Since the United States is the country with the largest population of millionaires in the world, according to simple statistics, it is easier to become a millionaire in these latitudes than in other corners of the world.

But being a woman and not being born into a wealthy family to inherit makes the task of achieving more than six figures in the bank account difficult. Despite this, Joan Payden managed to become one of the oldest female self-made millionaires in the United States at the age of 92.

According to the Forbes list of millionaires, Payden’s fortune is worth approximately $700 million, making her the second-oldest female millionaire on the American list at 92 years old. Only 97-year-old Alice Schwartz is ahead of Payden, who earned her 2.1 billion fortune by founding the company with her husband David. Bio-Rad Laboratories.

A self-made millionaire in a man’s world

As published by Forbes, Joan Payden began her path to wealth by risking all her retirement savings to start her investment advisory company. Payden and Rygel Although he is 92 years old, he still serves as executive director.

Although Payden holds a degree in mathematics and physics from the prestigious Trinity College in Washington, D.C., he began his career in the 1950s as one of the few engineers able to build oil refineries. The adventure was short-lived and he faced a major layoff.

After the debacle in the engineering sector, Joan Payden tried to redirect her career towards mathematics and began working in financial consultancy. Merrill Lynch. “They hired me at a 25% discount because I didn’t know the difference between bonds and stocks,” Payden said. los angeles times.

A few years later, Joan moved to California, where she found a job at a financial consulting firm. Scudder, Stevens and Clark. He had to struggle at a disadvantage in his career. Male-dominated work environment.

“They were holding their annual company meeting at a very large, prestigious golf course, and of course they didn’t allow women in. “So I sat on the porch,” he explained years later to recent graduates of the University of NotreDame.

In 1983, Joan Payden grew tired of proving that she deserved promotions as much as anyone else. start your own company. He resigned from his position at 19.00 Scudder, Stevens and ClarkHe capitalized his retirement fund (401(k) in the US) and recruited one of his colleagues, Sandra Rygel, to start a new financial advisory firm with him: Payden & Rygel.

Since then, his firm has positioned itself as one of the most important consulting firms in the United States, managing more than $162 billion in assets with headquarters in Los Angeles, Boston, London and Milan.

Discreet by nature, the seasoned millionaire is reluctant to give interviews and tries not to exaggerate his charitable contributions. However, he remains heavily committed to philanthropic organizations such as the U.S. Salvation Army or to supporting his alma mater with donations for its facilities and interventions in the graduation of students who have withdrawn from his classes.

Joan A. Payden, 92 years old He doesn’t seem to have any intention of retiring. at the head of the company he founded. After all, it’s not strange that he invested all his retirement savings into starting this company. The move was very profitable and $700 million is proof of that.

in Xataka | There is a man who has been working in the same company for 85 years. And he doesn’t plan on retiring.

Image | Salvation Army Southern California Division