Successful Women Share The Best Financial Advice They Have Received

I love money. It excites me, empowers me and boy, does it challenge me. As a freelancer, it also scares me: the “amount credited” message sends me on a spending spree, while the “amount debited” text sends a pit to my stomach.

I struggle to find a balance and feel grounded around it and I’m not alone: around 93% of women are stressed about their finances.

If you’re like me, someone who is building her empire (whether it’s a business, or an amount in her bank account), here is the best financial advice successful women have received about earning, saving, and investing.

Bola Sokunbi, Podcaster & CEO, Clever Girl Finance

Her best advice: “Balance small savings with big-picture thinking.”

Bola Sokunbi leads the Clever Girl Finance podcast where she discusses financial behaviors. One of her most valuable lesson on finances came from her father.

“Growing up I would obsess over little savings instead of focusing on bigger opportunities,” she said. “My dad shared this advice with me. He was always practical and had straightforward wisdom when it comes to money.”

Today, her platform educates people on making money, saving, and investing it. And this advice helped her understand that money is a long-term game.

“Saving a few bucks here and there is great, but it shouldn’t distract you from making smarter, long-term financial decisions,” she said. “For example, clipping coupons religiously is helpful, but ignoring your retirement savings plan can be financially harmful.”

Cassandra Gucwa, CEO & Founder, Menerva Digital

Her best advice: “Focus on building wealth rather than hoarding money.”

Cassandra Gucwa had just transitioned into being a full-time businesswoman when she got this advice. She was making more money than her previous job, and to manage her finances, her mindset had to evolve.

I never thought of money as ‘wealth,'” she said. “I thought it was something to hoard, a specific number I can see in my bank account. I didn’t think of it as a number I can’t tangibly see every single day.”

Her husband, her tax advisor, and her friends at her country club echoed this financial advice, and she said it helped her become more proactive about her money.

“Previously, I would put money into a savings account,” she said. “Now, I go to advisors to build long term wealth. Do I buy another property? Do I invest it back into my business? Do I purchase another business?”

Sophie Musumeci, Founder, Real Entrepreneur Women

“Reinvest into your business instead of spending it all on personal needs.”

Sophie helps women find their purpose and turn it into a profitable business. Since she has a background in banking and finance, she knows what behaviors are vital to grow your money.

She said, “Don’t spend the money you’ve made on things like fancy cars or holidays before your foundation is strong. Instead, put it back into growth.”

This financial advice came from a friend and mentor who was on the same professional path as Sophie wanted to be on years ago.

“This advice led to a mindset shift that allowed me to stop playing small and start thinking like a true entrepreneur. I was nervous about spending even $20 a day on ads, let alone scaling. Now, I confidently invest thousands daily into advertising, knowing it’s fueling my business and creating long-term results,” she said.

Crystal Stranger, Senior Tax Director & CEO, OpticTax.com

Her best advice: “Keep building your value and keep asking for raises.”

“A friend made $50/hour as a construction worker when others were making $10-$15,” she said. “I asked him how he was getting paid that much and he said, ‘I ask for it. I work harder than anyone else and show them I can do the job perfectly without supervision. Then I go in and ask for a huge raise, and they either give it to me, or I don’t go back.'”

At the time, she had started her first job at H&R Block, where raises weren’t a norm, she said. After hearing this advice, she tried anyway.

“I was making around $6 an hour at the time but I had gotten a lot of compliments that I was doing a better job than anyone they had ever hired as a first-year,” she said. “I went in and asked for $50 an hour. I didn’t get it, but they agreed to around $15 an hour, nearly 3x what I made before.”

This practice of asking for raises helped her overcome the discomfort of asking for money. She also fought imposter syndrome, worked on adding value, and learned the art of negotiating.

“Getting paid more doesn’t just equate to making more money, it’s also about your employer respecting you for the value you provide to the business,” she said.

Julie Thomas, CEO, ValueSelling Associates

Her best advice: “As a female business owner, don’t forget to pay yourself.”

Julie had recently transitioned into the role of CEO when she got this financial advice. It resonated with her because she realized she was taking care of many business expenses – except for hers.

“For the first few years running ValueSelling Associates, I did not budget for my own salary,” she said. “This is almost like putting on your own oxygen mask first before helping others. Entrepreneurs and founders may need to sacrifice upfront to get their business off the ground, but this is not sustainable.”

Based on her personal and social experiences, her hunch was that women tend to do this more than men.

“I think women entrepreneurs need to hear this,” she said. “It’s important to build a paycheck and support system into your business plans to be successful.”