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Let\u2019s be honest: most financial advice floating around the internet wasn\u2019t made with \u201cus\u201d in mind.\u00a0<\/p>\n
It\u2019s usually some finance bro telling you one of three things: to skip your daily coffee, save your spare pennies or move back in with your parents, and somehow that\u2019ll magically close the wealth gap.\u00a0<\/p>\n
Vivian Tu<\/a> gets it.\u00a0<\/p>\n The financial educator who goes by \u201cYourRichBFF<\/a>\u201d on social media has made a name for herself by keeping it real about money in ways that actually apply and resonate with everyone (meaning people of all different races, backgrounds and identities). And when we caught up with her about her new role as SoFi\u2019s first Chief of Financial Empowerment<\/a>, she didn\u2019t hold back about what\u2019s really keeping Black women from building the kind of wealth we deserve.<\/p>\n \u201cSome people are born on third base and some people are born in the parking lot,\u201d she tells me. It\u2019s not the kind of thing you typically hear from someone in finance, but that\u2019s exactly why her platform has resonated with millions. And for me, personally, I love that she doesn\u2019t pretend like we\u2019re all playing the same game with the same rules.<\/p>\n Take the conversations happening in many friend group chats right now about money. Between inflation, layoffs, and the general chaos of trying to keep our heads above water, the last thing we need is someone telling us to penny-pinch our way to generational wealth. \u201cThere\u2019s no amount of just saving that will help people of color specifically build generational wealth,\u201d Tu says. And honestly? It\u2019s refreshing to hear someone with a Wall Street background actually say it.<\/p>\n And it\u2019s exactly the reason SoFi snagged her for this new role. She\u2019s not using systemic inequality as a reason to throw our hands up. She quotes Emma Grede, one of her idols, who once asked: \u201cWhat favors does feeling helpless do me? That doesn\u2019t do me any favors.\u201d Tu takes that same energy when thinking about financial empowerment. \u201cIt\u2019s not to say the external factors are fair. It\u2019s not to say that over time we should not be attempting to make legislative change to change those external factors, but it\u2019s to say while we are trying to make greater changes over time, today, what can we individually do to improve ourselves?\u201d Her framework is simple: \u201cNo matter where you start, you can end better than where you started.\u201d<\/p>\n So what does that actually look like heading into the holidays? Tu knows this season will look and feel a lot different for people this year (between the limited funds for gifts, traveling to see family and dropping money on once-a-year expenses). Then January comes and you\u2019re dealing with a financial hangover.<\/p>\n Her advice? Use tools that show a full picture of your spending and habits. \u201cYou can connect all of your accounts, you can see where all of your money is going. It\u2019ll track what you\u2019re spending, how you\u2019re doing, where you want to be financially, what\u2019s coming in, what\u2019s going out,\u201d she explains. Those insights help you figure out your next move. \u201cMaybe it\u2019s a no spend month. We only buy necessary things, no more discretionary purchases for 30 days. Maybe it\u2019s, \u2018Oh, start of the year, let\u2019s pick up a side hustle. Doesn\u2019t have to be forever thing, but maybe just for two months to get ourselves back on financial track.’\u201d<\/p>\n And let\u2019s talk about debt for a second, because the way we discuss it needs to change. Tu breaks down something that\u2019s been bothering her: when we take on debt to feed our kids or keep the lights on, society wags a finger and calls us irresponsible. But when wealthy people leverage debt to build their empires? They\u2019re visionaries. They end up on magazine covers. \u201cDebt is not morally good or bad,\u201d she says. \u201cIt\u2019s a tool.\u201d<\/p>\n That distinction matters, especially when it comes to student loans. If you\u2019re drowning in them, ignoring them isn\u2019t the move, no matter what you may have seen on TikTok. \u201cThis is going to damage your credit. This is going to make it really hard for you to be able to reach your goals in the future,\u201d Tu warns. Instead, look into refinancing or consolidation strategies that actually help you pay things off faster while spending less on interest.<\/p>\n Beyond giving advice on individual money moves, Tu\u2019s thinking bigger picture now. She\u2019s the latest member of SoFi\u2019s Generational Wealth Fund Initiative<\/a>, a multi-million dollar effort to close wealth gaps in underrepresented communities. She can\u2019t share all the details yet, but she promises it\u2019s close to her heart. In the meantime, the day-to-day work is on us\u2014looking at our money honestly, making strategic moves, and refusing to let an unfair system keep us from building something better for ourselves and the next generation.<\/p>\n \t\t\t\t\t\t