I worked for Global Banking for 25 years. These are the 6 most important financial consultations I say to family and friends.

• Racquel Oden has been working in global banking for more than two decades.

• Some tips she provides to family and friends is to focus on retirement as soon as possible.

• She also says she prefers investment, not student loan debt and CDS, not regular savings accounts.

This essay is based on a conversation Racquel OdenUS Property and Private Banking Manager HSBC; It was edited due to length and clarity.

I worked for Global Banking HSBC, Jpmorgan Chase & Co., Merril Lynch and many more. Over the years, I have given my clients a lot of tips on how to save, make a budget, invest, retire and financial planning.

When it comes to my family and friends, the most important financial advice I give to them is to start making money as soon as possible.

You are never too young to start saving or investing – and there are many things that can now be done by Z Generation to help yourself achieve your financial goals, whether it saves you a home, dream trip abroad, a luxury wedding or even early retirement.

I know that sounds far, but you should always save for a retirement by paying 401 (k).

At the same time, you should also achieve a point where you have enough of your personal savings account to keep your living costs for the next six months if you lose your job for any reason. This money is what I call short-term cash, what you can use to meet your basic needs-such things as renting your apartment, car payments, bacal accounts and more.

I think that many young investors are not sure when to start investing. We often think, “I have to have all this money to invest.”

I want to take away that stigma. Any amount of money will be better for you in money markets than in a savings account that does not provide much or no interest. Once you have more than short -term cash, you will be able to create another bill in preparation for investing.

It is great to sit with a financial advisor that most banks initially do not charge for this service.

Planning is a point in investing and it is convenient because you have to sit down and ask yourself, “What do I want to achieve with my finances? Do I want to buy a home, plan a wedding or take another big trip?” With this plan, you can not just think about retirement.

I encourage people to think about their lives under different buckets – for example, a home saving can be one bucket. Each of these buckets or larger financial goals has a different time horizon. By developing a larger financial plan, you can help you better understand the periods of each goal and eliminate some of the anxiety associated with investing.

We like to watch Tikatok and browse Instagram, but make a favor and pamper yourself before watching in those places.

Contact traditional resources such as financial advisors to your bank. You can follow the social influencers for some things, but not because something is as important as your finances. Become conveniently using traditional sources of this information, such as banks – that does not mean that you must finally choose or choose their services.

You can shop and find the financial advisor that suits you.

Checking and savings accounts are the lowest interest accounts, currently. Short -term vehicles such as CDs, or a deposit certificate, a certain type of savings account that earns a fixed interest rate may be better than a normal savings account.

CDS can be a great choice for a brief investment of, say, about nine months and in some cases earn 4% interest. But you have to remember that these interest rates are always changing, so stay on them.

I urge customers, of course, pay the minimum paid payment. However, the concept of paying a student loan debt should not be something that you care about, because having cash at your fingertips and the belief that your cash is right for you is a smarter way.

However, if your cash is only sitting in checking your bills instead of raising interest, then pay a student loan because in this case your money doesn’t work for you. You do not get any cash yields sitting in the billing account. However, debt reduction increases your credit score, so you also need to think about it.

Do you have a story to share financial planning? If so, contact the editor Mansseen Logan, email. Email mlogan@businsinsider.com.

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