In this episode of SHE MD, host Mary Alice Haney welcomes Vivian Tu, the financial literacy expert behind "Your Rich BFF." Vivian shares her journey from Wall Street to social media stardom, offering invaluable insights on women's financial empowerment. The conversation covers everything from negotiating salaries to teaching children about money. Vivian introduces her "STRIP Method" for building wealth and offers practical advice on investing, avoiding lifestyle creep, and changing money mindsets.
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Vivian Tu’s 5 Key Takeaways:
- Secure Your Financial Foundation: Your Rich BFF, Vivian highlights that women should actively participate in their personal finances. The "STRIP Method" (Savings, Total debt, Retirement, Invest, Plan) provides a comprehensive approach to personal finance management.
- Smart Money Habits With Kids and Family: Involve teens in budgeting, investing basics, and college savings (e.g., 529 plans). Use allowances as teaching tools—split into Save/Spend/Give categories. Plan a "money date" with your partner to review finances together so you can establish your financial expectations as partners.
- Create Multiple Income Streams: Monetize skills (freelancing, consulting) or invest in rental properties/dividend stocks. Side hustles and passive income accelerate wealth and provide security.
- Invest Strategically for Long-Term Growth: Maximize retirement accounts (401(k), IRA) and invest in low-cost index funds or ETFs. Time is still on your side—compound growth works even in your 40s/50s.
- Plan Your Legacy Now: Draft a will, set up trusts, and discuss inheritance plans with family. Estate planning avoids legal battles and ensures your wealth benefits loved ones.
In This Episode:
(00:00) Introduction
(01:24) Who is Your Rich BFF - Vivian Tu?
(02:33) Vivian's journey from Wall Street to TikTok
(05:33) Your Rich BFF Podcast: Networth and Chill
(06:23) Women's underrepresentation in venture capital
(09:20) Biggest financial lesson from Wall Street
(11:35) Importance of choosing the right partner
(19:46) Teaching children about financial literacy
(24:09) Advice for women returning to the workforce
(26:16) How to start investing with little money
(27:45) The best thing Vivian learned from a guest on her podcast
(28:30) The STRIP Method for financial success
(36:30) Understanding and avoiding lifestyle creep
(39:45) Rich people help each other succeed
RESOURCES:
Vivian Tu | Your Rich BFF Instagram: https://www.instagram.com/your.richbff/?hl=en
Vivian Tu | Your Rich BFF TikTok : https://www.tiktok.com/@yourrichbff?lang=en
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