4 Money Tips Millennials & Gen Z Can’t Stand: Are You Still Using Them?

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• Meet Vivian Tu, who enlightens over a million Millennials and Gen Zers on TikTok about financial literacy.
• She boldly challenges outdated sayings like “get a second job” and “cut back on dining out” as ineffective for today’s youth.
• While many believe all debt is detrimental, Tu explains that it’s really situational.

After raking in her first million on Wall Street, Vivian Tu, known as (@yourrichbff on TikTok), discovered a shocking truth: even the top earners struggle with basic personal finance skills essential for sustaining wealth.

Vivian took to TikTok to share key personal finance and investment strategies, only to realize that today’s youth face a totally different set of economic hurdles than those of previous generations.

“For too long, personal finance discussions have been dominated by a narrow perspective,” Tu remarked in a 2022 interview. She aims to engage her audience as if she’s their “rich best friend,” sharing tales and insights that resonate deeply with her followers.

According to Tu, there are four outdated bits of advice that Millennials and Gen Zers simply tune out.

1. Get a second job to pay down debt

Tu emphasizes that older generations often overlook the fact that living costs for Millennials and Gen Z have skyrocketed. The suggestion to take on a second job won’t address the larger systemic issues at play.

“When my parents went to college, tuition was practically free,” she jokes. “Today, kids have to sign on the dotted line for six-figure loans before they even step foot in a classroom.”

So when folks suggest picking up a second job, it feels futile to those who are tired of trying to keep up with the astronomical costs of adulthood.

2. Stop eating out to save money

“I absolutely loathe that advice,” Tu confesses. “Older generations keep insisting that if you work hard enough, you’ll get to enjoy the fruits of your labor. But let’s face it, the American dream is evolving.”

While some young people do cut back on dining out, many prefer to save a little for those memorable nights with friends, rather than scrimping on the joys of life.

3. Stay loyal to your full-time job

Millennials and Gen Zers were the driving force behind the Great Resignation, where workers across the board sought better pay, benefits, and working conditions.

Unlike the more traditional mindset of sticking it out at one company, this era has opened doors for negotiating higher salaries or exploring better opportunities that could offer equal pay for less stress.

“Loyalty can cost you,” Tu points out. “Staying too long at one job may mean leaving money on the table. You can only save as much as you earn, but you can always find ways to boost your income.”

4. All debt is bad

Today’s youth often grapple with student loans, while being bombarded with the idea that all debt is a no-go. Tu argues that it’s high time we shift the narrative around debt.

While some debts, like credit cards and student loans, can hinder your financial goals if ignored, other types—like mortgages—can actually pave the way to achieving your dreams. “Even millionaires don’t buy homes outright; they take out mortgages,” she shares.

“When we lend money to the less fortunate, it’s called debt. When we lend to the affluent, it’s termed leverage. Debt isn’t inherently good or bad—it’s merely a tool, and it’s crucial for young people to learn how to wield it effectively.”

This article was originally published in February 2022.