Are you an avid saver or quick to spend extra money? Do you relish reviewing your retirement statements or do they stress you out so you avoid them altogether? Whether you know it or not, multiple factors throughout your lifetime influence how you think about money—some starting as early as elementary school.
“The good news is, wherever you came from and whatever messages you learned at a young age, you have the power to choose what to bring with you into the future,” said Kimberly Bridges, director of financial planning at BOK Financial®. “If there are ideas that no longer serve you, you can let them go.”
Releasing old beliefs and feeling confident about managing your personal or household finances can be intimidating. In hopes of empowering more women to embrace financial wellbeing, BOK Financial held a webinar featuring three experts, Fenny Jie, Kimberly Bridges and Mari Salazar. The women shared what they learned about money early on, which lessons they’re letting go of and what they wished they had learned sooner. The three experts grew up in distinctly different circumstances and those experiences fed into their unique mindsets around money.
For Jie, BOK Financial’s managing director of private wealth investments, growing up with immigrant parents meant work ethic and perseverance were instilled early, both of which still serve her. However, there is one lesson no longer serving her. “My parents believed that a penny saved is a penny earned, which made me very risk-averse,” said Jie. “But if you’re too risk averse, you might miss out on opportunities. Not having any investments in the stock market can be risky too.”
Similarly, Salazar’s parents were migrant farm workers without a financial safety net. She was raised with a saver mentality but not a long-term vision for money. “My parents taught me about wants versus needs, and I became a very frugal kid and a debt-averse adult,” shared Salazar, the senior vice president for BOK Financial's Energy Financial Service group. “I had to shift from a survival mode mentality to thinking about how money can work for me.”
The three experts shared what they wished they had learned sooner and practical tips other women can use to expedite their financial journey, including:
- When it comes to saving, the earlier, the better.
- If you haven’t already, start investing now. It can be a Roth IRA, a 401(k) or a certificate of deposit.
- Talk to an advisor, even if you just started working and aren’t yet thinking about saving for retirement.
- Create a personal balance sheet to understand your current financial situation.
- Don’t wait until there is an emergency, like the death of a spouse or financial infidelity, to get started. “I decided to leave the workforce when I had children,” shared Bridges. “When I divorced at 47, I had to start over financially.”
- Be patient and set small goals. Remember, there are no shortcuts.
- Pay attention to the economic headlines. Being aware of economic cycles can be helpful when making financial decisions.
- Surround yourself with people who are going to cheer you on and help you meet your goals.
If you missed the “Setting yourself up for financial success: What I wish I would have known about money sooner” webinar, you can watch the full recording.
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