Why Financial Wellness Lead at Citi Claire Wasserman Wants Us All to Make More Money Moves

Introduction

Financial wellness is a crucial aspect of our overall well-being. Claire Wasserman, the Financial Wellness Lead at Citi, is on a mission to help individuals take control of their financial lives by making informed money moves. In this article, we delve into her insights and advice on how to achieve financial wellness.

Who is Claire Wasserman?

Claire Wasserman is a renowned financial expert and the founder of Ladies Get Paid, a platform dedicated to helping women advance their careers and achieve financial independence. At Citi, she leverages her expertise to empower people to make smart financial decisions and improve their financial health.

The Importance of Financial Wellness

Financial wellness goes beyond just having money in the bank. It encompasses understanding your financial situation, setting realistic goals, and making strategic decisions to secure your future. According to Claire Wasserman, financial wellness is about feeling confident and in control of your finances.

Tips from Claire Wasserman on Making More Money Moves

1. Educate Yourself

Knowledge is power. Claire emphasizes the importance of educating yourself about personal finance. This includes understanding budgeting, saving, investing, and debt management. The more you know, the better equipped you will be to make informed decisions.

2. Set Clear Financial Goals

Having clear financial goals is essential. Claire recommends setting short-term and long-term goals that are specific, measurable, achievable, relevant, and time-bound (SMART). This will help you stay focused and motivated.

3. Create a Budget

Budgeting is a fundamental tool for financial wellness. Claire advises creating a budget that tracks your income and expenses, allowing you to allocate funds effectively and avoid unnecessary spending.

4. Build an Emergency Fund

Life is unpredictable, and having an emergency fund can provide a financial safety net. Claire suggests saving at least three to six months’ worth of living expenses to cover unexpected events.

5. Invest in Your Future

Investing is a key component of building wealth. Claire encourages individuals to start investing early and take advantage of compound interest. Diversifying your investments can also help manage risk.

How Citi Supports Financial Wellness

Under Claire Wasserman’s leadership, Citi has implemented various initiatives to support financial wellness. These include educational programs, resources, and tools designed to help individuals make informed financial decisions and achieve their financial goals.

Mastering the Art of Salary Negotiation

One of the most potent levers for accelerating financial wellness is your primary income stream. Claire Wasserman often highlights that the gender pay gap and general wage stagnation are best combated through radical transparency and preparation. To make a real money move, you must shift your mindset from being a passive employee to an active participant in your career value proposition. Start by conducting “market value audits.” Use resources like Glassdoor, Payscale, and industry-specific salary surveys to establish a data-backed range for your role, experience level, and geographic location. When preparing for a negotiation, don’t just list your tasks; build a “brag document” that quantifies your contributions in terms of revenue generated, costs saved, or efficiencies created. If you are met with a “no” regarding base salary, pivot the conversation toward total compensation packages. Negotiate for equity, performance bonuses, professional development stipends, or even extra PTO. The key is to treat your career like a business, where you are the CEO, and your employer is your primary client.

The Psychology of Spending and Behavioral Finance

Financial wellness is rarely a math problem; it is a behavioral one. Even with a perfect budget, subconscious spending habits can derail your progress. To master your money moves, you must identify your “money scripts”—the deeply ingrained beliefs about money you formed in childhood. Are you a spender who uses consumption to soothe anxiety, or a saver who views every purchase as a moral failing? Claire Wasserman encourages us to practice “conscious consumption.” Before making a non-essential purchase, implement a 48-hour cooling-off period. This simple delay allows the emotional impulse to fade, leaving you with a rational decision. Furthermore, automate your financial life to reduce decision fatigue. By setting up “pay yourself first” systems where a portion of your paycheck is automatically diverted to savings or investment accounts before you ever see it in your checking account, you remove the reliance on willpower entirely. You can only spend what remains, which naturally enforces discipline without the psychological weight of constant restriction.

Strategic Debt Management and Leveraging Good Debt

Not all debt is created equal, and understanding the nuance between high-interest toxic debt and strategic leverage is a hallmark of financial maturity. While credit card debt should be treated as a financial emergency due to its compounding interest rates, other forms of debt can actually function as tools for wealth building. Claire Wasserman suggests a “debt avalanche” method for high-interest obligations: rank your debts by interest rate and funnel all surplus income into the one with the highest rate while maintaining minimums on the rest. However, when it comes to student loans or mortgage debt, consider the opportunity cost. If your debt carries a low interest rate, it may be more mathematically sound to invest your surplus cash into the market, where historical returns may outpace the cost of your debt. Always assess your “debt-to-income ratio” before taking on new obligations, and ensure that any loan you take is tied to an asset that appreciates in value or increases your future earning capacity.

Navigating Workplace Benefits Beyond the Paycheck

Many employees leave thousands of dollars on the table by failing to fully leverage their corporate benefits packages. Beyond the standard 401(k) match, look for “hidden” financial perks such as Health Savings Accounts (HSAs), which offer a triple-tax advantage—tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses. If your company offers an Employee Stock Purchase Plan (ESPP), evaluate it as a potential wealth-building vehicle, provided you don’t over-concentrate your portfolio in your own company’s stock. Additionally, investigate if your employer provides financial wellness coaching, student loan repayment assistance, or tuition reimbursement. These benefits are essentially “invisible salary” that can significantly lower your personal expenses and free up cash flow for other high-impact investments. Treat your HR benefits portal with the same level of scrutiny you would apply to a brokerage account, as optimizing these options can shave years off your timeline to financial independence.

The Role of Side Hustles in Diversifying Income Streams

In an era of economic volatility, relying on a single employer for 100% of your financial security is a risky proposition. Claire Wasserman advocates for the “portfolio career” model, where individuals cultivate multiple income streams to insulate themselves against layoffs or industry downturns. A side hustle should ideally leverage your existing skills but in a different context—such as consulting, freelance writing, or teaching online courses. When launching a side hustle, avoid the trap of “lifestyle creep” by funneling 100% of the income generated from these ventures directly into your investment portfolio or high-yield savings accounts. This creates a psychological separation between your “living” money and your “wealth” money. Over time, these additional revenue streams can provide the “f-you money” required to negotiate more aggressively at your primary job, as you will no longer be dependent on that single check for your basic survival.

Advanced Tax-Efficient Investing Strategies

Once you have mastered the basics of budgeting and saving, the next level of financial wellness involves tax optimization. Many people pay more in taxes than necessary simply because they aren’t utilizing the correct investment vehicles. Understand the difference between tax-deferred accounts (like a Traditional 401(k) or IRA) and tax-free accounts (like a Roth 401(k) or Roth IRA). If you expect to be in a higher tax bracket in the future, prioritizing Roth contributions is often a superior long-term move. Furthermore, consider “tax-loss harvesting” in your brokerage accounts—the practice of selling securities at a loss to offset capital gains tax, then immediately reinvesting in a similar asset to maintain your market exposure. This is a sophisticated maneuver that requires discipline and a basic understanding of IRS rules, but it can significantly improve your net returns over a multi-decade horizon. Always consult with a tax professional, but remember that the more you understand these mechanisms, the more effectively you can partner with your advisors to keep more of what you earn.

Conclusion

Financial wellness is attainable for everyone, and with the right knowledge and tools, you can take control of your financial future. Claire Wasserman’s insights and Citi’s initiatives provide a solid foundation for making more money moves and achieving financial independence.

FAQ

1. What is financial wellness?

Financial wellness is the state of having control over your finances, being able to meet your financial obligations, and feeling confident about your financial future.

2. Who is Claire Wasserman?

Claire Wasserman is the Financial Wellness Lead at Citi and the founder of Ladies Get Paid, a platform dedicated to helping women advance their careers and achieve financial independence.

3. What are some tips for achieving financial wellness?

Some tips for achieving financial wellness include educating yourself about personal finance, setting clear financial goals, creating a budget, building an emergency fund, and investing in your future.

4. How can Citi help with financial wellness?

Citi offers educational programs, resources, and tools to help individuals make informed financial decisions and achieve their financial goals.

5. Why is it important to have an emergency fund?

An emergency fund provides a financial safety net for unexpected events, helping you avoid debt and maintain financial stability during challenging times.