“I won’t stop until I earn $25M” – @YourRichBFF on how everyone can build wealth in 2024

to have a plan you have to know what that plan costs the smartest people with the most Resources with unlimited analysts to do all of this homework couldn't get it right increasing your income you want to try and maintain your costs of living personally I'm saving much more than 20% of my income my biggest issue is I see a bunch of creators who I know are making around the same amount of money as I am maybe a little less and they are living large I don't know if there's that much sustainability right like I'm not a lawyer doctor teacher firefighter or anything I don't get 40 years unless you are making over year you cannot save your way to retirement only way you can keep up with the rising costs is to invest they open the account they put the money in they're like I'm done big mistake a lot of people make so once I have invested I don't have to work anymore for money welcome to silon Valley girl we have a very special guest today her name is Vivien you might know her as the reach BFF uh I'm so excited to have you here and I am super thrilled to watch your journey how you started on social media there is one particular thing I wanted to talk about today and this is your um what this Fu number yes you call it 25 million um but a lot of people who are watching these days they're thinking about like how do I start Building Wealth in 2024 especially with you know the interest rate being so high but at the same time inflation you know the cost of living is rising we can't afford a home so I want this video to be something very very useful for everyone who's thinking you know I want to retire in 30 years um I already have kids some people are thinking about having kids how do you start building your wealth what are the things you have to do uh what are the rules that you have to live by let's talk about that yeah okay so here it's a long-winded answer but I always tell people if like you want to be rich if you want to be wealthy if you want to have money if you want to do all of these things you need to strip and immediately people just are like gasp they're like you want me to be a stripper and I'm like no that's not what I said that's not what I said um but you need to strip and strip is an acronym so s stands for savings I think first and foremost in anybody's Financial Journey you have to have an emergency fund savings because in case you trip and break your leg or the wheel rolls off of your car or something happens to you if you have to spend a bunch of money to fix a problem that you didn't know was coming you're going to be in a worse Financial POS position so I always say if you are a single 10 no one depends on you 3 to 6 months of living expenses set aside is good enough if you are ahe of household if you work for yourself if you have un you know unpredictable income you're probably going to want something closer to 6 to 12 months of living expenses set aside and essentially this is just money that buys you time yeah if you were to lose your job if you couldn't work if something were to happen this money buys you the time to get another job or get back on your feet and you put it into high yield savings it's not like just sitting there that's right you put into a high yield savings account so you're able to make more interest and earn more interest on your money than you would at a traditional brick and mortar Bank you can earn up to 10 times as much I don't know anybody who wouldn't want 10 times as much interest it's just easy free money can you recommend yeah I would say there are a lot of great options out there Sofi Ally Marcus AMX high yield they're all great don't belabor the process of picking one mhm they are all very good if there's one where you like the platform better than the other great go for that one but the worst thing you can do is be like ah there's too many choices I don't know which to pick and then you don't pick one at all and then you forget about it and 10 years down the line you've missed out on all of that interest so just pick one get started easy enough can I pause here and ask a question you're like okay 12 months of expenses amazing that's like if if you calculate my expenses like with two kids at daycare you know rent Etc how do you go about actually planning how much of your income should you put aside how much can you spend maybe you know it's time for some people to move to a cheaper place yeah I think it's a little sometimes I feel very toned deaf saying you should move to a cheaper apartment because a lot of people are already living in the cheapest apartment they can possibly find what I would say is when you're budgeting uh try to break your budget into a 50 30 and 20 so this isn't the number that you get on the job description but the money you actually take home after taxes 50% of that goes towards needs so housing basic groceries insurances utilities 30% goes towards your wants things like getting a dinner with friends getting your nails done you know some sort of relaxation entertainment whatever and then 20% is today you taking care of future you so that includes the saving The Debt Pay down and the investing what I will say is that if you are in a position where you might be living closer to paycheck to paycheck you are going to need to whittle down that 30% so it's smaller if you want to continue to be able to save pay down debt and invest and as you get more senior in your career and you start to make more money that 503020 shouldn't be a 503020 anymore you want to try and maintain your costs of living while increasing your income so those needs and those wants are smaller than and 30% and that 20 can be bigger and bigger and bigger um you know right now personally I'm saving much more than 20% of my income probably closer to a little bit over half because I know that my career right now I don't know if there's that much sustainability right like I'm not a lawyer doctor teacher firefighter or anything I don't get 40 years as a Creator as an influencer maybe you get 10 if you build a sustainable business and you get lucky so I am doing my very best to set aside as much money as possible so that I can take care of future me I like how you look at it because a lot of people like I just started making money let the world see that yeah I mean yeah the biggest thing I my biggest issue is I see a bunch of creators who I know are making you know around the same amount of money as I am maybe a little less and they are living large they are popping bottles at the club they are buying designer jewelry designer bags going on these lavish vacations and I'm not saying they can't do that but when you're doing that every month I find it very hard to believe that you're setting aside an appropriate amount for future you and why not do a little bit more when you can take care of yourself now I think there are lots of folks that could certainly use a healthy dose of financial literacy especially if they're young and suddenly are makin