Vivian Tu has amassed 2.5 million followers on TikTok in three years and made a name for herself as a dealer in delivering candid personal money advice to a primarily young audience, or more precisely as Your Rich BFF . Now, in her first book, Rich AF (Portfolio, December issue), and she hopes to share her wisdom with even more people looking for money advice amid economic uncertainty.she spoke to Mr. Tu P.W. Why financial literacy should be taught in schools, how to find a money mentor, and why “happily ever after” looks different for Gen Z.
In your own words, how does a “money mindset” change a person's life?
Many financial and human relationships are formed by the age of seven. The lessons we learned from our parents, both good and bad, are deeply ingrained and need to be unpacked before we begin our financial journey. I often talk about money myths and the preconceptions we have about rich people. We think they work very hard, but they are very lazy, a smart type of lazy person. I will talk about how ordinary people can become such lazy people and how they can acquire an abundance mindset.
How do you combat what you call a “rigged” system?
We must come together and debunk what is being said. Is it “rude” to talk about money? No, it's not. Rich people on the golf course are always talking about their portfolios. Why is it rude for young people of color to do the same? This subject is not taught in schools. Legislation needs to be changed to ensure that it is taught to the next generation. For now, I hope I can educate young people. Financial services target people who are male, pale, and old. My audience includes marginalized groups such as women, Gen Z, Millennials, LGBTQ people, immigrants, and people who are low-income and historically marginalized. They are the ones who need it.
Your boss at JP Morgan was critical to your success. How can readers find a good mentor?
You need to find someone local, such as a professor, colleague, or someone with a lot of life experience. Everyone has something to teach. My mentors are the reason I was able to build this life for myself. She told me I deserved to be rich. I looked at her, a young, single, successful Asian woman, and she realized that one day I could be there too.
You talk about “pulling back the curtain of wealth”, what is it that most people don’t know?
Finance is full of jargon and people think they have to be smart to understand it. All you need is a plan. I hope this book will provide a path to that end. I read great books by people like Suze Orman and Robert Kiyosaki, but a lot has changed since then. Wages are stagnant, student loans are derailed, and homes are worth 10 times more than when our parents bought them. Baby boomers and his Generation X understand this story. With a white picket fence and a golden retriever, you can live a wonderful and happy life on one income. Gen Xers and Millennials played by that rule, but it didn't work out for them. Now, our “happily ever after” looks different.
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A version of this article was published in the November 13, 2023 issue. Publishers Weekly Under the heading: Money advice for leftovers
