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AmextaFinance > Finance > Expert Advice For Financial Success From Trailblazing Women
Finance

Expert Advice For Financial Success From Trailblazing Women

News Room
Last updated: 2023/08/29 at 1:39 AM
By News Room
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In today’s complex world, navigating reliable money advice can be challenging. However, when seeking guidance, who better to turn to than women who have shattered industry barriers and forged paths to success? These trailblazing women’s advice is timeless and offers an excellent roadmap to finding financial success.

Contents
1. It’s Never To Early To Start Saving For The Future2. Consider YourSelf Your Top Asset3. Save Enough Money For Financial Flexibility4. Don’t Live Beyond Your Means5. Save Half of What You Earn6. Avoid Credit Card Debt and Tricks To Keep It From Happening

1. It’s Never To Early To Start Saving For The Future

Julie Tutkovics, Chief Marketing and Communications Officer at Hunting Bank emphasizes the importance of early financial planning. Setting up custodial Roth IRAs for her kids when they started earning income, Tutkovics believes in starting early: “I’m a firm believer that it’s never too early to start saving for the future. By getting a head start and building your savings sooner rather than later, you’re giving your money more time to grow and are better positioned for all the financial ups and downs life has in store.”

2. Consider YourSelf Your Top Asset

Samantha Melting, SVP and Head of Consumer Bank at Synchrony Bank emphasizes the value of self-investment: “My favorite piece of financial advice is to consider myself my top asset and to invest in me by making a payment to my savings account with every paycheck. This required a shift in my mindset to recognize that my future self is worth the investment today.”

3. Save Enough Money For Financial Flexibility

Colleen Taylor, President of Merchant Services at American Express, underscores the importance of financial preparedness: “Make sure you have enough money to allow yourself flexibility in both your personal and career decisions. A year’s savings is a great place to start, to have as a security net when making the decision to pursue a new role, career, or even taking on a new personal passion.”

4. Don’t Live Beyond Your Means

Holly Hynes Chief Marketing Officer at Wells Fargo
WFC
, in an interview I did with her, she said, “The reality is that I didn’t receive any financial advice growing up or as a young adult. In fact, I grew up in a single-mom household filled with near-constant financial stress. That experience definitely shaped my behavior and mindset about money: Saving, not living beyond my means, taking risks within reason, etc. And honestly, my experiences growing up and knowing firsthand the weight of that constant financial stress is a big reason why I love working in banking and helping to bring solutions to our customers.”

5. Save Half of What You Earn

Jennifer Roberts, CEO of Consumer Banking at Chase, stated in a recent article on GOBankingRates.com, that her favorite money advice came from her mother: “My mom was a big saver — that was part of her philosophy. From an early age, she always taught me to save half of what I earned, whether it was from babysitting or one of my first jobs working at a local pharmacy. When I got older, I was able to use some of that money to buy bigger purchases, like a car. And when I got my first professional job, I started maxing out my 401(k) and building a nest egg that I couldn’t touch. I always wanted to be able to take care of myself and not have to ask anyone else for money. It’s a lesson I learned from my mom and that I’ve passed down to my three kids.”

6. Avoid Credit Card Debt and Tricks To Keep It From Happening

“Try to avoid credit card debt,” advised Lorna Kapusta, Head of Women Investors & Customer Engagement at Fidelity “It’s so easy to lose sight of your credit card bill and payments and by paying only the minimum each month, you can be left with a cycle of credit card debt for years to come. To prevent this from happening, think of a credit card as a tool to build your credit history. Only put expenses on your credit card that you know you can pay off in full at the end of the month. You may want to start first with a low monthly charge, like a streaming service, and you can budget that amount and know you’ll have the funds to pay it off.” (source

Read the full article here

News Room August 29, 2023 August 29, 2023
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