Stop Feeling Guilty About Wanting Money | Vivian Tu (Your Rich BFF)
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What is the main topic discussed in this episode?
when life gives you lemons make lemonade no when life gives you lemons make sure you have sugar and water and a spoon available i feel like if the market is down like we need to text each other and be like it's okay yeah a financial group chat be like now is the time to buy or actually think about buying rather than like freaking out i feel like guys probably have some sort of group chat that like are like bye bye bye yeah it's called reddit she take my money when i'm in
Like literally, when women are seen as gold diggers, going after economic stability, after a man who has money, whatever, we don't call the men potty diggers or looks diggers.
How can you build wealth during a recession?
We don't call them those things. Let's be real. Every decision you make in life is a transaction.
What is the true definition of a recession?
Are you okay with the one that you're making? We need to unbrainwash our gender, generally speaking, and say, everything that you want, you can have. I'm Sheree. I'm Jean.
How can you recession-proof your career?
I'm Vivian. And we're the Tiger Sisters.
We are your Wall Street and Silicon Valley big sisters.
How can women un-brainwash themselves about wanting money?
And we're a top 10 business podcast bringing late night sister talk meets boardroom strategy. Hi, Tiger fam. We have such a special episode today. We're sitting next to someone who's basically the internet's BFF. That's right. It's Vivian Tu, also known as your rich BFF.
Vivian started her career on Wall Street, moved into media at BuzzFeed, and somehow combined the two of them to create one of the most influential financial platforms on the internet today.
Today, we're talking about how Vivian built your rich BFF into a financial media platform and the early lessons that helped her turn her financial education into a massive business. Welcome, Vivian, to Tiger Sisters Podcast.
Why is it important for women to celebrate each other's successes?
Thank you so much for having me. Okay, Vivian, we're excited to get super tactical with all the insights from the rich BFF world. So we've seen you say that in your adult lifetime, you'll probably see five to seven major downturns and that these moments are actually huge opportunities to build wealth, which is why rich people love them. Are we in a recession now? And how do we build wealth during a recession?
What are smart strategies for navigating expensive life moments?
Yeah, so I think we have to think about what people who have money and don't have money are actually doing during these economic downturns. I don't know if you remember, but roughly March of 2020, we saw the stock market go... And everybody... it was selling, it was like trying to catch a falling knife. And it was very scary for so many people. People saw their retirement accounts have, people saw the savings that they had planned for their kid to go to college have, like people were freaking out. But if you had money, rich people thought, hmm, this might be a really good time to scoop up investments that haven't seen these prices in years and years and years. So they bought.
What is the 'FU number' and how can you calculate it?
They bought probably on the way down. They kept going down. They kept buying. They kept buying. They kept buying. And then it started to go up. And they bought two. And they bought again. And they bought and bought and bought. And by August... Not that much longer, actually. We saw the market essentially rebound. And since then, we've actually seen, for the past couple of years, the S&P 500 has been one of the most insane returning indices. It's returned roughly 25% a year. And that is unheard of. I mean, that is rivaling the returns of some private investments. So I think when we talk about when life gives you lemons, make lemonade. No, when life gives you lemons, make sure you have sugar and water and a spoon available.
And so for everybody listening, when you're thinking about taking advantage of any sort of economic downturn, it's about having capital to deploy. It's about making sure the rest of your financial picture is already in a safe, holistic place. So your needs are being met. There's food on the table. You're not that worried about whether you're going to be able to keep your house or keep your rent, whatever. But it's also about making sure that you're being smart with that allocation. You know what else is going to go down when there's economic downturns?
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:37
2
How can you build wealth during a recession?
0:37–0:42
3
What is the true definition of a recession?
0:42–0:55
4
How can you recession-proof your career?
0:55–1:01
5
How can women un-brainwash themselves about wanting money?
1:01–1:43
6
Why is it important for women to celebrate each other's successes?
1:43–2:07
7
What are smart strategies for navigating expensive life moments?
2:07–2:56
8
What is the 'FU number' and how can you calculate it?
2:56–51:45
Speakers
4 identifiedMore from Tiger Sisters
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