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Photo by Annie Shak
Photo by Annie Shak
For millennials, who were born between 1981 and 1996, this is likely their first encounter with the kind of market turmoil we're experiencing right now. In "How to Cope if You Haven't Experienced Market Chaos Before," Paul Brown of the New York Times asked the authors of three personal finance books, including Tina Hay (MBA 2002), for tips to help young investors get through and recover from their first financial crisis.
Hay is the author of Napkin Finance: Build Your Wealth in 30 Seconds or Less. She is also the founder and CEO of Napkin Finance, a multimedia platform that demystifies financial concepts into cocktail-napkin-sized explanations.
In her suggestions to the Times, Hay pointed to the importance of understanding the power of compound interest; monitoring your credit, which can give you financial flexibility when needed; and building an emergency fund. "It is the cornerstone of financial security, because you can't necessarily rely on credit cards or retirement savings for emergencies," she says. "You should have three to six months of living expenses saved up." Returns on that emergency fund are less important than the fact that it must be liquid, she says.
For more about Hay and Napkin Finance, see the story in the March 2019 issue of the HBS Alumni Bulletin.
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