you the times I’ve encountered somebody coming to me and saying, well, I’ve heard about this concept I want to do, but it might not be a good fit for their personal situation. We have, we have, are inundated with thought leaders that are speaking to the masses. And so, because of all of the information that we have access to, sometimes that leads to inaction because of, again, intimidation of making the wrong choice. I think that that is a valuable thing for us to talk about is find the information. But then it’s critical to find the trusted relationships that you need at your personal table to make sure that you’re. You’re taking the good and leaving the bad.

Melinda Wittstock:

Exactly. So, a lot of this is to do with building financial independence and creating a diversified array of passive income streams. Now, this is something that a lot of entrepreneurs don’t necessarily do well because they tend to. And I know I’ve made this mistake, put all their eggs into one basket, which is their business.

Michelle Taylor:

Yep.

[PROMO CREDIT]

Eight years ago, I started this podcast because I wanted to help women succeed as entrepreneurs. Over the years, I’ve driven more than $10 million in sales to the women I’ve featured on this show, and this year I’ve taken my investment in female founders to a whole new level as a venture partner of the new firm Zero Limits Capital, where we’re dedicated to investing in highly scalable seed stage startups founded by women and diverse teams. We’re looking for mission-driven innovators with exciting new applications of AI, Blockchain and other emerging technologies that make a social and sustainable impact to change the world. If this is you, please take a moment and tell us about your opportunity at bit.ly/ZLCintake – that’s bit.dot.ly/ZLCintake – capital ZLC lowercase intake. 

Melinda Wittstock:

And we’re back with Michelle Taylor, founder of the Women and Wealth Initiative and host of the podcast, Talk Wealthy to Me.

[INTERVIEW CONTINUES]

Melinda Wittstock:

But forget about, you know, all the other ways they should be because, you know, launching a business is risky, that there will be times where things, unexpected things happen. So, figuring out what is your kind of financial strategy as an entrepreneur. What are some of the ways, what are some of the first things? Like, think about it from the perspective of a young entrepreneur starting her first business, you know, at whatever stage she’s at, what are some of the things that she should be doing?

Michelle Taylor:

The first thing is, I would say, surround yourself with people that are smarter than you. I would have a crystal-clear path of what you are hoping to accomplish. And then again, source the relationships, the people, ask the questions. And going back to the information at hand, you know, I, I started a company when I was 27 years old and the first thing I did was I knew I needed an NDA. So, I went on Google, and I googled an NDA, printed out a template and sent it to the manufacturers I was talking to. And there is something to be said for learning as you go. I think that if you’ve got the entrepreneurial Bug, that’s something that’s innately in us. So, I want to encourage everybody to not feel that they can’t go out and figure it out.

Michelle Taylor:

But in addition to figuring it out, have the people there that can teach and mentor you along the way. I would say always having. You don’t want to have a plan B. In my opinion, you’ve got to go all in on something when you’re an entrepreneur. But I think that you need to be ready to pivot and have the attitude that you’re going to accomplish this no matter what is thrown in your direction. And you just seem to be ready with a toolbox full of tools to help you get through whatever’s in front of you. But I think the most important thing with a, a young person going out on their entrepreneurial journey is it’s not going to be easy. I think right now so many people think of entrepreneurship as, you know, something fun and sexy and you think, oh well, I’m not going to work as much.

Michelle Taylor:

We, I don’t know about you, but we never stop working.

Melinda Wittstock:

So I think harder, You’re going to work harder than you ever have in your life. And it’s harder, longer. Yeah, but it’s on your mind too. Like it’s, it’s never not there.

Michelle Taylor:

Right. You don’t get to check out and go home at 5 o’ clock and worry about it on Monday. I mean you’re truly thinking about it. It’s like having a baby. Your, your baby is with you 247 even in thought. So yeah, I think that to be prepared for the good fight, to be totally committed with no plan B and really, truly giving it 110% and then taking as much from the world and from the information at hand that can be a resource for you and then vetting it with people that you believe in, that believe in you, that are bringing something to the table that you lack. So even for anyone listening that thinks, I, I don’t have anyone like that, I mean network find somebody who’s gone out and raised capital or you know, outsourced to manufacturers overseas, the people are there. And I think again, the blessing of social media is there’s so much, so many people out there that want to give back.

Michelle Taylor:

At this point, it’s just finding the right audience that’s smarter than you and is willing to give you an ear, run the information through them and go for it with 110%.

Melinda Wittstock:

Yeah, exactly. So I want to talk to you a little bit about getting back to how women talk about money. One of the things I’ve seen in my hat as a venture partner, venture firm, is that women can sound a little tentative and not confident. Like just even in the ask. Like the difference between saying, I’m asking for a million dollars or like, you know, a million dollars is going to return you X amount of money in your investment over the next period. And here’s how we’re going to do it. I mean, it was just like a completely different conversation right there.

Michelle Taylor:

Yeah. I think that goes back to money story. Right. I will never forget being in, in 2009, hearing someone say, because of the recession, don’t allow your personal beliefs to bleed on to somebody who could be doing something for you or that could be a sale. So, I think again, asking for a million dollars versus 1.5, so much of that is going to come back to whether you feel like that’s a big jump or you feel that you’ve done enough to earn that extra half a million. You have to have conviction around the ask and the journey that you’re on. And even that’s where, again, finding a woman who’s done it to bounce ideas off of, to practice with, to get comfortable having the hard conversations because of your conviction, I think that that’s, that’s critical.

Melinda Wittstock:

Oh, my gosh, 100%. But the other thing too, in the context of investment is that I think a lot of people and men can do this too. But I think it’s more like, I think it’s mostly women who sort of have somewhere in the back of their mind that the investor is doing them a favor when the actual fact is the opposite. You are bringing them an opportunity to make money by doing really nothing. Like they’re writing a check and they’re expecting a 10x or 5x or whatever return on their investment. You’re taking 100% of the risk. And it’s your idea, it’s your IP, it’s your sweat. It’s all the things that you go through as an entrepreneur to deliver them value.

Melinda Wittstock:

You’re providing them an opportunity. They’re not doing you a favor. In fact, you’re selling a percentage of your business to them.

Michelle Taylor:

It’s so true. It’s so true.

Melinda Wittstock:

Right. And just like not even kind of understanding that or knowing that or just knowing what an investor wants to see. I mean, they just want peace of mind that their money’s going to be safe with you. Like, that’s, that’s what they want to know.

Michelle Taylor:

Well, right. And they, and like you said, it’s, it’s a great opportunity for them to place a small percentage of their resources with the expectation and hope that you’re going to turn it into something amazing without them having to do any of the work. And how true that we go into that thinking that they’re doing us a favor. The reality is we are the one that are doing them the favor.

Melinda Wittstock:

Exactly. Like, there’s a lot of power relationship here that, that needs to be worked out in these things. Right. When I, you know, I help women with their fundraising pitches and whatnot, I mean, you sort of mentioned it a moment ago. There’s a lot of kind of like play acting in a way that has to happen, I think, where women really need to help each other to stand in that strength. And I mean, one of the reasons I even started this podcast that I, you know, really, we need to show up for each other, like, you know, buy each other’s products, but also invest in each other. And one of the things that’s very challenging that I’m increasingly focused on is how to get women of wealth to actually invest in other women like their startups. Getting women more educated about investing in venture.

Melinda Wittstock:

There’s all these very wealthy women who write checks to charity with no expectation of return, but a much smaller check would not only bring return, but likely have a lot of the same social impact. Because there’s a lot of really great social impact kind of venture investments. Right?

Michelle Taylor:

Yes. There.

Melinda Wittstock:

But they, they literally will say things like, oh, like, that’s what my husband does.

Michelle Taylor:

It’s like, what I know it, it is mind boggling because you’re right. And women with more money in their hands do more good. I mean, that is a statistically proven fact. Women are more generous with the money that they have to pour into others, and it just creates more good in the world. And I mean, it can change the trajectory of someone’s life by just giving them a small portion of what you’re willing to invest in a charity. And especially on a local level, there’s so many women entrepreneurs in big cities that are desperate for, for investors. And how do we bring those two groups together? And I think that that is just again, by having conversations about money with all the women in your lives, colleagues, peers, not just the people in your home, because everybody knows somebody. Yeah.

Melinda Wittstock:

One of the things that’s really important right now is with AI, I mean, AI is so dominated by men. There are a lot of women doing amazing work in AI though, you know, but when you talk to female investors, they’re more likely to say, I don’t really understand AI. I’m not an AI specialist myself, so there’s no way I can evaluate this opportunity. And there’s not one man that says that.

Michelle Taylor:

Of course not. They never will admit it. And that’s the beauty and, and, and something that we should aspire to do a bit better on. Right. It’s not a negative thing, but the guys are all about faking it till they make it, figuring it out, and we can take a few lessons from that.

Melinda Wittstock:

100%. But even a woman evaluating an investment decision. I remember saying to a woman who I have a very advanced AI startup in the podcasting space, and I remember her saying to me, well, I don’t really understand AI, so I don’t really know. I don’t really think I could invest in this. And she did invest in other venture things, but all in consumer products, because something she could understand, right? And I said to her, when you go to the doctor and the doctor gives you a diagnosis, do you say to the doctor, I’m sorry, I have to go get my medical degree first before I can take your advice, like. And she just, like, looked at me stunned and realized that, oh, right, yeah, okay, I’m, I’m investing in you because you’re the expert.

Melinda Wittstock:

Right. You can prove to me that you’re the expert in this. You have, you know, really working AI. You have customers that are paying you.

Michelle Taylor:

Right, Right.

Melinda Wittstock:

That should be enough, right? And it is enough for men making an investment decision, but not for women. Like, we want to know every single thing, and if we don’t, we won’t do it. And so, I think there’s a lot of wealth that’s being bypassed. Women could be making a lot of money this way, but they’re not because there’s that even in evaluating a deal, like investing in only things that you might want to purchase for yourself, rather than understand that that product that that company is making isn’t necessarily you’re not the addressable market, but that doesn’t make it a bad investment decision.

Michelle Taylor:

Right. That, that’s a great point. Is, is looking above and beyond what is in our, our everyday world, doing the research, finding the things that may not naturally be consumed by you. I think that that’s a really valid point. I haven’t thought of, I think a lot of, towards the things that they would be consumers of, but wow, what a missed opportunity.

Melinda Wittstock:

Exactly. Well, I think with AI right now too, it’s vital that women are involved because the, the, the, the investment that are going into the, you know, the venture backed companies and those choices dictate our future because those are the companies like do you invest in something that’s going to be ethical and inclusive and good for women or do you invest in something that, you know, women are left out of the equation and that AI could actually hurt us. Right. And so having our voices and our perspectives and whatnot at that investment level is vital for the future of society as well. Right. And so that’s something that I think a lot of, a lot of women, a lot of women aren’t necessarily conscious of. Like these, these investment decisions are shaping our future. What kind of country do we want to live in? Right.

Michelle Taylor:

I know that is dictated at this level. It’s so true. And AI most definitely is, is changing the world quicker than we can keep up.

Melinda Wittstock:

Yeah, it’s, it’s, it’s intimidating. But on the other hand, it’s just, you know, our voices need to be heard. It doesn’t have to be intimidating. I think it’s just very, very important. So, what are some things that women can do? So, you know, you were mentioning no plan B, go all in, you know, on your startup, certainly in terms of your effort, but are things you should be doing to diversify your financial position? Like, I don’t know, just investments, side hustles? I don’t know, you know. And what’s your perspective on that?

Michelle Taylor:

Well, I think that women historically are a bit more conservative and usually hold on to a bit more cash than they need to. So, I would say look at ways that you can still be a bit more conservative. Protect access to liquidity. But how can you invest your money, have it working for you even while you’re sleeping, to still give you the peace of mind, but get you a little bit more growth? Diversification is key. Understanding that whatever political climate we’re in, whatever’s going on globally, there are always winners. And this goes back to, like you said, it doesn’t have to be something that you necessarily believe or want to be a part of. But you know, if, if we’re in an environment where, I don’t know, let’s, I’m going to pick something like climate and all of the renewable resources. If, if we’re in a time where that is being supported, you look there.

Michelle Taylor:

When that shifts, you look somewhere else. Truly taking the emotion out of investing is going to help you be diversified across all asset classes. You want to make sure that you’re getting your information from multiple resources and doing your own research with the Right. Professionals. I think that you know, depending on where you’re at in your journey, there are so many ways to impact taxes which I know is, is always incredibly helpful for, for entrepreneurs. You want to make sure that what you’re doing is checking as many boxes as you can, diversification, access to liquidity and tax strategy as possible and then also considering your short, long and midterm goals. It you can’t leave any, any stage out of the conversation in order to be truly equipped in any economic environment a hundred percent.

Melinda Wittstock:

So, Michelle, tell me about your program and how you work with women and women who really want to get their money stories right. You know, just boost their wealth in whatever way. What’s, what’s, you know, tell me about your program and what they learn and, and for anyone listening who might want to sign up, how they do that.

Michelle Taylor:

Sure. So, I work as a consultant and wealth manager with female founders, stage two growth oriented, you know, probably looking at the sweet spot being 2 million of top line revenue and beyond. And also have a community and membership platform, Women and wealth, which I mentioned. And the goal of Women and Wealth is to do a lot of what we’ve talked about today. There is a ton of resources there to self-pace your learning. There’s a component of community with a circle platform and masterminds being put together. There’s in person events because networking with the right people is so important whether it’s in business or in any facet of your life, it is critical build the village. Additionally, when a lot of times people will come to me and say I’ll ask them if they have a board of directors and sometimes people understand and some people, that’s a new concept.

Michelle Taylor:

But you want to think about again going back and building out your village with people that are smarter than you within the women and wealth community. Something I’m really proud of is the piece called I’ve got a girl. And instead of always saying oh I got a guy for that, I’ve got a girl for that. And so, whether we’re talking about tax strategy, wealth managers, life coaches, business attorneys, there is a database filled with women that I have gotten to vet. No respect. And they are there to be a resource for anybody that’s looking to fill one of those seats at the table. And then it’s just working either one on one or coming to the mastermind calls. We do those once a month and internally, biweekly calls, but really just changing the way women think and feel about money, having the conversations and doing it as often as we can.

Michelle Taylor:

And within the right circles, surrounding yourself with women that can learn from you while also you’re learning from others. And yeah, so that’s womenandwealth.co. And then I also have a podcast called Talk Wealthy to Me, and that is all about the money story, defining what success looks like for you so you’re not chasing somebody else’s version and breaking down the barriers of anything that is keeping you from accomplishing those goals.

Melinda Wittstock:

Wonderful. Well, Michelle, thank you so much for putting on your wings and flying with us today.

Michelle Taylor:

It was a pleasure. I really enjoyed our time together. Melinda, fantastic.

[INTERVIEW ENDS]

Melinda Wittstock:

Michelle Taylor is the founder of the Women and Wealth Initiative and hosts the podcast, Talk Wealthy to Me.

Melinda Wittstock:

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Melinda Wittstock:

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