3 Things I Wish I Knew When I Was Broke | Vivian Tu | TED

0:04 Picture this: you're 22, you just moved to New York City,

0:08 and you’re out at a bar with friends.

0:10 A couple of tequila shots, a lukewarm beer later,

0:14 you go to the bartender to close out your tab.

0:17 But then she says the three scariest words known to man:

0:25 “Your card declined.” It feels like everyone in the bar overhears.

0:32 On one particular night out in 2016,

0:35 I had to wait until 12:01 for the direct deposit from my paycheck

0:40 to actually hit my bank account to be able to pay my bar tab.

0:45 At the time, I was living paycheck to paycheck.

0:48 And if I’m being honest,

0:50 the embarrassment I felt that night would stay with me for years.

0:56 Even though I had a fancy job on Wall Street, my personal finances were a mess.

1:03 During the day, I would enact trades

1:05 on behalf of hedge funds worth billions of dollars.

1:08 And at night, I would go home and wonder if one

1:12 more pad thai order would set me over the financial edge.

1:17 Sadly, this is not a unique experience.

1:22 Many young people still feel hopelessly lost when it comes to our money.

1:28 And this is in part due to the existing financial system.

1:33 Personal finance education is not taught in K-12.

1:37 The past five decades of policy implementation has led

1:40 to a deep divide between the haves and the have-nots, and if we're being honest,

1:46 the financial-services industry, as it currently exists,

1:49 is really only set up and incentivized to help, well, the already wealthy.

1:56 But here's where the story starts to get really good.

2:00 There has never been a better time to get financially literate than right now.

2:06 Knowledge that was once locked behind

2:10 expensive advisors is available at your fingertips.

2:14 10 years after bar night,

2:15 I have become the financial educator I so desperately wish I had had back then.

2:21 I built my career teaching financial literacy,

2:23 like a friend, across social media.

2:26 And as it turns out,

2:28 that boiled-down language and those silly jokes and those funny memes,

2:32 they didn't make me any less credible.

2:35 But they sure did make me more understandable.

2:40 What started as just videos on social media has turned into a podcast,

2:45 not one but two books,

2:47 and if all goes according to plan, a full-blown tech startup.

2:51 The financial world has finally opened its doors wide.

2:55 But here are the three things I wish I had known to do all those years ago,

3:00 when I was so desperately broke and wanted so desperately to be very, very rich.

3:07 One, learn the language.

3:09 The financial language.

3:11 Two, build community around money.

3:15 And three, find modern solutions for modern problems.

3:20 So let's dive into that first point.

3:22 It's safe to say learning finance really is like learning a new language.

3:26 401(k), IRA, 529, FICO, APY, AGI.

3:31 Hello, can someone please help me?

3:36 But my ask of you is really simple.

3:39 Don't be afraid to be smart by looking dumb.

3:44 Ask what the words mean!

3:46 Don't be afraid to utilize resources like Investopedia or NerdWallet.

3:50 And most importantly, find a financial mentor that speaks your language.

3:55 Someone who has the industry chops to back up those smarts,

3:59 someone who never promises you anything that's too good to be true,

4:03 and certainly someone who never gives you

4:05 that weird feeling in the pit of your stomach.

4:08 Here are some of the ways that I

4:10 have connected with people looking for financial guidance.

4:13 First off, I nicknamed Jerome Powell "Fed Daddy" to explain rates lowering.

4:18 (Video) Fed Daddy just announced we’re lowering interest rates,

4:21 and a lot of people don't even know what that means,

4:24 much less what it means for them.

4:25 Translating headlines into action items.

4:27 (Video) The federal government didn't clock in today, but I did.

4:30 So here's how the government shutdown is going to impact you and your wallet.

4:34 And even breaking down how celebs, like Kendrick Lamar, get rich and stay rich.

4:39 (Video) Kendrick Lamar's family dancing in the "Not

4:41 Like Us" music video wasn't just a clapback, it was a genius investment.

4:45 When you understand the language, you understand what matters.

4:49 And the response to turning finance into fun-nance has been incredible.

4:56 And this leads us into our second point.

4:58 While it's on financial educators to meet

5:00 the next generation where and how they already live,

5:04 it's on the next generation to build their own financial community.

5:09 For years, we have been told talking about money is rude, tacky, taboo.

5:15 But the last time I checked, Bob and Steve seem to have no problem trading

5:22 investment tips as they're teeing off at hole three.

5:26 It turns out, it’s really only a faux pas when we do it.

5:31 It's time to change that.

5:33 I, like so many young people,

5:35 clock in daily for a full shift at the looking-at-my-phone factory.

5:41 And whether you spend all of your time

5:44 scrolling TikTok or reading Reddit threads, it's clear:

5:48 having conversations around money takes the power away

5:53 from the people up top and gives it back to us.

5:57 The internet has led to the creation of spaces like Fishbowl and Glassdoor,

6:01 where people can share true, real numbers,

6:04 honest struggles and genuine victories without shame or judgment.

6:08 And frankly, many of these conversations are still too raw to be had IRL.

6:14 This online anonymity is empowering people to work together,

6:19 with their digital accountabili-buddies, to make smarter financial choices.

6:25 And my hope is that, as this generation

6:28 gets more comfortable creating community around money talk,

6:32 the generation after us— they're going to grow up

6:36 seeing money discussed so openly and authentically that they

6:39 will enter adulthood with a level of financial

6:42 confidence that their parents could have only dreamed of.

6:46 And speaking of the future,

6:48 you’ve probably heard the phrase: modern problems require modern solutions.

6:52 It's never been more true.

6:54 If I’m not getting a pension like my dad,

6:56 and I can’t make a household’s ends meet on one income like my dad,

7:01 and I certainly don't plan on working the same job for 40 years like my dad,

7:05 why am I taking my dad's financial advice?

7:09 Or worse, using my dad's financial advisor?

7:14 My dad doesn't actually look like that, by the way.

7:16 He's going to be so mad if I don't say that.

7:18 Sorry, Dad.

7:19 Robo-advisors are making sophisticated

7:22 investment strategies accessible to everyone.

7:26 Online banks are offering competitive rates without

7:29 the burden of the overhead of brick-and-mortar branches.

7:33 And innovative apps are turning complex financial tasks into simple,

7:38 actionable things that you can do from the palm of your hand.

7:41 These new platforms are just as regulated and licensed,

7:44 and more often than not, they offer lower fees.

7:47 And it’s not just startup hubs or VCs that are taking notice.

7:52 Creators and educators are now turning into founders.

7:56 For my story, what started as just content has turned

7:59 into an app powered by AI— working in conjunction with certified human experts,

8:05 to provide guidance in plain English, like a friend,

8:08 and more importantly, continues to educate first and foremost.

8:13 New-age financial brands aren't just

8:15 a replacement for traditional financial services;

8:19 they're purpose-built for the way we live now.

8:23 Designed to help you save smarter, invest easier,

8:26 and build wealth faster than ever before.

8:30 The future of finance isn't coming.

8:32 It's already here and it's working for us.

8:36 So to wrap us up, a decade has passed since my horrific bar tab incident,

8:42 and I so desperately wish I could go back in time

8:45 and provide past-Vivian with some

8:47 of the solutions available to today-Vivian now.

8:52 This shift towards financial accessibility isn’t just changing individual lives;

8:56 it's building an ecosystem where everyone has a fair shot at prosperity.

9:02 And my dream is that, a decade from now,

9:05 the evolution in financial education will mean:

9:08 there are fewer declined credit cards at bar night,

9:11 a shrinking wealth gap and a financial future that is brighter than ever.

9:17 Thank you.

9:18 (Applause)