Vivian Tu, also known as "your rich BFF," shares her insights on personal finance and wealth-building. She emphasizes the importance of focusing on increasing your earning power rather than just saving money. Vivian discusses her journey from working on Wall Street to becoming a successful salesperson in tech and media. She also shares tips on legally avoiding taxes, the value of investing in index-tracking ETFs, and the power of creators in today's digital landscape. Vivian's goal is to help people achieve financial independence and create a better future for themselves and their families.
Watch the full interview here: https://youtu.be/xGZg8IiDNSg
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TIME-STAMPED SHOW NOTES:
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(00:00) Vivian Tu shares her goal of being rich and desired wealth.
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(06:00) Focus on increasing earning power rather than saving.
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(07:16) Importance of learning and being selfish in job choices.
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(09:50) Vivian's mom's reaction to her leaving JPMorgan.
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(11:53) Tax-saving strategies: retirement accounts, mortgage interest, tax credits.
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(14:28) Why do rich people buy high-end fake bags?
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(16:04) Women providing for themselves and investing.
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(20:16) Being flexible in partnership roles.
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(21:10) Vivian's portfolio consists of index-tracking ETFs and target-date retirement funds.
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(21:51) Slow and steady investing is recommended for most people.
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(22:13) Chinese culture associates investing with luck and gambling.
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(23:41) Vivian wrote a book to provide a comprehensive guide to personal finance.
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(25:09) Vivian's business made $3.2 million.
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(27:20) Vivian feels more fulfilled making $300k from her business.
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(30:26) Instagram is a powerful platform for Vivian's content.
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(33:01) Vivian Tu mentions the shift in attention spans and content delivery.
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(34:00) Vivian Tu shares her content creation process and time allocation.
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(37:31) Vivian Tu breaks down her revenue streams, with brand partnerships being the largest.
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(41:40) Pricing yourself as a creator.
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(42:30) Vivian Tu plans to expand into different mediums in the next five years.
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(43:49) Vivian Tu talks about the structure of her core team.
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(50:47) Vivian Tu talks about her best friend David Suh and how they empower each other in their businesses.
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(53:01) Vivian values her friends who understand her experience.
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(54:43) Vivian believes friendships should be a cost-benefit analysis.
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(58:09) Some biases hinder certain minorities' success.
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(1:00:35) Vivian empowers diverse talent in her hiring decisions.
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(01:01:30) Vivian Tu talks about her family and work ethic.
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(01:04:17) Vivian Tu shares her experience as an Asian American business creator.
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(01:06:51) Vivian Tu shares where to find her book and online.
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