Millennial actress Ashley Park has garnered critical acclaim for her performances on and off Broadway and more recently as Mindy Chen on "Emily in Paris". However, with success came complications when Park found herself lacking the necessary financial knowledge to navigate her growing career and financial obligations. In a recent CNBC piece, Park was quoted talking about the importance of financial literacy and the valuable lessons she learned.

Ask more questions

One significant revelation for Park was the realization that asking questions is crucial for improving financial literacy. She acknowledges that many young people shy away from asking questions out of fear of appearing ignorant. However, she emphasizes the importance of overcoming this barrier. Park advises, "Ask more questions. No question is silly, and I'm not embarrassed anymore to ask how, what, or why when it comes to finances, especially my own."

To start learning about personal finance, individuals can explore various tools such as free budgeting apps, spreadsheets, and informative websites that cover the basics. Seeking professional advice from a financial expert can also be beneficial, particularly one who acts as a fiduciary, meaning they are legally obligated to act in the client's best interest. When choosing an advisor, it is wise to consider the costs and opt for a fee-only professional who charges an hourly rate or flat fee, rather than relying on commissions.

Park has found working with a financial advisor to be highly valuable. She dispels the misconception that financial advisors are only for individuals with substantial wealth, stating, "An advisor can help you navigate the financial waters ― calm or choppy, short-term or long-term."

Make a long-term plan

As an actor with an unpredictable schedule, Park never believed she could set long-term financial goals for herself. However, she has come to understand the power that comes from having a clear plan. Her current primary financial goal is to own a home, a symbol of stability and permanence.

Park acknowledges that she is in a unique position without a partner or children, but she emphasizes her right to take a risk on herself and invest in her own future. She envisions owning a home as a means of planting roots and creating a space where she can grow personally and professionally. Additionally, she plans to extend this opportunity to her grandmother by purchasing a home for her as well.

Ashley Park's journey toward financial empowerment serves as an inspiration to millennials and young individuals navigating the complexities of personal finance. By overcoming the fear of asking questions and seeking professional guidance, Park has acquired valuable knowledge that has positively influenced her financial decisions.