Joan Payden is one of the richest self-made women in America, with a net worth of around $700 million, making her a newcomer on Forbes’ list of America’s Richest Self-Made Women in 2024. At the age of 92, she is not only successful but also one of the oldest female entrepreneurs in the country. She is the CEO of Payden & Rygel, a money management firm based in Los Angeles that she founded in 1983. The firm now manages over $161 billion in assets and has nearly 240 employees spread across various offices.
Payden’s journey to success began after she majored in math and physics at Trinity College in Washington, D.C. She started her career as one of the few women engineers at a New Jersey-based company building oil refineries in the 1950s. After facing a mass layoff, she transitioned to the financial sector, landing a junior associate role at Merrill Lynch. She then moved to Los Angeles to join Scudder, Stevens & Clark, a prestigious money management firm, where she eventually became the firm’s first-ever female partner.
Despite facing challenges such as not being able to advance due to not playing golf at an annual men-only event, Payden remained focused on her career. She never wanted her gender to define her success, emphasizing that she was simply a good financial advisor, regardless of being a woman. In 1983, feeling stagnant in her position, she decided to start her own firm, Payden & Rygel, with colleague Sandra Rygel. She cashed out her 401(k) for seed money and took the risk of striking out on her own.
Since then, Payden has grown her firm into one of the largest private money management firms in the U.S. She took a leap of faith in starting her own business, advising aspiring entrepreneurs to not focus on the fear of failure but rather on the potential rewards of taking risks. Payden’s story serves as inspiration for those looking to pursue their dreams and break through barriers in their respective fields.
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