At age 92, Joan Payden is one of America’s wealthiest self-made women. As the CEO of Payden & Rygel, a Los Angeles-based money management firm she founded in 1983, Payden has grown her firm to manage over $161 billion in assets with nearly 240 employees across multiple offices. With her estimated net worth of roughly $700 million, Payden is a “newcomer” on Forbes’ 2024 list of America’s Richest Self-Made Women. Payden’s path to success has spanned multiple decades, starting with majoring in math and physics at Trinity College and working as one of the few women engineers at a New Jersey-based company in the 1950s.
After facing a mass layoff from her engineering job, Payden transitioned her career into the financial sector. She started as a junior associate at Merrill Lynch and then moved to Los Angeles to join Scudder Stevens & Clark, where she eventually became the firm’s first female partner. Despite facing discrimination, such as being denied promotions for not playing golf at men-only events, Payden never wanted her gender to define her career. She believed in being recognized as a good financial advisor, regardless of her gender. In 1983, feeling stuck in her career, Payden decided to take a risk and start her own firm, Payden & Rygel, with a colleague, Sandra Rygel. She cashed out her 401(k) for seed money, unsure if the move would pay off, but she soon built her firm into one of the largest private money management firms in the U.S.
Payden’s advice to aspiring entrepreneurs is to take risks and not be afraid of failure. She believes that the risk of not doing something outweighs the risk of doing it, emphasizing the importance of taking big leaps in one’s career. Despite initial worries about not getting clients when she started her company, Payden’s success has proven that taking a leap of faith can lead to great achievements. With her firm’s growth and impressive net worth, Payden serves as an inspiration for women and entrepreneurs looking to make a mark in the business world. Her resilience, determination, and ability to overcome challenges have been key factors in her success.
For those looking to improve communication skills and boost confidence, CNBC offers an online course, Become an Effective Communicator: Master Public Speaking, which teaches effective public speaking techniques, calming nerves, body language tactics, and more. Additionally, subscribing to CNBC Make It’s newsletter provides tips and tricks for success in the workplace, with finances, and in life. Joan Payden’s story of perseverance, taking risks, and building a successful business serves as a testament to the power of determination and resilience in achieving one’s goals. Her journey from a math and physics major to a self-made millionaire CEO showcases the limitless potential for success with hard work and dedication.
