The Best Money Advice From Powerful Women

money advice

We asked powerful women across a diverse range of industries — from the president of a nonprofit to the CEO of a fashion company — just one question: What’s one piece of financial advice you’d give women for 2015? Here’s what they said.

Word to the Wise

Word to the Wise

We asked powerful women across a diverse range of industries — from the president of a nonprofit to the CEO of a fashion company — just one question: What’s one piece of financial advice you’d give women for 2015? Here’s what they said.

Get ALL the Money

Get ALL the Money

“Whatever you’re doing/running/building/growing in 2015, set out to make a ton of money, and feel perfectly OK about doing that. As women we don’t get taken seriously until we get taken seriously financially. The more money you make, the more we all benefit.”

Cindy Gallop, founder and CEO, If We Ran the World and Make Love Not Porn  

Don’t Accept the First Offer

Don’t Accept the First Offer

“Negotiate. Accepting the first offer they make puts you in a weak position from the beginning of any new opportunity and causes your boss to doubt your ability to negotiate on behalf of your team in higher-risk situations going forward.”

Kate Gardiner, audience engagement strategist  

Reflect and Repent

Reflect and Repent

“My best advice:

1. Watch the episode of Sex and the City in which Carrie faces the reality of her finances. She can’t afford her apartment because she spent [all her money] on shoes and designer fashion and drinks and brunch.

2. Repent.”

Ruth Ann Harnisch, president, Harnisch Foundation

 

Embrace the Power of the B Word

Embrace the Power of the B Word

“Facing a mound of debt, I learned the power of a budget via envelopes of cash divided with Post-it notes. The boundaries those Post-it notes set around my spending that initially felt so constraining became liberating because I knew exactly what I could and couldn’t do. In three years I slammed down $30,000 of debt to start with a clean slate. Budgets help you claim back your power.”

Chrysula Winegar, founder, Wake Up World Communications

Spend Money to Make Money

Spend Money to Make Money

“When I launched my consultancy, the best advice I received: Don’t hoard revenue.  Hire freelancers to do almost everything so you can remain visible and continue developing business and your pipeline.”

Susan McPherson, founder and CEO, McPherson Strategies

Save, Save, Save

Save, Save, Save

“Save 10 percent — always.”

Carrie Hammer, founder, CarrieHammer.com

Take Advantage of the Government

Take Advantage of the Government

“Educate yourself about tax savings vehicles, like flex spending accounts that you can use for health care expenses or child care. Using pretax dollars on things like dentist visits and daytime babysitting can save you thousands of dollars a year.”

Allyson Downey, founder and CEO, weeSpring

 

A Sale Isn’t a Bargain

A Sale Isn’t a Bargain

“If you wouldn’t buy it at full price, don’t buy it just because it’s on sale. Everyone has a closetful of ‘great buys’ that are actually never-worn busts.”

Tory Johnson, author; founder and CEO, Women for Hire

Keep ’Em Separated

Keep ’Em Separated

“Set up an automatic transfer to a savings account NOT connected to your everyday bank. The less you see it, the less likely you are to touch it.”

Ali Brown, founder and CEO, Elevate and Ali International LLC  

Make Sure It Makes Sense

Make Sure It Makes Sense

“Don’t be intimidated by your lack of financial knowledge or expertise. If you don’t fundamentally understand something financial, and your common sense doesn’t allow you to wrap your head around it, and a simple explanation eludes your comprehension, then it’s not for you. Don’t invest in or buy things or jump on a financial bandwagon that doesn’t make sense to you at its core.”

Danielle Gelber, executive vice president, Wolf Films

Don’t Spend Every Cent

Don’t Spend Every Cent

“Live beneath your means. If you’re spending every dime of what you make, you’ll never have the financial freedom to leave your job and, say, start a business, take a lower-paying but more fulfilling job, get away from a bad situation and find your dream gig, or take extended time off. If you know you can live without a paycheck for six months, your options open up immensely.”

Adrian Granzella Larssen, editor in chief, The Daily Muse

 

Be Responsible for You

Be Responsible for You

“Always remember that you’re responsible for your own life, economically and in every other way. Never depend on anyone else in ways you couldn’t recover from if circumstances change, because life is full of surprises!”

—Leslie Bennetts, journalist; author of The Feminine Mistake

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