In a recent interview with Jennifer Roberts, CEO of Consumer Banking at Chase, she emphasized the importance of starting early when it comes to personal finance. Roberts shared how her mother instilled in her the value of saving from a young age, which ultimately empowered her to make significant purchases like her first car. She stressed the importance of prioritizing strong financial habits to achieve financial independence and not relying on others for financial support. Roberts’ story serves as a reminder of the lasting impact of early financial education.
Gunjan Kedia, Vice Chair of Wealth, Corporate, Commercial, and Institutional Banking at U.S. Bank, agrees with Roberts and believes that financial wellness is a key component of overall well-being. She encourages individuals to incorporate financial well-being into their lives early on to build a strong foundation for the future. Courtney Mitchell, Head of Consumer Deposit and Payment Products at TD Bank, suggests starting with a budgeting exercise to understand one’s financial inflows and outflows, as a foundational step towards managing discretionary spending and saving capacities.
Megan Johnson, Chief Marketing Officer at EverBank, adds to the conversation by stressing the importance of selecting banking solutions tailored to individual needs. She recommends exploring high-yield options with low or no fees, noting that digital banks often offer competitive advantages over traditional institutions. Shruti Joshi, President & Chief Operating Officer at Facet, emphasizes the significance of seeking professional financial advice early on from a Certified Financial Planner. She advises against DIY approaches and advocates for comprehensive financial planning to set oneself up for success in achieving financial goals.
Tanya Van Court, Founder and CEO of Goalsetter, highlights common obstacles individuals face in achieving financial wellness, such as false beliefs about wealth-building being only for the wealthy or fear of facing past financial missteps. She stresses the importance of starting where one is, setting clear goals, and seeking guidance along the journey to financial freedom. Overall, the advice from these experts serves as a roadmap for navigating the complex landscape of personal finance, emphasizing the importance of proactive financial management, strategic budgeting, selecting the right bank, seeking professional advice, and overcoming mental barriers to financial success. By following their collective wisdom, individuals can pave the way towards achieving their financial goals and well-being.