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

The speaker recounts a personal experience from 2016 in New York City where her card was declined at a bar, leaving her embarrassed and having to wait until after midnight for a direct deposit to clear to pay her tab. Despite working on Wall Street, her personal finances were disorganized, highlighting a common issue among young people who feel lost with their money. This is attributed to a lack of personal finance education in K-12, policies that have widened the gap between the wealthy and others, and a financial services industry primarily set up to assist those who are already affluent. However, the speaker emphasizes that now is an opportune time to become financially literate. Information previously exclusive to expensive advisors is now readily available. Ten years after her embarrassing bar incident, she has become a financial educator, teaching financial literacy across social media in an accessible and understandable way, using simplified language, jokes, and memes. This approach, which began with videos, has expanded into a podcast, two books, and a developing tech startup. She identifies three key things she wished she had known earlier: learning the language of finance, building a community around money, and finding modern solutions for modern problems. Firstly, learning finance is likened to learning a new language, filled with acronyms like 401(k), IRA, and FICO. She advises not to be afraid to ask what words mean and to use resources like Investopedia or NerdWallet. Crucially, she recommends finding a financial mentor who speaks your language, possesses industry expertise, avoids promises that seem too good to be true, and instills confidence. She illustrates her approach by simplifying complex financial topics, such as explaining interest rate changes by nicknaming Jerome Powell "Fed Daddy," translating headlines into actionable steps, and breaking down how celebrities manage their wealth. Secondly, she stresses the importance of building a financial community. Traditionally, talking about money has been considered taboo, but this needs to change. The internet has created platforms like Fishbowl and Glassdoor where people can openly share financial struggles, successes, and real numbers anonymously, fostering digital accountability-buddies. Her hope is that this increased comfort in discussing money will lead future generations to grow up with greater financial confidence. Finally, she advocates for modern solutions. Given that current generations often don't have pensions, can't support a household on one income, or expect to work the same job for 40 years like previous generations, relying on outdated financial advice or advisors is impractical. Modern solutions include robo-advisors making sophisticated investment strategies accessible, online banks offering competitive rates without the overhead of physical branches, and innovative apps simplifying complex financial tasks. These new platforms are regulated, licensed, and often have lower fees. Creators and educators are now becoming founders, with her own content evolving into an AI-powered app that provides guidance from certified human experts in plain English, prioritizing education. These new financial brands are purpose-built for contemporary living, designed to help individuals save smarter, invest easier, and build wealth faster. In conclusion, the speaker reflects on the decade since her bar tab incident, wishing she had access to today's solutions then. She believes this shift towards financial accessibility is creating an ecosystem where everyone has a fair chance at prosperity. Her dream is that within another decade, financial education will lead to fewer declined credit cards, a shrinking wealth gap, and a brighter financial future for all.