The founders of Rent the Runway and SoulCycle spill the beans...along with Ashley Graham and Ingrid Michaelson!
These women, who are the definition of #goals, have some invaluable pieces of advice about finances and career exclusively for Cosmo girls! Here’s what they think we need to know about ~money~.
“…the thing I want to say (about money) is to not be afraid of it. Because I think a lot of people are afraid to really go for it, because they don’t know how to manage money, or they’re afraid they’re going to lose it. I think money is a simple tool, and you can’t be afraid.” — Amy Wilkinson, Stanford Business School, author, Creator’s Code: 6 Skills of Extraordinary Entrepreneurs
“In my twenties, I spent — embarrassingly — close to 80 percent of my take-home income on clothing. And one of the key things I found out about our 6 million customers at Rent the Runway is they have no awareness of what they spend on clothing. They don’t track their credit card statements, because they want to forget. And I think that the most important thing for women is to be aware — just for their own empowerment — what are they spending today? What do they spend on clothing? What do they spend on food? What do they spend on transportation? Because if they saw that perhaps they were spending 80 percent of their take-home income on clothing, and 50 percent of those clothes were not really worn that often, maybe they would consider making smarter choices about investing in things they can have forever, and renting the rest of those things. Become best friends with your credit card statement. You cannot ignore the super expensive pair of shoes you bought in hot pink that you wore twice.” — Jenn Hyman, Founder & CEO, Rent the Runway
“Don’t be afraid to talk about it.” – Ashley Graham, Model, Mogul, Designer, Body activist
“Have a plan as to how you’re going to invest your money wisely. No matter how much money you have, you need a plan for how to save your money and how to invest your money. Because ultimately the way that you’re going to build long-term wealth for yourself is through investing. Don’t think that something is going to just come to you. You have to be very proactive in how you’re going to create that wealth for yourself.” —Melanie Whelan, CEO, SoulCycle
“Start saving. Seriously! Find a really great financial planner. I wasn’t really making any money until my late 20s, and my financial advisor is a really good friend of the family, and she sort of insisted that I start early. But it really makes a difference when you have someone who knows what to do with your money and invests it properly. You’d be surprised with a little bit of money, you can still invest and see growth, but you have to start young. A lot of people think, Well, I’ll do it when I’m really making money. But what if that doesn’t really happen? Start as early as you can with a financial advisor.” – Ingrid Michaelson, Singer/Songwriter
“(The) biggest piece of advice that I give women it their twenties is to really own who you are. To not be afraid of whatever you feel your imperfections or inadequacies are. We all have them, and it’s how we choose to highlight our vulnerability that really pulls people in…I really do believe that the most magical moments for me in my career have come when I was the most uncomfortable, totally new kid on the block, newbie in the situation, and wanting to be a perfectionist for myself.” – Lauren Maillian, host, Quit Your Day Job & best-selling author
From Cosmo US
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