Jenna Lee: The New Face of Money
Visit YOUNG MONEY Radio to hear the full Jenna Lee interview.
If you're a college student and you're studying something other than business, then please let me have your attention. Bear with me briefly, business students, as I need to speak directly to any readers who would agree with the following three statements: 1) I'd rather rip my fingernails out with a rusty wrench than watch stock market news 2) Wall Street couldn't care less about young adults except for college business majors 3) Financial news channels are meant for rich old guys in suits.
Until recently, I probably would have agreed with each of these statements. However, that all may have changed this October when the FOX Business Network (FBN) debuted as an alternative to traditional business news programming. FBN, owned by News Corp., claims it wants to bridge the gap between Main Street and Wall Street by featuring shows that are more accessible to non-financial types. Programmers are hoping to draw an audience that would not normally watch business channels.
One way the network plans to accomplish its goals is by featuring fresh, young on-air talent such as anchorwoman Jenna Lee, who joined the network in September. Lee was formerly a news anchor and reporter for Forbes.com, where she provided daily market updates and covered economic data and breaking news from Wall Street. Prior to this, Lee served as a writer and segment producer for NY1's Fortune Business Report where she covered the markets, real estate and personal finance. Lee earned her bachelor's degrees in English and global and international studies at the University of California at Santa Barbara. She, a former college softball player, also holds a master's degree in journalism from Columbia University.
The San Francisco native is the co-anchor of "FOX Business Morning." The show explains what events to expect in the day ahead and how news from the overseas markets will translate for American businesses, investors and consumers. Anchoring a national television show does require sacrificing a few things--such as sleep. Lee arrives at the studio every weekday morning at 2:30 a.m. in order to prepare for the live broadcast at 5 a.m.
Lee says part of the network's success will depend on whether it can educate its viewers about relevant money matters such as credit card rates and upcoming young entrepreneurs. She also hopes to offer some perspective on what makes Wall Street tick. The challenge is to present those stories in a way that connects with viewers rather than talks down to them.
"When you think of FOX Business, think of someone who is having a conversation with you rather than talking at you," she says.
In an exclusive interview with YOUNG MONEY, business anchor Jenna Lee shared her thoughts on the financial challenges that college students face, why young investors should not fear the stock market and what sets apart successful entrepreneurs from mere dreamers.
Were you a financially savvy college student?
I think being financially savvy is something that you learn throughout your life at different stages. When I was an undergraduate, I actually held a full-time job and went to school full time and double majored. So it was a very busy time for me, and I think that having to juggle so many different things and manage my time in so many different ways helped me learn how to manage my money as well. And, of course, when I went to graduate school I was in a little bit of a different position because I'd held a couple of full-time jobs before I went to graduate school. I think it is something that every student faces. It's something that you have to learn about by trial and error unfortunately sometimes.
As far as being financially savvy myself, I consider that to be kind of a lifelong process trying to realize how you should manage your money best. Definitely, [I've] been there as a starving student and, definitely, I have worked and gone to school at the same time, and I know it's not easy. But if you can manage [your finances] as a student, then that really prepares you for later on in life.
Did you have a financial role model that helped you get through that period?
My parents were great role models for me. I think when it comes to your own finances-when you finally have your own bank account and your own checking account and you have student loans-it really comes to learning by yourself. Even though some of those areas when you make a mistake seem monumental, that's really the best way to learn about money. I did have some great role models. I did have some good advice from my parents on how to save and how to manage my money, especially when I was in school and especially as an undergraduate. So that was really helpful. But there are a lot of great resources for students-even the FOX Business Network. There are a lot of places to get good financial information even if you don't have your parents or you don't have a teacher telling you how to do it.
How did you get interested in business journalism?
I first got interested in business journalism because of my job in college. I worked at the gym, and that led to my first corporate job when I got out of school through KSL Properties, where I was a director of operations. I really learned a lot about business from the ground up. I had to manage a huge budget. I had 130 employees that I was responsible for, and I managed a big facility. So that background propelled me into business journalism because I had that know-how, that insider view of the business world that helped me later on become a better journalist.
Many recent graduates are faced with challenges such as credit card debt, student loan debt and car loan payments. Can you share some personal experiences that might help young adults dealing with those issues?
I can definitely understand those issues having worked full time in college and having student loans myself. Those are some real issues. All of that is very intimidating. One of the things I would advise and that I continually try to do is stay organized. Sometimes you don't want to look at the fine print and sometimes you don't want to look at that credit card bill because you're afraid of what you're going to see. That's the worst thing that you can do. You really need to stay on top of your finances, be organized and ask for help if you need it. Being honest with yourself about your finances is really a great start.
Business news channels have not really catered to the younger demographic in the past. Why should young adults watch FOX Business?
The perspective at FOX Business is not necessarily to talk at you but to talk with you no matter your age as a viewer. When I was in college, I felt left out of some of these conversations because of my age. Here at FOX Business, we're not looking at the age of our viewer as a determinant of whether or not we want to have a conversation with them. What we realize here is that living in the United States or even beyond the United States, being a part of this economy, participating in it as a student, as someone who is working and going after your dreams, that there's a real place for you in the business world too and we want to include you in that.
Do you have some words of advice for young investors?
I can't give financial advice specifically because that would be great for a [professional] financial advisor but what I will say is don't be intimidated. Business, especially the stock market, can be very intimidating because there's always different numbers and symbols. It seems like a secret language that people use. But really Wall Street is more like everyday life than you think. The best thing for young investors is to realize that their creative thinking and their idea of trends and what is a good company and what is a bad company is probably more spot-on than they think.
You don't need to have your business degree to play Wall Street. You can really just go with your gut. I think it's great to be conservative about that and to hedge your bets a little bit and not necessarily go overboard. But trust yourself because you may know more about Wall Street than you're willing to realize right now. What's great about the business world is that you really can participate in it.
Student entrepreneurship is growing rapidly on college campuses. Have you noticed certain characteristics or skills that entrepreneurs should have in order to be successful?
The most interesting thing about entrepreneurs is they all dream big but they all have a lot of drive. That's what really distinguishes someone that is successful [from] someone [with] just a dream. With all of the things like debt, getting through school, trying to get an apartment and trying to set up your life, it's really difficult to stay on that path to pursue your dream. The entrepreneurs that I've interviewed and admired have this unwavering drive and belief in what they're doing. That's where you have to start as an entrepreneur.
If you're thinking about doing something-starting your own business or going after your dream, take some time and examine what you're doing, why you're doing it and just go for it full force. You just have to be unwavering in your belief in yourself. From the top CEOs, people that have pulled in hundreds of millions of dollars, that's the characteristic that I've noticed the most; a drive, a determination and a courage to go after what they believe in.
Do you have a final message for young adults before closing?
If I were to think back to when I was in college at the University of California, Santa Barbara, I would have never dreamed in a million years that I would be where I am now. The reason why I got to where I am now is because I was very honest with myself about what I wanted. I wasn't afraid of going after it, but also there were some bends and turns in my career. I didn't start out in journalism. I got back to it because it's really what I wanted to do. So don't be afraid to change your mind.
Don't be afraid to change your path because whatever your dream is and whatever you're going after, it will be realized. You may just take a couple of routes to get there. Just be open to that and don't be too hard on yourself. Be honest with yourself about what you want. It's an amazing journey and it's yours for the taking, especially when you're in college, so enjoy it.
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