Heidi Steiger is the author of “Wealthy and Wise: Secrets About Money,” and an expert in financial management. After a long and successful career in the financial industry, she’s currently an Advisory Director at Berkshire Capital, an investment banking and strategic advisory firm that works with companies in the financial services industry. She also sits on four different corporate boards. We asked Heidi a few questions about what she does and how she does it, and she really came through. Enjoy!
TILE: How did you end up where you are today?
Heidi: Well, it isn’t always about talent. Sometimes it’s just luck. I went to college for broadcast journalism. It so happened that I worked at Fidelity one summer after an internship fell through at the last minute. The man who ran the finances of the company (the controller) mentored me, and ultimately helped me get a job there. That was the break which launched my career!
TILE: How does what you do affect the world at large?
Heidi: How can financial independence and the ability to pursue what you love not be somehow intertwined? If I can create services which help people successfully invest, provide easy access, education and the ability to reach one’s goals, then I think I’ve done my job well.
TILE: What’s the biggest secret about money?
Heidi: The biggest secret about money is that most people never answer the question “What’s the money for?” before they decide how to invest it.
TILE: At what age do you think young people should start to take responsibility for their own finances?
Heidi: At about 6 or so. Really! I started my kids with an allowance they could manage. As they got older, they got more money with the instructions that 1/3 was for spending, 1/3 was for saving and 1/3 was for giving. Maybe at age 10 they didn’t know what specific organization should get the money, but they did know who they would like to help. At age 13, they each got a checking account, and then a credit card when they were 14. I remember speaking at a meeting once where a mother was complaining that her college-age daughter didn’t know how to book a plane reservation. I asked her if her daughter had a checking account or a credit card. The answer was no. How could her daughter know how to make a plane reservation when she hadn’t taught her daughter the most basic things?
TILE: What’s the best advice you would give to your teenage self?
Heidi: Spend and save wisely. Just because something’s more expensive, doesn’t mean it’s better. Prioritize and don’t worry about the rest.
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