About this video

• Video Title: ‘Your Rich BFF' Vivian Tu's top money tips: How she made $7M a year by 31
• Channel: Behind the Business with Michelle Toh
• Speakers: Michelle Toh, Vivian Tu
• Duration: 00:58:17

Overview

This video features an interview with Vivian Tu, founder and CEO of "Your Rich BFF," where she shares her journey from Wall Street to becoming a successful content creator. She discusses her financial strategies, career pivots, and the importance of financial literacy, offering practical advice on investing, wealth building, and navigating financial decisions.

Key takeaways

• Financial Literacy is Crucial: Vivian emphasizes that financial literacy should be taught and that her brand, "Your Rich BFF," aims to make money and finance accessible like a friend.
• Investing is Non-Negotiable: Saving alone is insufficient for wealth building; investing is presented as a necessity, and not investing is described as dangerous.
• Key Money Rules: Vivian shares three essential money rules: 1) Debt is a tool, not inherently bad; 2) The most important financial decision is choosing the right partner; and 3) It's okay to talk about money openly.
• Career Evolution: Vivian details her transition from a competitive Wall Street environment to a lucrative sales role at BuzzFeed, and finally to full-time content creation, highlighting her ability to outwork and adapt.
• Brand Building: The "Your Rich BFF" moniker and persona were strategically developed to make financial advice relatable and approachable, stemming from her personal experience as the "rich friend" her peers turned to.
• Entrepreneurial Journey: She shares insights into building her team, managing a seven-figure business, and the various revenue streams that contribute to her success, while also stressing the importance of responsible financial management.
• Navigating Online Judgment: Vivian discusses dealing with internet negativity and judgment, framing it as projection from those who are insecure, and advocates for standing firm in one's identity and choices.
• Teaching Financial Habits: For parents, she stresses the importance of age-appropriate conversations about money from an early age to instill good financial habits.
• Investing vs. Gambling: She differentiates between long-term, diversified investing and short-term, speculative "gambling" on outcomes, warning against the latter.
• Mindset Matters: Vivian highlights the importance of a confident mindset, the value of hard work, and the ability to adapt to changing economic conditions by making smart financial decisions.

Vivian Tu's upbringing with two Chinese immigrant parents instilled in her a strong sense of frugality and a focus on budgeting and saving. However, they did not emphasize conversations around demanding one's worth, asking for raises, investing, or wealth growth. This led to a scarcity mindset in her childhood, where the safest route to success was perceived as becoming a doctor, lawyer, or engineer and climbing the corporate ladder. She initially didn't consider entrepreneurship or building a brand as viable paths for herself.

Vivian Tu believes everyone should know these three money rules:

1. Debt is a tool: It's neither morally good nor bad. She highlights that when wealthy individuals borrow money, it's termed "leverage," but for less affluent people, it's seen as being "broke." She advocates for removing the shame and guilt associated with debt.
2. The most important financial decision is your partner: She stresses that love alone isn't enough in a marriage. Since money is a top reason couples fight (along with intimacy), having a supportive partner can eliminate half of common marital conflicts, strengthening the relationship.
3. It's okay to talk about money: Contrary to the societal taboo, Vivian argues that discussions about money are common in exclusive social clubs and should be democratized so that everyone, not just those who already have wealth, can participate in these conversations to learn and grow.