Think You’re Too Late To Build Wealth? Here’s Why Your 40s Are Actually The Perfect Time – Essence

For many women, hitting the 40-year mark is a pivotal moment.

Career stability is often in place, life is in full swing, and the vision for the next few decades starts to crystallize. But for those who haven’t yet begun saving for retirement, that same milestone can spark a different feeling—anxiety. Racquel Oden, Head of Wealth Management at HSBC USA, is determined to dismantle the myth that it’s ever too late to start building wealth.

“The biggest barrier is the fear of starting and the feeling like it’s too late,” Oden shares. “I’m always clear with everybody—there is no such thing. It’s never too late to start figuring out your financial health, acumen, and investing.”

Confronting Fear and Volatility

The journey toward financial security is often littered with fear—especially in a climate of economic volatility. Inflation, shifting markets, and an unpredictable global economy can make the idea of investing seem more daunting than ever. Oden acknowledges these realities but encourages women to confront them head-on.

“Whether you’re in your 20s, 30s, 40s, or even 50s, we’re all feeling the same uncertainty,” she explains. “Right now, many people are paralyzed—they do nothing because they don’t know what to do. But this is the time to engage, not retreat. When you have such an active administration making changes each day, it’s important to stay active with your investments.”

Rather than shying away from market fluctuations, Oden urges women to embrace financial literacy as a tool for empowerment. “Understanding how your money works is the first step to making it grow,” she insists. “The volatility we’re seeing isn’t a reason to opt out—it’s a reason to opt in and learn.”

Building Wealth, Not Just Literacy

Under Oden’s leadership, HSBC USA focuses on elevating financial literacy among women and communities of color, but she wants the focus to go beyond education and into tangible wealth creation. Through initiatives like Wealth Aspiration Workshops, HSBC USA is equipping women with the skills to build generational wealth.

“We have to get past just literacy and move towards wealth creation,” Oden stresses. “It’s not enough to understand what a checking account is—you have to know how to make your money grow.”

One of the primary steps, Oden suggests, is simply starting. Whether that’s a 401(k), Roth IRA, or diversified investments in equities and fixed income, the key is to engage with financial planning. “A lot of women think, ‘I don’t have enough to hire a wealth advisor,’ but that’s not true. It’s about getting the right advice, not necessarily having millions in the bank,” she affirms.

Oden also emphasizes the power of setting clear financial goals. “Financial literacy without a plan is just information,” she explains. “What are you building towards? A house? A comfortable retirement? Set a target so your investments have a purpose.”

Smart Investments for Late Starters

For women starting their financial journeys in their 40s, Oden recommends looking at low-risk investments that still offer a solid return. “Treasuries have a good return right now. Gold is extremely popular, and hedge funds can be smart plays,” she advises. “You want to separate your long-term needs from your short-term ones and ensure your money is still working for you, even if you’re just beginning.”

She also emphasizes the importance of staying engaged with the market despite its volatility, citing that many people become paralyzed by fear. “If you pulled out, you would have missed the fact that it’s literally back to where it was—actually slightly above. Stay the course with what you do have.”

According to Oden, the 40s are also an ideal time to seek professional financial advice. “Because you have a shorter window—maybe 10, 15, or 20 years—it’s important to get professional guidance. It also takes away some of the anxiety of thinking you have to know everything about investments. That’s what a financial planner is for.”

Building a Legacy: Why It Matters

Oden also wants women to understand that wealth building isn’t just for individual security—it’s about legacy. “When you take control of your finances, you’re not just impacting your life. You’re setting a standard for your children, your community, and generations to come,” she says. “We need more Black women building wealth, not just for today, but for the future.”

Looking Ahead with Confidence

Despite the challenges, Oden believes that women in their 40s are in a prime position to take control of their financial futures. “You are not too late. The best time to start was yesterday. The next best time is today,” she insists.

With strategic planning, sound investments, and the right guidance, building wealth after 40 is not only possible—it’s powerful. “Wealth is not just about money; it’s about freedom,” Oden concludes. “And every woman deserves that.”