In a recent interview, Jennifer Roberts, CEO of Consumer Banking at Chase, emphasized the importance of starting early when it comes to personal finance. Roberts shared how her mother’s philosophy of saving half of what she earned from an early age had a lasting impact on her financial habits. This lesson empowered her to make significant purchases like her first car and fueled her journey towards financial independence. Gunjan Kedia, Vice Chair of Wealth, Corporate, Commercial, and Institutional Banking at U.S. Bank, echoed Roberts’ sentiments, stating that financial wellness is critical and should be incorporated into one’s life early on to build a strong foundation for the future.
Courtney Mitchell, Head of Consumer Deposit and Payment Products at TD Bank, advised individuals to start with a budgeting exercise to understand their financial inflows and outflows, and Megan Johnson, Chief Marketing Officer at EverBank, emphasized the importance of selecting banking solutions tailored to individual needs. Johnson suggested exploring high-yield options with low or no fees, with digital banks often offering competitive advantages over traditional institutions. Shruti Joshi, President & Chief Operating Officer at Facet, stressed the significance of seeking professional financial advice early on from a certified financial planner (CFP) to ensure comprehensive financial planning.
Tanya Van Court, Founder and CEO of Goalsetter, highlighted common obstacles individuals face in achieving financial wellness, such as false beliefs that building wealth is only for the wealthy or fear of facing debt or financial missteps. Van Court emphasized 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 a roadmap to follow, from the importance of early saving to strategic budgeting, selecting the right bank, getting professional advice, and moving past false beliefs.
Overall, the experts agree that taking the first step in personal finance can be daunting but is essential to achieving financial well-being. By starting early, establishing strong financial habits, seeking professional advice, and setting clear goals, individuals can work towards financial independence and freedom. It is crucial to prioritize financial wellness as a key aspect of overall well-being and incorporate it into one’s life from an early age. With the right guidance and strategies in place, individuals can overcome obstacles and build a solid foundation for their financial future.
