Owner and Chair of Ellevate Network Sallie Krawcheck speaks on stage during 'The Fast Company Innovation Festival' - Building A Business That Matters, Part II With Box, Ellevate And GE on November 10, 2015 in New York City. Krawcheck launched Ellevest, the first digital investment platform designed around women, on May 11, 2016.
Brad Barket—Getty Images for Fast Company
March 9, 2017 1:06 PM EST

Ellevest founder and “Mind the Gap” author Sallie Krawcheck has five tips for women under 30 looking to secure their financial futures.

First, pay off your debt. If you have debt, you’re going to pay for it in the long run, she says. “Some people out there recommend building your fund before paying off debt. That is truly stupid advice,” she told CNNMoney. “Then you have cash that is earning close to zero, but you owe cash that is costing you 20%.”

Once that debt is paid off, start building an emergency fund and setting financial goals. Krawcheck suggests saving enough to cover one to three months of living expenses so you’ll be prepared if something unexpected happens — like losing your job or seeing a spike in bills.

Then, it’s time to think about the big picture and start investing. To get over the fear of losing money to the market, she advises investing 1% of each paycheck, and increasing the percentage over time. “Pay yourself first. Do it every paycheck,” she says.

Read the rest of Krawcheck’s tips at CNNMoney.

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