The 6 Most Important Pieces Of Financial Advice
The 6 Most Important Pieces Of Financial Advice
Michelle Mastro Sun, September 28, 2025 Business Insider
I've worked in global banking for 25 years. These are the 6 most important pieces of financial advice I tell family and friends.
Racquel Oden has worked in global banking for over two decades.
Some of the advice she gives family and friends is to focus on retirement as soon as possible.
She also says to prioritize investments over student loan debt and CDs over regular savings accounts.
This as-told-to essay is based on a conversation with Racquel Oden, US head of wealth and private banking at HSBC. It has been edited for length and clarity.
I've worked in global banking for HSBC, JPMorgan Chase & Co., Merril Lynch, and many more. Over the years, I've given my clients plenty of advice on saving, budgeting, investing, retirement, and financial planning.
When it comes to my family and friends, the most important financial advice I give them is to start putting away money as soon as possible.
You're never too young to start saving or investing — and there are many things that even Generation Z could be doing now to help themselves reach their financial goals, whether that's saving up for a down payment for a house, a dream trip abroad, a lavish wedding, or even an early retirement.
If You're Working, You Should Be Focused On Retirement And Your Personal Savings
I know it sounds far away, but you should always be saving for retirement by paying into your 401(k).
Simultaneously, you should also be getting to the point where you have enough in your personal savings account to support your living expenses for the next six months in case you happen to lose your job for whatever reason. This money is what I call short-term cash on hand, what you can use to pay your basic needs — things like your apartment rent, car payments, grocery bills, etc.
You're Ready To Invest Once You Have More Than Short-Term Cash On Hand
I think for a lot of young investors, they're unsure of when to start investing. We often think, "I need to have all this money to invest."
I want to take that stigma away. Any amount of money will work better for you in money markets than in a savings account, which doesn't provide much or any interest. Once you have more than short-term cash on hand, you can create another account in preparation for investing.
Create A Financial Plan With The Help Of A Financial Advisor
What's great about sitting down with a financial advisor is that most banks do not initially charge for this service.
TO READ MORE: https://finance.yahoo.com/news/meet-rich-retired-boomers-now-154502996.html