Financial Influencer Vivian Tu Reveals Her Top Personal Finance Strategies

NEW YORK – If the world of personal finance seems daunting, Vivian Tu is here to change that narrative. With her vibrant and educational TikTok account, “Your Rich BFF,” Tu crafts engaging videos to demystify financial concepts. Her content ranges from salary negotiation strategies to managing credit card debt, all delivered with a sprinkle of humor and a dash of Wall Street savvy.

Vivian Tu, affectionately known as “your favorite Wall Street girly,” has amassed a substantial following on social media, boasting 10 million followers. Her influence doesn’t stop there; she has also authored two books on personal finance, aiming to make financial literacy accessible to all.

Growing up in Baltimore, Tu’s fascination with finance is deeply rooted in her background as the daughter of Chinese immigrants. Her parents instilled in her the values of frugality and financial appreciation from a young age. However, it wasn’t until she was well into her corporate journey that she discovered her passion for financial education.

After earning her degree from the University of Chicago, Tu embarked on a career in finance as a trader for JPMorgan in New York. She later transitioned to a role in sales at BuzzFeed. It was during these years that Tu found herself frequently advising colleagues on personal finance matters, sparking the idea for her TikTok channel, which has since garnered 2.7 million followers.

In addition to her social media presence, Tu hosts a podcast titled “Networth and Chill” and has recently taken on the role of chief of financial empowerment at SoFi, a fintech and banking platform. Her latest literary contribution, “Well Endowed,” hit the shelves this month, further cementing her commitment to empowering individuals in their financial journeys.

From avoiding overspending to starting your investing journey, here are some of Tu’s top personal finance tips:

Talk about money with your significant other

Finances are one of the most important conversations to have with your significant other, Tu said. Talking about money as a couple can be intimidating, but it’s important for your future. While many people wait until they are engaged or married to talk about finances, Tu recommends you start as early as possible.

“Start early, start often. I always say you have to talk about money on the first date,” she said.

Tu recommends approaching the conversation with fun questions. One is “If I gave you $100,000 tomorrow to play your dream two-week vacation, what would you do?” If, for example, one person would rather spend the money on an expedition into nature and the other would rather spend it on an expensive resort, this shows a discrepancy in lifestyle preferences.

Conversations about finances can be fun and lead to insightful lessons about your partner’s financial values and goals. But money conversations don’t have to be intense from the beginning; they can evolve as your relationship does.

Avoid overspending

Overspending can stand in the way of saving for an emergency fund or, worse, get you into credit card debt. To avoid this, Tu recommends pausing and asking yourself why you’re making a purchase.

“The most important question to ask yourself before you buy something is: Do I want it or do I want people to know I have it?” Tu said. “There have been multiple instances in my personal life where I have bought stuff to be cool, to prove to someone else that I was cool.”

Tu recommends being intentional with your purchases and avoiding spending just because you feel pressure to belong to a specific social circle.

Buying vs. renting

Often positioned as part of “The American Dream,” home buying has become more expensive, making it an unattainable goal for many. But owning a home isn’t always the best option for everyone, Tu said. Renting can offer more flexibility and affordability.

“Are you okay with maintaining your own HVAC, providing plumbing for toilets if something starts leaking at 2 a.m.?” Tu said. “If not, you’d be better off having your landlord be on the hook for that.”

Many see home owning as an investment towards their future. If you’re renting, you can still invest and put yourself in a good financial position, Tu said. She recommends setting money aside for other investments, building a savings account, and paying down any debt.

When it comes to investing, start small

If you find investing intimidating, there are options that can help you start your journey. Tu recommends using a robo-adviser if you find investing confusing or just want to make it as simple as possible.

“A robo-adviser is the happy medium,” she said. What I love about (robo-advisors) is that anybody who doesn’t understand investing can be investing in 45 minutes. It is better to start today than to start tomorrow, the sooner the better.”

Robo-advisers are automated investment services. They ask you a series of questions about your financial situation and future goals, and then use the data to offer advice and invest for you.

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