Learning about financial success can be greatly informed by the experiences of those who have walked the path before us. We spoke with women over 50, gathering their insights and lessons learned regarding their finances from their early careers. Here’s what they wish they had known about managing money when they were in their 20s.
“Prioritize and embrace financial literacy.”
Research indicates that women tend to engage more on social media than men. They should consider dedicating some of that time to financial education. Younger generations often turn to platforms like TikTok and Reddit for financial tips, while many Millennials follow engaging figures who mix humor with financial discussions. If I could go back, I’d have chosen to invest more boldly in brands I believed in. Young individuals should recognize the potential for wealth growth and start saving early to mitigate future stress related to retirement. Begin today, not tomorrow. —Melisse Burstein
“Emphasize diversity in investments.”
In my 20s, I made successful investments based on intuition in companies I trusted. It’s easier now to explore various markets, including stocks and cryptocurrencies. A diversified portfolio protects against losses when sectors decline, and maintaining liquidity allows you to seize investment opportunities. Avoid concentrating all your funds in high-risk options. Automate savings; set aside a portion of your income. —Laura Eisman
“Take charge of your finances.”
Don’t subscribe to the outdated belief that women are less capable with money. The financial landscape can seem daunting, but numerous resources exist to empower you. Money represents freedom; view it as a lifeline rather than a burden. Many women, especially those who are primary earners, often find themselves uninformed about their financial situations. Explore various income sources beyond your primary job, including investments or side hustles. —Bethanie Baynes
“Establish an emergency fund.”
It’s wise to maintain an emergency fund to cover two to three months of expenses. I was advised to do this early on, and I always pass this advice along. Even if it’s challenging to save while starting your career, developing this habit is essential. Save a portion of what you earn. —Allison Krongard
“Invest, don’t just save.”
My mother taught me about saving, but I wish she had emphasized specific amounts to save, like 10% to 30% of my income, especially while working part-time. Once you have a modest amount saved, allocate half to investments in areas you’re passionate about or interested in learning. It’s possible to enjoy life while also ensuring you’re not overspending your disposable income. Starting early makes a significant difference for your future. —Taylor Sparks
“Incorporate retirement planning into your routine.”
If I had initiated a retirement fund in my 20s, my current contributions wouldn’t need to be so aggressive. Incremental increases would have felt seamless. Waiting to plan for retirement creates urgency and necessitates higher contributions later. It would’ve been helpful to have guidance in establishing saving habits and sticking to a budget right from the start. Imagine being able to set aside $15,000 annually without sacrificing your lifestyle! —Sharon Smith-Akinsanya
“Seek out mentors.”
It would have been beneficial to participate in my financial education at a younger age. Many decisions were made for me without my understanding. I never learned how to manage money until later in life. Seeking mentorship from like-minded professionals can provide invaluable insights and inspire financial independence. —Dr. Ibilola Amao
