In any tale of triumph, one common thread ties all heroines together – the dogged pursuit of independence. One such heroine is a financial warrior, Ella Madatyan, cultivating her unique path to financial freedom, setting an example for thousands of women worldwide. Madatyan, an Armenia-born entrepreneur, moved to the United States at four and watched her father build his empire firm after firm, instilling in her the spirit of financial freedom.
Madatayan champions a resolute belief in holding onto the reins of your finances even after getting married, a declaration contradicting the conventional household norms where the spouse typically manages the financial matters. This financial maverick, who nests as the heart of her five bakeries’ operations, contends that promoting mutual respect in marriage also involves setting boundaries and ensuring both partners maintain their financial independence.
This ardent entrepreneur radiates her philosophy of mindful cash flow management and insists women should keenly examine their income routes and exits. The convenience of credit cards may often blur this vision; however, meticulous budgeting can alleviate this seemingly Herculean task. A weekly budget for extra expenses can ensure minor costs, like birthday gifts or coffee breaks, don’t escalate into financial hurdles.
Madatayan also claims that proactive banking decisions, such as starting to save early, contribute to financial independence. Adopting a growth mindset can facilitate accumulating savings, with experts often recommending putting aside 10% – 20% of the income. Alternatively, having an emergency fund with 3 – 6 months’ worth of savings can also be a financially sensible move.
Madatayan’s journey, which began in 2008, took her from saving a sinking bakery to creating a prosperous chain of five locations. Her revamped version of traditional Armenian food coupled with an innovative Instagram marketing strategy expanded her customer base beyond imaginable horizons and even drew attention from celebrities like Kim Kardashian.
While her success is impressive, what truly stands out is her vision to leverage her business’s success to aid in causes such as domestic abuse. Madatayan plans to launch a clothing line to fund a domestic abuse non-profit, demonstrating her commitment to using her financial independence to fuel social change.
According to her, the road to financial independence requires women to set short, mid, and long-term goals. She urges women to identify their needs and wants, and integrate a growth mindset to reach those targets. She firmly believes that women can be financially independent, whether they are working professionals or stay-at-home mothers. This can be achieved by tapping into passive income sources or even starting a side business.
Emphasizing the importance of a robust credit score, Madatayan advises women to prioritize maintaining a good credit score, as it can immensely impact your financial objectives and life decisions. A sound credit score empowers women to make their own shopping choices, and instills a confidence that avoids unwelcome surprises while applying for loans.
As a role model to many, Ella Madatyan reshapes the narrative of what being financially independent means to women. Beyond just covering expenses, it’s about shaping the future, making informed choices, and creating a life that aligns with personal dreams. It’s about being well-versed in managing your cash flow, planning for emergencies, and not being afraid to invest in your future. Her journey embodies the potential that lies in every woman, inspiring us to fearlessly chase our financially independent dream life, one wise decision at a time.
