{"id":37966,"date":"2024-03-13T12:11:08","date_gmt":"2024-03-13T12:11:08","guid":{"rendered":"https:\/\/womenmag.net\/business\/this-tiktok-money-mentors-tips-are-so-good-i-couldnt-stop-watching-if-i-tried\/"},"modified":"2024-03-13T12:11:29","modified_gmt":"2024-03-13T12:11:29","slug":"this-tiktok-money-mentors-tips-are-so-good-i-couldnt-stop-watching-if-i-tried","status":"publish","type":"post","link":"https:\/\/womenmag.net\/business\/this-tiktok-money-mentors-tips-are-so-good-i-couldnt-stop-watching-if-i-tried\/","title":{"rendered":"This TikTok Money Mentor’s Tips Are So Good, I Couldn’t Stop Watching If I Tried"},"content":{"rendered":"
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Because of my major supply of millennial information (social media) and the magic that’s the algorithm, I stumbled upon Vivian Tu and her viral movies on her account Your.RichBFF. As somebody who loves private finance content material, her account mainly grew to become my heaven. Flash ahead to immediately, and I\u2019ve learn Vivian Tu\u2019s New York Occasions Finest-Promoting Guide, Wealthy AF: The Profitable Cash Mindset That Will Change Your Life<\/em>, and I nonetheless can\u2019t get sufficient of her content material.<\/p>\n

Why am I so obsessed, you would possibly ask? Nicely, Tu makes private finance enjoyable, attention-grabbing, and related. Nothing about her movies feels redundant or stuffy like different content material I\u2019ve consumed up to now\u2014as an alternative, her strategy and suggestions are inspiring and eye-opening, offering a unique and contemporary strategy to the world of finance. As somebody who needed to fumble by her twenties with minimal steering on make good cash strikes, I\u2019m envious of all of the twenty-somethings who can profit from her recommendation proper now.<\/p>\n

Private finance can really feel complicated and overwhelming and the identical previous cash recommendation can get previous after some time\u2014everyone knows that budgeting and investing are necessary. So in the event you\u2019re searching for new, distinctive methods to get essentially the most out of your cash, construct wealth, and save in savvy methods, look no additional than Vivian Tu, who is devoted to creating game-changing private finance suggestions accessible to everybody. Forward, I\u2019m sharing one of the best recommendation I\u2019ve realized from Vivian Tu and all of the explanation why I can\u2019t cease consuming her content material.<\/p>\n

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MEET THE EXPERT<\/p>\n

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Vivian Tu<\/h2>\n

Vivian Tu is a former Wall Road trader-turned-expert, private finance educator, public speaker, entrepreneur, and debut creator of an on the spot New York Occasions bestseller. Often called Your Wealthy BFF on social media, Vivian is on a world mission to make the monetary business much less \u201cmale, pale, and off.\u201d Her dedication to selling monetary literacy has garnered over 5.5 million followers on TikTok and Instagram, in addition to honors on the Forbes 30 Below 30 \u2013 Social Media (2023) and inaugural Prime Creators (2022) lists. All of which is to say, she is aware of what she\u2019s speaking about, and persons are listening.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

1. Maximize Your Earnings to Get Extra Out of Your 9-to-5<\/h2>\n

Most employers give their workers a rise of round 3% yearly, in keeping with Investopedia, however Tu recommends asking for a ten% to fifteen% increase each single 12 months to get essentially the most out of your incomes potential. \u201cWhereas this may seem to be loads, and also you won’t get this yearly, it\u2019s necessary to ask,\u201d Vivian shares. The extra you earn, the extra you’ll be able to make investments. And the extra you make investments, the extra your cash will be just right for you as an alternative of you working in your cash. <\/p>\n

To set your self up for achievement throughout the dialog together with your supervisor, there are two key gadgets you need to put together: your accomplishments and market analysis. It\u2019s essential to focus on the way you add worth to the corporate and all the good work you\u2019ve finished, so make an inventory of what you\u2019ve delivered to the desk whether or not it\u2019s how a lot revenue you\u2019ve introduced in, the objectives you\u2019ve hit, and even the massive tasks you\u2019ve accomplished forward of schedule. Equally, come ready with what the market fee is in your function to assist justify your ask for a increase, which you’ll analysis through web sites like Glassdoor or Payscale. <\/p>\n

In case you come ready to make your ask and the reply isn’t any or lower than what you anticipate, don\u2019t sweat it. Use it as a chance to ask your supervisor what you are able to do to earn a increase so you’ll be able to put together in your subsequent compensation dialog, or if this has occurred earlier than and also you wish to earn extra, use it as an indication to search for employment elsewhere.<\/p>\n

Keep in mind, you’ll be able to solely lower so many bills out of your funds, however your earnings potential is limitless. Most individuals assume that with a purpose to have extra money, they should cut back their bills and funds. However in the event you\u2019ve already decreased your bills, like canceling subscriptions and reducing pointless spending, your solely different choice is to create extra earnings, both by asking for a increase or by further work like a facet hustle. \u201cYou aren\u2019t working in your well being, you\u2019re working for cash, and it\u2019s okay to be upfront about that.\u201d Whereas it’d really feel audacious, bear in mind, the reply is all the time no in the event you don\u2019t ask. <\/p>\n

2. Leverage Loopholes to You Cut back Your Taxes<\/h2>\n
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Excessive earners reap the benefits of tax credit and tax breaks, and there\u2019s no motive you shouldn\u2019t, too, in keeping with Tu. There are a couple of methods to do that that aren\u2019t talked about almost sufficient. The primary is particularly for low or moderate-income earners who can probably get a tax break by the Earned Earnings Tax Credit score (EITC). This credit score reduces the quantity of tax you owe or may get you a refund in the event you qualify. Vivian shares on her TikTok that there\u2019s even a quiz on the IRS web site that can permit you to see in the event you qualify for the credit score. In case you do, be sure that to ask a tax skilled about how one can take advantage of it. If not, you\u2019re leaving useful cash on the desk. <\/p>\n

Equally, Tu shares overtly a few backdoor Roth IRA, which is one in every of my favourite authorized loopholes I\u2019ve realized from her thus far. A backdoor IRA helps excessive earners (those that earn over $161,000 a 12 months for singles and over $228,000 for married submitting collectively in 2024) save for retirement by permitting them to transform a portion of their conventional IRA to a Roth IRA. Since you’re already paying taxes in your conventional IRA, changing your conventional IRA to a Roth IRA permits your retirement financial savings to develop tax-free. And for these of us making an attempt to develop our wealth, the extra money we will save, the higher.<\/p>\n

Tax season may be overwhelming and sophisticated, so most individuals rush by it simply so it may be over. Once you do that although, you miss out on alternatives to guard your cash and even earn extra of it. With recommendation like this from Tu, your valuable cash will keep the place it belongs\u2014in your accounts\u2014and develop exponentially.<\/p>\n

3. Cut back Medical Prices by Negotiating Your Payments<\/h2>\n

In case you assume what you see is what you owe once you obtain a medical invoice, assume once more. I\u2019ll admit that this was once me and that my \u201cit’s what it’s\u201d mentality did me soiled till I got here throughout Tu\u2019s recommendation for negotiating medical payments. Once you obtain an itemized medical invoice, Vivian recommends visiting Honest Well being Client or Healthcare Bluebook to analysis what the procedures and companies ought to truly value. Then, whether or not you’ll be able to afford the invoice or not, name your medical supplier to barter the associated fee. Vivian shares inquiries to ask the supplier to share waivers, reductions, and reduction plans which can be out there to you together with, \u201cWhich of those charges may be waived?,\u201d \u201cI do know many hospitals have medical reduction plans\u2014are you able to inform me about yours?,\u201d and \u201cWhat reductions do you supply for monetary hardship?\u201d<\/p>\n

I like that Vivian brings this recommendation to gentle as a result of most individuals assume that medical payments are set in stone, however she\u2019s completely proper that there’s some flexibility. After studying this, I\u2019ve referred to as my supplier to make clear expenses and cut back my medical payments\u2014who knew it was so easy and accessible?! Even when the prices are nonnegotiable, as Tu shares, there could also be choices out there to arrange fee plans that aren\u2019t extensively marketed. Both approach, there are all the time methods to make your payments extra manageable, which is a big sigh of reduction, particularly on this financial system.<\/p>\n

4. Put together Your Funds for Potential Layoffs<\/h2>\n
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Do you know which you could predict giant layoffs at your individual firm? I didn\u2019t know this till Tu shared about it over on her TikTok account. Because of the Employee Adjustment and Retraining Notification (WARN) Act, most employers with over 100 workers are required to offer written discover a minimum of 60 calendar days prematurely of lined plant closings and mass layoffs. Tu explains that to search out WARN notices in your state, all you must do is Google the WARN Act and your state. Then, you\u2019ll discover a .gov web site that can present a full checklist of corporations shedding workers. By retaining abreast of potential layoffs, you’ll be able to guarantee you have got a plan in place in your funds and your subsequent profession transfer if you find yourself within the crossfire.<\/p>\n

This piece of recommendation shocked me. I really had no concept concerning the WARN Act, and I needed to Google it to imagine it. In a time the place you see new layoffs each time you log onto LinkedIn, this recommendation is a sport changer. By retaining abreast of potential layoffs, you’ll be able to guarantee you have got a plan in your funds and your subsequent profession transfer if you find yourself within the crossfire. For instance, you can begin boosting your emergency fund, updating your resume, connecting together with your community, and searching for new alternatives forward of time. Whereas layoffs suck, a proactive strategy relatively than a reactive one will assist make sure you\u2019re ready for no matter could come your approach.<\/p>\n

5. Safe Wealth for Generations<\/h2>\n

After all, all of us need wealth for ourselves proper now so we will stay the lifetime of our goals (a visit to Italy this summer time? Sure please!), however what about generational wealth? You probably have kids or are planning to sooner or later, Tu shares useful suggestions for setting your kids up for achievement to allow them to have a leg up on their funds. <\/p>\n

The primary of three ways in which Tu shares you’ll be able to construct era wealth is to make your youngster a licensed consumer in your bank card. Once you pay your bank card on time and in full, your youngster\u2019s credit score rating will profit out of your good monetary habits. Second, you’ll be able to (and may!) open a custodial Roth IRA in your kids. When your youngster has earned earnings (i.e., mowing lawns or babysitting), you’ll be able to then make investments the cash in index funds to set them up for future success. Lastly, you’ll be able to arrange a 529 plan which is able to enable you save for his or her schooling sooner or later\u2014like protecting the longer term prices of faculty or commerce faculty.<\/p>\n

As a mother and somebody who graduated faculty with a variety of scholar mortgage debt, setting my youngster up for achievement is essential to me. After listening to this recommendation from Tu, I opened a 529 account for my son. As a result of whereas I began my skilled profession in debt, he doesn\u2019t must.<\/p>\n

6. Neglect Taboos and Discuss About Cash<\/h2>\n

Speaking about cash has been seen as taboo because the daybreak of time. However the best way I see it, solely good issues can come from speaking about cash, and Tu agrees. Once I requested her what her most necessary piece of recommendation is for these seeking to stay a financially ample life, she stated, \u201cDiscuss to your folks about cash, assist them, and allow them to enable you.\u201d She went on to share that in her early twenties, she \u201cthought that there may solely be one winner. One lady dealer. One success story. One finest,\u201d however she rapidly realized that different ladies aren\u2019t competitors. After we share our objectives and ambitions, we maintain one another accountable and change into higher variations of ourselves. \u201cWe’re stronger, higher, and smarter after we collaborate as an alternative of compete,\u201d Vivan says. <\/p>\n

I’ve to confess, speaking about cash with pals or household used to make me utterly cringe. And whereas I\u2019m nonetheless not excellent at it, and my anxiousness typically will get one of the best of me, I\u2019m getting higher at it. I\u2019ve integrated the subject of cash into conversations the place I used to draw back from it, I\u2019ve efficiently inspired folks to open up high-yield financial savings accounts to maximise their emergency funds., and I\u2019ve talked about how my husband and I’ve paid off our scholar loans to anybody who will hear. It\u2019s taken observe, however I\u2019m getting extra snug with it. And thru my discomfort, I\u2019ve discovered confidence. <\/p>\n

I\u2019ve seen the optimistic impacts of destigmatizing cash in my realm of affect, and it\u2019s made me much more apt to speak about it. So in the event you see me screaming from the rooftops about cash and all the remainder of the game-changing suggestions I\u2019ve realized from following Vivian Tu, I encourage you to affix me.<\/p>\n<\/div>\n