Jean Chatzky is the CEO and co-founder of HerMoney. On this episode of Disrupters Yieldstreet’s own CEO Milhind Mehere sits down with Jean for a conversation about education, entrepreneurship, diversity and the consumer-driven economy.
[6:40] Jean’s pro tips for paying for college.
[10:18] The entrepreneurial drive that led to HerMoney.
[17:15] Reducing the gender gap in the fintech space.
[25:00] Getting comfortable with your personal finances.
Jean has had a very successful career in financial journalism, but she didn’t start out on an easy path. Personal finance was not considered a serious topic by many publications as she was starting her career, but she found creative ways to reach her career goals. She offers several pro tips for listeners who are trying to determine whether the cost-benefit of a higher education is worth their money and time. First, consider alternative education options and attending your community college before transferring to a four year school then applying to schools that are likely to give you more in the form of merit. Second, try to keep the amount that you borrow to attend four years of college less than the amount that you expect to earn your first year out of college. And third, keep in mind that for every $20,000 that you borrow you are looking at a monthly payment of $250 a month over ten years. If that doesn’t sound plausible, in addition to rent, transportation, and the occasional drink with friends, you need to scale back your borrowing.
Jean had a variety of odd jobs in the early years of her career, and from those jobs she gained the ability to hustle- a skill that even today too many of us have forgotten about. She learned about the importance of a strong network and started to think outside the box as much as possible. She didn’t want to sit in a classroom or pay to earn an MBA, so she figured out a way to write finance business stories and learn from them along the way.
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As an entrepreneur, Jean had a side hustle before having a side hustle was even a thing. When she realized how behind the curve many women are when it comes to personal finances, she found a need and has started to fill it through HerMoney, a digital media company that is focused on improving the relationship women have with their money. The gap in the fintech and financial services spaces can only be reduced by increasing financial literacy, intentionally bringing women up the ladder, and leveling up salary discrepancies in a transparent way.
If you want to own your life, you have to own your money. You have to be intentional about how you’re using your resources, because money is just a tool to craft the life that you want. Jean shares the simple and practical ways that she owns her money by budgeting backwards, a process that helps her meet her financial goals every single month.
If you’re more comfortable talking about the next hot restaurant than you are about reaching your personal finance goals, Jean has some advice that you won’t want to miss. Get educated, have conversations, and fake it until you make it. Control the things that you can control, and try not to stress about the rest, and over time, you will get more comfortable with your investment decisions. To learn more about the role that alternative investments can play in your personal finances, visit www.yieldstreet.com today.
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