Joan Payden is a successful businesswoman and CEO of Payden & Rygel, a money management firm based in Los Angeles. At 92 years old, she is one of America’s richest self-made women, with an estimated net worth of $700 million. Payden founded her firm in 1983 after quitting her job and emptying her 401(k). Today, the firm manages over $161 billion in assets and has nearly 240 employees across multiple offices.
Payden’s path to success began after majoring in math and physics at Trinity College in Washington, D.C. She started her career as one of the few women engineers at a company building oil refineries. After being laid off, she transitioned to the financial sector and landed a junior associate role at Merrill Lynch. She eventually moved to Los Angeles to join Scudder, Stevens & Clark, where she became the firm’s first female partner.
Despite facing challenges such as being excluded from business opportunities due to her gender, Payden never wanted her gender to define her career. She believed in being a good financial advisor rather than a good female financial advisor. In 1983, she decided to start her own firm with colleague Sandra Rygel, cashing out her 401(k) for seed money. Payden was initially worried about not attracting clients, but quickly built her firm into one of the largest private money management firms in the U.S.
Payden’s advice to aspiring entrepreneurs is to take risks and not be paralyzed by fear of failure. She believes that the risk of not taking action often outweighs the risk of taking action. Payden’s own leap of faith in starting her firm paid off, and she has no regrets about pursuing her entrepreneurial dreams. She emphasizes the importance of being confident and decisive in pursuing one’s goals, regardless of age or circumstances.
To further develop communication skills and confidence, Payden recommends taking online courses like CNBC’s Become an Effective Communicator: Master Public Speaking. These courses can teach individuals how to speak clearly and confidently, manage nerves, and make a great first impression through body language techniques. Individuals can also sign up for CNBC Make It’s newsletter for tips and tricks for success in the workplace, with money, and in life.
Overall, Joan Payden’s story is one of resilience, determination, and success. From her humble beginnings in the male-dominated engineering and financial sectors, she overcame obstacles to establish her own successful money management firm. Her entrepreneurial journey serves as inspiration for individuals looking to pursue their dreams, take risks, and make their mark in the business world.
