Sallie Krawcheck's Financial Advice for Millennial Women

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And watch the full interview with Krawcheck here: How to Handle Market Volatility, Manage Personal Finances During the Coronavirus Pandemic

Video Transcript:

KATHERINE ROSS:
Well, I'm glad they are at least with your family. But before I go, Sallie, I've got one final question for you and that's millennials have lived through a traumatic economic crisis before that we were told once in a lifetime and now we're going through a second one, so especially for millennial woman, what's your main message to help them feel a little bit better about their finances in this time?

SALLIE KRAWCHECK:
Yeah, look, what I would say is, these once in a lifetime happen once every 10 years. I mean, even when I very was a baby, baby, baby, the crash of '87, and there was the issues with Russia with that meltdown, and then there was the 2001 terrorist attack. So these things are happening every 10 years. That has not kept, as we were talking about earlier, the markets from trending upward over time. And I think a mistake we make, particularly as women, we tend to remember the pain more than the good stuff. And we tend to have a vision of the equity market as performing like this, when in fact it's performed like that. And so you've got a hold on the best you can. Obviously, if you've lost your job, et cetera, there's certain actions you should take, but if you're privileged enough to be able to stay in the markets, do.

SALLIE KRAWCHECK:
A couple of weeks ago, we were still seeing people, I was on Jim's show and when we talked about it, I said, "Look, Jim, for young people like you and me who are still buying equities in diversified investment portfolios as bonds, they're on sale. And so while it's hard to celebrate the fact that they are on sale, we should be celebrating the fact that they are on sale." And if you're in a place later in life where you're selling your equities, you're selling your investments, fingers crossed that you worked with a financial advisor who got your risk down as you got older, which is a real value an advisor can bring, so that while this can hurt, this is not a knockout blow.

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