DON'T Make These Mistakes if You Want to Be Rich 🚫
HTML-код
- Опубликовано: 13 июн 2024
- Don't make these mistakes!! Even the most money savvy people can fall into these traps. @YourRichBFF made these mistakes so YOU don't have to. Today, I'm going to open up about some of my worst financial decisions that I still regret.
Share this with your friends to help them know what NOT to do.
TIMESTAMPS
0:00 Introduction
1:00 NEVER do this with your Credit Cards
2:07 ALWAYS Ask This Before Paying Bills
5:03 Don't Make This Assumption about Money
--
⭐️ About Me ⭐️
I am Vivian Tu, Your Rich BFF. I started my career as a Wall Street Trader before moving into Tech Business Development. During the pandemic, I was inspired to create financial literacy content to combat faulty advice and help others gain financial freedom.
In less than a year, I've grown a community of over 3M besties across the world. I have been featured as a Top Content Creator of 2022 in Forbes, Bloomberg, MSNBC, the Wall Street Journal and more. And as of recently, I have been named one of Forbes 30 Under 30 in 2022!
⭐️ Resources & Links ⭐️
Website : www.yourrichbff.com/
Buy my MERCH: fanjoy.co/collections/your-ri...
Sign up for my newsletter: www.yourrichbff.com/enriched
Financial Literacy Books & More amzn.to/3UkhSoN
I developed a fear of credit cards at a young age since my parents weren’t financially responsible. Because of this, I didn’t start building credit until my mid-twenties. So thankful that my husband (boyfriend at the time) helped me realize that credit is a good thing. ❤
Stuff is just clutter. It loses value and clutters up your home
I learned this in my mid 20s and I feel like I have some much random junk lol it’s cute at the time but you said it
Yes for #4! Sadly, some people will not pay for a round of drinks no matter how many times you pay. Moocher mentality. Also lending people money...don't do it! But if you have to, only lend half of what they ask...because sadly it's 50/50 if you ever get it back.
We train people how to treat us
Hey BFF, if you're insured, you don't even need to ask for an itemized bill these days. Your insurance company does it for you. The Explanation of Benefits (almost always available online) itemizes everything and puts down what you should/likely owe. That number is a MAX. Even better, the medical office is prohibited from billing you before the EOB is available. So when you get that bill, you head over to that health insurance website, pull up that EOB and make sure it all balances out (billed the same, owe the same, etc).
I made some of these mistakes too with painful results. Avoiding debt and Living within my means allows me to sleep peacefully 😴. This video should be required in school, thank you for being honest about your mistakes.
Thanks for sharing your story. You are so down to earth. Thanks for all your priceless advice. I've used credit cards wrong, too. But I learned my lesson 😌
I like how honest and realistic it feels, it takes some weight off my shoulders from needing to be perfect right now, I know I can always bounce back.
Great video! So glad to see #4 on the list. In my culture (Indian), we similarly offer to pay the bill and "fight". I had to learn to set those financial boundaries with friends as I got older.
I stopped buying friends things. They don’t appreciate it and people look to me to pick up the tab. I don’t discuss salary and always ask to pay the on payday even if I have the money available
Couldn’t agree more! Surround yourself with people who values you for who you are, not for the money you’re carrying
Your background is everything ! Very valuable information sis thanks.
So grateful for your personal experience & wisdom!!!
Vivian you nailed it. Yes, when we are younger we thought we all knew everything. Yes don’t let those people take advantage of your hard earned money.
Always great advice Viv! Thanks for sharing your stories
I just realized the paying for friends things a couple of months ago 🤕 if they ain’t gonna get the next one or pay it back well then no. Glad you’re teaching people these common mistakes so others don’t make it. Really good advice that people only learn till after they make them
Thanks so much about the point with purchasing everything everyone else was wearing. I'm in a similar situation! This video has been really encouraging and validated me to keep doing what I am doing and find something affordable within my price range, not what everyone else is wearing. So thank you😊💕
My issue has always been trying to curb impulse buying.
Always scrutinize “Medical bills”
My biggest mistake was spending money on people who in the end I felt like I was just a wallet for. I'm so much better off now that I don't do that
My friend and I always agree to split and pay our own bill I’d we eat out , now we also agree to buy our drinks at liquor store and have later as a fun follow up. Save so much more on your tab.
You cleared up a lot of misconceptions about money! Appreciate you for sharing!
These are really good tips especially since it (but also unfortunately) came from your own personal experiences. Thank you for sharing!
Asking for an itemized bill is soo important!
Funny, I innately always need to know the itemized bill cuz of my ocd for tracking and the details, had no idea it was to my advantage! Lol
Thanks 😊 love your content.
A big mistake I made was not thinking through the cost of owning a motorcycle. After hitting rock bottom recently, I needed to buy a form of transport that could get me across this country reliably. Having grown up in a completely different context, I assumed that motorcycles are cheaper to maintain than cars because they are simple enough to work on without taking it to the shop every time something small broke. I WAS WRONG! Not only do smaller parts wear out quicker, but motorcycles are sold in the US as toys rather than necessities so I landed up spending the same amount of money I spent on a Honda later, after my motorcycle's engine went kaput. That was a hard pill to swallow. I'd still like to own one someday because they're fun but not before achieving higher priorities.
Awesome content Viv! Love how you keep it real and offer real tips and advice that most of the internet skips over. Question: can you help explain how credit card companies add hidden charges in the form of foreign currency exchange rates when traveling and buying things across the border? Thanks!
They are not hidden charges if you read the foreign currency part of the credit card aggreement papers you got when you received the card.
You can also look it up on the credit card''s website or simply phone them and ask.
It always amazes me how people get involved with things but never ask, enquire or read about what they are getting into and then want to blame it on the other person, credit card in this sitiation, rather than taking responsibility.
Knowing and asking them is part of life. Which gets easier as you do it more & more with things.
no it is not why do you say that? it's a scam!!!!
My girl this was gold 🔥🔥🇯🇲🇯🇲
Paying bills because they showed up. I actually had a collecting agency call on behalf of a doctor's office. I refused to pay over the phone for something that seemed off on my medical timeline (the claim date was at least 3 months after the procedure). I called the original clinic, got the bill and did have to pay -- but about 2/3 of the price the collector asked for. Medical billing is strange.
Wow I did the same I closed 4 cards with 3months of each other because I was in a lot of debt and I was told no credit always pay cash.
Awesome content. Would love to see a video on tips for budgeting lke splitting paycheck
Hey Vivian. Thanks for being so transparent about your past financial mistakes. I fell into similar traps with frivolous credit card spending in my youth but it taught me hard lessons I remember & apply in my mature years. 🙂
Vivian, you are so real
Yes. Thank you.
Thank you 2x. VG
first!! i love your channel bestie💗💗
That's why i don't bother to have friends. They always want to go out and spend money, i don't have money so they pay for me, i feel awkward and eventually i just isolate myself. Haven't had any friends in years.
It's not a matter of friends, it's a matter of the type of friends you have. By setting boundaries and communicating, you can very easily determine who to keep around.
Don't isolate yourself because of bad people in your past
@@derusmares9508 they weren't bad. They just did things i couldn't afford.
Friends suck
Thanks. I do enjoy your videos. Please keep making more.
She glorified going on dates for two years to save on groceries. She is garbage
I feel that last one. My sister had a friend who was constantly encouraging friends to go out to eat. When they got to the end of the meal she was always the one who begged off paying because she had no money. The first few times her friends covered her, but then they got wise to what she was doing and pretty soon nobody wanted to go to dinner with her anymore.
so true about paying for others... common sense ain't common. i stopped unless i dont care to spend with receiving in return.
Not them promoting crypto in the comments.
Ikr!!! Whhyyy?!? 😱
I'm not sure, but I may have closed my credit card. Is there a way to find out without alerting the bill collectors?
Do you have a video explaining how to start investing and where to start. I have no clue where to begin
Who is your mentor that you mentioned? How do we find a trustworthy financial mentor?
What do you know about saving on taxes? Tax strategies?
This video will give some people clarity that friends ain't shit.
Great video.
Do NOT fall for hospitals’ offering to reduce your bill if you prepay. I made that mistake three times. They are trying to weed out those who can afford to pay extra. So what happens if you prepay, believing the entire bill is behind you? They send you a huge bill after the procedure, and make up lies about the huge payments. I allowed one bill to go to court. That doesn’t work either. Somehow these judges are paid off. Even when the hospital’s lawyer forgot all his paperwork, he was able to make me pay. I did get him to cut the cost in half, but I shouldn’t have had to pay anything.
Now, when they ask, I tell them I don’t have it, because we are broke paying our health insurance costs.
They also ask you if you own a home for the same reason. They know homeowners are more likely to be willing to pay extra to avoid their credit being ruined, and they assume homeowners are loaded (how do they figure? We spend everything on the mortgage!)
My financial mistake was leasing a bmw and having a motorcycle loan payment at the same time. Now I make 3x more than in my twenties and I am driving a $15k car.
Facts
Thank you, Vivian! I'm probably older than you're core audience but I still learn a lot from your content. 🙏
Giiiiirl! I can’t stand people that are pocket pirates, always waiting who’s going to pick up the tab and when is their turn “forget my cc at home, I don’t have my purse, etc etc etc “ what I do is as soon we are sat down in a restaurant I make sure I tell the waitress INDIVIDUAL TAB bcuz I can’t also stand someone else ordering 15 🍻, 17 🍸 & 10 shots and then split the tap equally -heck NO- and I don’t drink so NO WAY JOSÈ!
lol, just watched this and then checked my credit score and it's gone down by 235 since last month and I have no idea why. It says about a closed credit card, but I didn't close it, the lenders ended terms with the credit card company so all accounts were shut - would this affect me negatively??
Please tell me where did you get your link chain ❤❤❤❤😢
How to get most out of your taxes? File through someone like H&R Block or do it yourself?
As someone who also moved to NYC in my mid-twenties, I was spending so much because I was in a shiny new city. I don't have a fancy Wall Street job though to fix it quickly so it's a long road ahead to pay off a bunch of things I didn't need. Selling what I can on eBay & FB 😭
LOL thank you awesome 😎😎😎😎😎😎
Great
Commenting for engagement
Solution to the moochy friends ; only hang out with them at ticketed events where they have to purchase their own tickets online . Like a concert or movie . Let them pay for their own things . Or don't hang out with those type of people . I've been there and done that . I remember going out in groups of 5 and more. Thinking it would be fun . The bill would come , I would expect to only pay for my food . They wanted to split the single check while they ordered a bunch of drinks . That caused resentment in me and I stopped going out in groups of people I didn't agree with their spending habits .
It’s the same in Hispanic households too you should always offer to pay especially if you invited but if someone is always being a mooch then make better decisions about how often you see these people
It's so easy to give in to what society says you need.... take it from a 64 year old, you usually don't want or need it! Advertisers will push the idea that if you don't have 'this or that' then
your simply not cool.... bologna! The fancy car, the fancy shoes, the handbag that will set you back two months pay.... it's just bologna! Think, consider, then reconsider any major
purchases for at least a week before making that purchase.... you'll save yourself a lot of grief. I call it 'Financial Maturity' and the sooner you get there, the better off you'll be :)
My credit score has been in the 800 forever. Always paid my bills!!
I’m smarter and still making mistakes mostly with overspending on all the things I wanted when I had way less money. Like nice bed sheets and a nice bed lol
How do you choose a ROTH IRA? I'm really behind in my retirement investment. HELPPPPP,!!!
Vivian
The hospital thing is real has happened to me as well as a few others I know. Sounds suspicious to say the least
The fact that these bills are not itemized is abhorrent.
Where is the best place to find a mentor to help with daily life shit our parents didn't teach us?
The last part of the video speaks truth, but also there’s something else to consider and it’s that maybe there are in a situation (and it will probably stick like this) that they can’t invite you and sometimes you will have to invite them in order to see them, but don’t expect the same action in return.
yup sounds like me
experience the most brutal of teachers but you learn
"I had friends that always looked at me to pay the bill" (critiquing this)
- very RICH coming from the woman who admitted to abusing young men for men, for a period of over 18 months.
Would you close a credit card once you exhausted the 0% intro rate?
Hopefully she sees this because I have questions about the credit card advice. If I want to upgrade to a card with better perks does this mean I should keep the old card also? What if the older card was one that has an annual membership fee you would prefer not to pay as you don't use the card? Is there a way to upgrade and not loss your credit history?
If you’re looking at a new credit card that’s from the same bank/institution as your old one, you should be able to ask to upgrade (or downgrade your card) and have your credit history, credit limit and points transferred over to the new credit card. But if you’re opening a new card somewhere else, it may not be possible to transfer (EX. Chase card to discover card may not transfer over while a chase card can be switched for a different chase card)
@@Shay-lh3le Thanks for the info. I just recently had asked my bank about this also. The things they never teach you in school 😅
PHAH! I WISH messing up my credit score was one of my biggest regrets...
Damnit I'm depressed...
I LOVE YOU
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
Investing in stocks is a good idea, a good trading system would put you through many days of success.
Having monitored my portfolio performance which has made a jaw dropping $470k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market.
Interesting. I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?
Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently.
@@diazperez601 Hello Do you trade on your own?
Made them too life 101 🤷🏻♀️
Tips to build your credit from a 470?
Me, loaning money to "friends", even if it was $500
@YourRichBFF your comment section is filled with spam pretending to be you.
Social $ relationships is a real thing. Downgrade those to an acquaintance status, and consider them a WO, and better offer some exchange, otherwise they need the I am Busy, Sorry treatment until they get the point.
If a man don't date or get married. If a woman date and get married.
You should run for President11111😍
If you disappear before your round every time, you're getting a pay request. I don't mind paying for people and if you don't have the money I will gladly take you with me on my dime as long as I know. I'd hate to lose a friend over money.
Watch and learn… or screw up and learn…I believe your path has similarities with a bunch of people 😅
And, many kids are disinterested.
american education teaches kids to be employees. thats it!!!
Haha, you were an airhead.
Mannnnnn them fkn 700 dollars loubs sitting in the closet Mann I’m pissed 😤 lol they feel like I’m walking in hell but heat on 700 degrees don’t spend money if they aren’t comfy
You've got the look of an angry mom in the thumbnail
Lmao
Reply to this comment if you are a bot
By the way
Your lighting setup is terrible ☺️
I am see the reflection in your eyeball
It looks unnatural
How rich are you I so want to know and why would I listen to a RUclipsr hahahha this is sooooo funny!!!! You are targeting kids, children and the metally ill on here!
Well she did exploit her dates for two years getting free meals off of them.
Can you make a video about going on 6 dates a week to save money and trick men into subsidizing you? I don't mean to take away from everything else you've done, but I was profoundly disappointed to find this out... it's dishonest and scummy
She actually did that??
Please elaborate
The link didn’t post, but it’s true.
She didn’t ever say that. The Tik tok she did with that caption was tongue in cheek. She later elaborated that saving money could be a side benefit of dating but that she believes dating is to find love and that was not her motivation in dating, just an ancillary benefit. She actually specifically said that she doesn’t support going on dates to get a free meal.
@Charlotte Lehman look, I recently started following her and I appreciate her insight. Randomly I stumbled across or was curated content revealing this. Was not from her. I was taken back by it and I honestly want to know what's up. Obviously in the scheme of her success, 16k doesn't seem like much. But... when was this? Did this give her a jump. Also how can you not be offended by that headline. Regardless if it contributed to her success, if it's true it's terrible and she should be adequately denounced.
Also these days... situations like this are the rule not the exception to. So even if it was tongue and cheek it was extremely tone deaf... she's lucky she's already engaged...
Could you reduce the background music please? With adhd it’s tricky to focus on the content 🥹❤️