In the world of personal finance, taking the first step can often be the most difficult. From budgeting to investing, the landscape of financial management can seem overwhelming. However, Jennifer Roberts, CEO of Consumer Banking at Chase, stated in a recent interview that the key is to start early.
“My mom was a big saver — that was part of her philosophy,” reflects Roberts, emphasizing the importance of early financial education. From her upbringing, Roberts learned the value of saving from an early age. “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.”
Roberts underscores the lasting impact of this lesson, recounting how it empowered her to make significant purchases like her first car. Transitioning into her professional career, Roberts remained committed to strong financial habits, prioritizing saving for the future. “I always wanted to be able to take care of myself, and not have to ask anyone else for money,” Roberts shares, reflecting on her journey towards financial independence.
Following Roberts’ advice, Gunjan Kedia, Vice Chair of Wealth, Corporate, Commercial, and Institutional Banking at U.S. Bank, emphasizes the importance of initiating financial wellness routines early on. “Financial wellness is wellness,” says Kedia, stressing the need to incorporate financial well-being into one’s life as soon as possible to build a strong foundation for the future.
Courtney Mitchell, Head of Consumer Deposit and Payment Products at TD Bank, echoes the sentiment, advising individuals to start with a budgeting exercise to map out their financial inflows and outflows. Mitchell states this foundational step is essential for understanding discretionary spending and saving capacities.
Megan Johnson, Chief Marketing Officer at EverBank EVER +2%, adds another dimension to financial management, emphasizing the importance of selecting banking solutions tailored to individual needs. With many people being overwhelmed when selecting a bank or changing banks. She suggests exploring high-yield options with low or no fees, with digital banks often offering competitive advantages over traditional institutions.
Moreover, Shruti Joshi, President & Chief Operating Officer at Facet, stresses the significance of seeking professional financial advice early on. “Get professional advice as early as possible and ensure it is from a CFP,” advises Joshi, cautioning against DIY approaches and advocating for comprehensive financial planning.
Adding to this, Tanya Van Court, Founder and CEO of Goalsetter, highlights the common obstacles individuals face in achieving financial wellness. “I think the things that keep most people from getting their financial house in order is either believing that building wealth is only for the wealthy or a fear of facing the debt or financial missteps they have made along the way,” says Van Court. She emphasizes the importance of starting where one is, setting clear goals, and seeking guidance along the journey to financial freedom.
In the complicated landscape of personal finance, the combined wisdom shared by these experts provides an excellent roadmap to follow. From the importance of early saving to strategic budgeting, selecting the right bank, getting professional advice, and moving past false beliefs, their insights highlights the significance of being proactive in achieving ones financial goals and financial well being.
