'Your Rich BFF' Vivian Tu shares her favorite personal finance tips

NEW YORK — Are you intimidated by personal finance? Vivian Tu wants to help.

Tu is known for her TikTok account, ''Your Rich BFF," where she makes entertaining videos about personal finance. Topics include how to negotiate your salary and practical tips for dealing with credit card debt. Tu, who refers to herself as ''your favorite Wall Street girly,'' has 10 million followers on social media and has published two personal finance books.

Tu, born and raised in Baltimore, often connects her interest in personal finance to her upbringing as the daughter of Chinese immigrants. Her parents raised her to be frugal and appreciate money from an early age, but it wasn't until a few years into her corporate career that she realized she had a passion for the topic.

Tu graduated from the University of Chicago and then began her career as a trader for JPMorgan in New York. After leaving Wall Street, she worked in sales at BuzzFeed for a couple of years. In late 2021, Tu started her TikTok account, which has 2.7 million followers to date. She got the idea because she was always giving personal finance advice to her colleagues.

She also hosts a podcast, ''Networth and Chill,'' and was recently appointed as chief of financial empowerment for SoFi, a fintech and banking platform. Her most recent book, ''Well Endowed,'' was published this month.

From avoiding overspending to starting your investing journey, here are some of Tu's top personal finance tips:

Talk about money with your significant other

''Start early, start often. I always say you have to talk about money on the first date," she said.

Tu recommends approaching the conversation with fun questions. One is ''If I gave you $100,000 tomorrow to play your dream two-week vacation, what would you do?'' If, for example, one person would rather spend the money on an expedition into nature and the other would rather spend it on an expensive resort, this shows a discrepancy in lifestyle preferences.

Conversations about finances can be fun and lead to insightful lessons about your partner's financial values and goals. But money conversations don't have to be intense from the beginning; they can evolve as your relationship does.

Avoid overspending

Overspending can stand in the way of saving for an emergency fund or, worse, get you into credit card debt. To avoid this, Tu recommends pausing and asking yourself why you're making a purchase.

Tu recommends being intentional with your purchases and avoiding spending just because you feel pressure to belong to a specific social circle.

Buying vs. renting

Often positioned as part of ''The American Dream,'' home buying has become more expensive, making it an unattainable goal for many. But owning a home isn't always the best option for everyone, Tu said. Renting can offer more flexibility and affordability.

''Are you okay with maintaining your own HVAC, providing plumbing for toilets if something starts leaking at 2 a.m.?" Tu said. "If not, you'd be better off having your landlord be on the hook for that."

Many see home owning as an investment towards their future. If you're renting, you can still invest and put yourself in a good financial position, Tu said. She recommends setting money aside for other investments, building a savings account, and paying down any debt.

If you find investing intimidating, there are options that can help you start your journey. Tu recommends using a robo-adviser if you find investing confusing or just want to make it as simple as possible.

''A robo-adviser is the happy medium," she said. What I love about (robo-advisors) is that anybody who doesn't understand investing can be investing in 45 minutes. It is better to start today than to start tomorrow, the sooner the better."

Robo-advisers are automated investment services. They ask you a series of questions about your financial situation and future goals, and then use the data to offer advice and invest for you.

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