Podcast Summary
Think like the wealthy to become rich: Adopt smart money-saving habits and shift from a scarcity to an abundance mindset to achieve financial success
Becoming rich is not about working harder than everyone else, but rather learning how to think like the wealthy. Vivian Tu, a former Wall Street trader and personal finance educator, emphasizes this perspective and encourages people to adopt smart, money-saving habits. Vivian, who grew up in a frugal household, shares how her early experiences shaped her mindset around money and led her to help countless people get smarter about their finances. Despite her success, she remains frugal and continues to fly budget airlines to save money. Overall, Vivian's message encourages listeners to break free from a scarcity mindset and start thinking and acting like the wealthy to achieve financial success.
The Importance of Financial Literacy and Overcoming Barriers to Success: Despite background or profession, financial literacy is crucial. Overcoming barriers, such as lack of representation, can lead to success through mentorship and perseverance.
Financial literacy and wealth building are crucial for everyone, regardless of their background or profession. However, the speaker's experience on Wall Street showed her that even people in high finance positions were not always good at managing their personal finances. Moreover, as an Asian American woman, she felt like she didn't fit in and struggled to see herself in a position of wealth and power because she didn't see many people who looked like her in those roles. However, she found a mentor who inspired her and showed her that success was possible, despite the challenges. Eventually, she realized that she needed to leave her job when the team dynamics changed, and she had to start over. Overall, her experiences highlighted the importance of financial literacy, finding mentors, and overcoming barriers to success based on one's background.
Impact of work environments and management on career growth: Supportive managers and inclusive workplaces are crucial for career growth and self-worth. Women face unique challenges in corporate settings, including competition and disrespect from managers.
Work environments and management can significantly impact a person's career growth and self-worth. The speaker shared her experiences of being undermined and disrespected by a manager at a previous job, leading her to feel undervalued and demotivated. Despite this, she found support and opportunities through her original mentor and eventually landed a role at BuzzFeed, where she felt more respected and valued, particularly due to the greater representation of women in the workplace. However, she also noted the presence of competition among junior employees. Overall, the discussion highlights the importance of having supportive managers and work environments for professional growth and the challenges women face in corporate settings.
Surrounding yourself with positivity and utilizing resources can boost career and business growth: Having supportive managers can lead to career advancement, setting up an online store through Shopify can turn a side hustle into a business, and using tools like Yahoo Finance simplifies investment management.
Having supportive managers and a strong online presence can significantly impact one's career and business growth. The speaker shared her personal experience of how positive relationships with managers led to career advancement, while the ease of setting up an online store through Shopify allowed her to turn her side hustle into a successful business. Furthermore, managing multiple investment accounts became simpler with Yahoo Finance, enabling better financial decision-making. Ultimately, these tools and experiences highlight the importance of surrounding oneself with positivity and utilizing available resources to maximize potential.
Unexpected success from authenticity and good timing: Authenticity and good timing played a role in a financial advice content creator's viral success. Being honest and providing valuable info at the right time resonated with audience, aligning with financial goals and concerns.
Authenticity and good timing played a significant role in the speaker's unexpected success as a financial advice content creator. The speaker shared that they were frequently asked for financial advice by friends at their new job at BuzzFeed, leading them to create content to help answer their questions. The speaker's first video, created on a whim and warning against risky financial advice, went viral with 3 million views and 100,000 followers within a week. The speaker acknowledged that there was an element of luck involved but also attributed their success to being authentic and providing valuable information at the right time. The speaker noted that the number one New Year's resolution is to improve finances, and the timing of their content release during the start of the year aligned well with people's financial goals and concerns. The speaker emphasized the importance of being honest and not making false promises, which resonated with their audience. Ultimately, the speaker's success came from a combination of authenticity, good timing, and a bit of luck.
Embracing Change and Taking Risks: Don't be afraid to adapt and change, reinvent yourself, and take calculated risks to pursue what makes you happy. Financial stability can come from unexpected places.
Our ability to adapt and change is a valuable asset. The speaker shares their experience of reinventing themselves multiple times before the age of 30, from Wall Street to entrepreneurship. They emphasize the importance of not being afraid to take risks and make changes, as our personalities and interests evolve over time. The speaker also discusses the financial aspect of their journey, starting with making some money from creator funds and eventually negotiating fair rates with brands. They realized they could make a living creating content and decided to give it a try, even if it wasn't as lucrative as their previous jobs. The speaker encourages embracing change and taking calculated risks, as we are never too old to pursue what makes us happy.
Focusing on priorities leads to growth: Making bold decisions and fully committing to your goals can lead to significant personal and financial success.
Having a clear focus and prioritizing your goals can lead to significant personal and financial growth. The speaker shares her experience of feeling overwhelmed with multiple jobs and responsibilities, but with the help of a talent manager, she realized that to achieve her dreams of entrepreneurship, she needed to fully commit. She made the bold decision to quit her full-time job and save a substantial amount of money before making the leap. Her gamble paid off, as she was able to secure management and agency representation, and now makes more money as the CEO and face of her business than she did in her corporate job. The speaker also recognized a need for a comprehensive finance resource for her generation, leading her to write her new book, "Rich A F," which addresses systemic inequalities and modern money challenges.
Understanding the Power of Money: Wealthy individuals prioritize making their money work around the clock while the average person is limited to working 14-16 hours a day. Earning more is crucial for financial security, not just saving.
Money behaviors differ significantly between wealthy individuals and the rest of us. Contrary to popular belief, rich people are not inherently harder working or smarter, but they understand the power of money and let it work for them. They prioritize making their money work around the clock while the average person is limited to working 14-16 hours a day. Moreover, saving alone is insufficient for financial security; earning more is crucial. It's easier to ask for a raise or start a side hustle than to cut every discretionary expense. The author emphasizes that learning to make more money is just as important as practicing mindful spending.
Streamline your hiring process with Indeed: Effectively attract, interview, and hire candidates with Indeed's all-in-one platform and pay-per-application model. Build relationships and expand networks through collaboration and reciprocity.
Hiring efficiently and effectively is crucial for small and medium-sized business owners, and Indeed is a powerful tool for doing just that. The entrepreneur in this discussion has had success by looking for candidates with the right character, attitude, and reliability, but recognizes the time-consuming nature of the process. Indeed simplifies this by allowing businesses to attract, interview, and hire all in one place, with over 80% of sponsored jobs receiving perfect resume matches. Additionally, the cost-effectiveness of Indeed's pay-per-application model makes it a smart investment. Furthermore, the entrepreneur shares insights from a book about how wealthy individuals collaborate and network differently, emphasizing the importance of building relationships and reciprocity. By thinking of hiring and networking as opportunities to help each other rather than finite resources to be fought over, businesses can expand their networks and access opportunities that may otherwise be inaccessible.
Understanding Your Worth and Value: Calculate your 'F-You' number to determine financial independence, always advocate for yourself, and never settle for the status quo.
Understanding your worth and value, both personally and professionally, is crucial for success and financial security. Rich people never settle and always look for the next best opportunity, and they negotiate not just salaries but all aspects of their lives. To achieve financial independence, calculate your "F-You" number by imagining your dream life and dividing its annual cost by 0.04. This number represents the amount you need to have invested to live off the passive income it generates. Always remember to advocate for yourself and never be content with the status quo.
The power of kindness in personal and professional relationships: Acts of kindness can lead to significant benefits in personal and professional relationships, creating loyalty, respect, and a potential 10x return.
Being kind and treating others well, not as a strategy but as a personality trait, can lead to significant benefits in both personal and professional relationships. As shared in the podcast episode, a Wall Street colleague's act of buying chicken parms for his team as a gesture of appreciation left a lasting impact. This simple yet meaningful act created a sense of loyalty and respect among team members, and when the colleague needed help, they were more than willing to return the favor. Vivian, the podcast guest, emphasized that this mindset of kindness and genuine care for others can lead to a 10x return in one's personal and professional life. To learn more about Vivian and her approach to wealth, follow her on social media as @yourrichbff, order her book "Rich AF," and tune in to her YouTube channel, Young and Profiting.
Expanding your network through online presence: Engaging with others online can lead to valuable connections and opportunities. Build a digital footprint and maintain relationships on social media platforms.
The importance of building a strong online presence. Hala Taha, the podcast princess, encourages listeners to connect with her on social media platforms like Instagram (@yapwithhala) and LinkedIn using her name. She also expresses her gratitude to her team for their support in producing the podcast. This interaction underscores the significance of establishing a digital footprint and maintaining relationships in various professional and social circles. It's a reminder that engaging with others online can lead to valuable connections and opportunities. So, don't hesitate to reach out and expand your network!
