if you're a young professional starting out your career,
it is likely you may be facing
different economic problems than previous generations.
And while you might want to start building wealth for your future,
traditional financial advice might not seem applicable to you.
So joining me now is Vivian to influencer and personal finance expert,
also known as your rich BFF.
Hello. Vivian giving us an And her own audience financial advice.
2.3 million followers on Tiktok
Vivian,
it's great to have you on the show and I want to start by talking about some of these
millennial and gen z years starting off their careers, inflation is high.
They might be loaded with student debt.
What are some of your top tips for these younger
generations to try to build wealth in this environment?
This one is so simple and I know people overlook it,
but just talk to your friends about money.
We've been told our entire lives that talking about money is taboo or rude.
But in actuality, the more we discuss money and finances, the more you compare,
the less scary they become and you're more aware of
what you should be demanding after you have those conversations,
you should also be doing your own research.
Research is really key when it comes to saving and budgeting and
investing because it allows you to know what the market is offering.
So for example, when choosing a credit card to sign up for,
I always start with research.
First one thing I look for is a card that's going to benefit me the
most based on my spending habits and that way I can maximize those rewards.
I'm working with city and I absolutely love the Citi double cash card because
there are no categories to remember and I can earn cash back on all my
um, well Vivian obviously managing a credit card.
All of these are sort of those important baby steps as you do set
out in this big old world and try to build your career investing.
As I'm down here on the floor of the stock exchange is another option to,
what would you recommend to millennials and gen z ears when it comes
to in pro ching investing and knowing when is the right time for you
to make some of those decisions
totally in my opinion,
starting to invest early is one of the best strategies to build wealth.
Time is on your side and you'll be able to invest more
of your money so that it will have more time to grow.
Listen, none of us are fortune tellers,
we don't know what the perfect investment is.
So time in the market beats timing the market
or even picking the perfect investment every single time.
If you have truly no idea where to begin consider leaning on a robo advisor,
even just utilizing target date retirement funds that are essentially baskets
of investments appropriate for your age investing can be easy.
Okay, what are some missteps to,
we talk about the things that you should be doing anything that you should avoid.
Vivian,
definitely. I think avoiding lifestyle creep is so, so important essentially.
That means when you start to make a little bit more money,
you're gonna want to start to spend a little bit more money.
And I saw this all the time when I worked on Wall Street,
you'd see people go from making $80,000 to $120,000 to $250,000.
But at every stage of their income they would still be
living paycheck to paycheck because as they started making more money,
they were just spending all of it.
Yeah, that is really good advice.
I'm just curious to obviously money apps
that you might recommend for anyone who's looking
for more kind of consistent check in. Of course they should watch our show.
But any other advice that you would have?
Yeah, I would just say that like
using an app is only helpful if you check the app and you want to be really,
really consistent in terms of making financial health part of your routine.
That's what's going to help you grow your wealth.
It's not something that we can dry january and do
for one month and then for get about forever,
it's something that you're gonna want to incorporate into your daily routine or
your monthly routine and have it be a part of your holistic experience.
Alright, a holistic approach. I like that. Vivian too.
Thanks so much for coming on the show?
Vivian's a financial influencer, Ceo, and founder of your Rich BFF Media.