- ORIGINAL NEWS
Self-made millionaire Vivian Tu went from ‘scrimping and saving’ to creating wealth with this mindset shift
- SUMMARY
Despite higher education levels, women face challenges like lower wages that can make it harder to build wealth and save for retirement.
However, a mentor influenced Vivian Tu, who became a self-made millionaire by 27, to adopt a wealth-creating mindset rather than merely saving.
She invested her earnings, even those above her initial income, and gradually increased her compensation.
Financial planners recommend ongoing savings and investments, starting with maximizing 401(k) contributions and considering higher stock market allocations.
These strategies can help women offset the impact of factors like caregiving responsibilities, which can reduce earning potential and hinder retirement savings.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“But an early career mentor sparked a mindset shift for Vivian Tu, a self-made millionaire by age 27 and the founder of Your Rich BFF.”
“More from Women and Wealth:Here’s a look at more coverage in CNBC’s Women & Wealth special report, where we explore ways women can increase income, save and make the most of opportunities.”
Negative
“Building wealth and saving for retirement can be more difficult for women facing challenges such as lower wages despite their increasing levels of education.”
“Indeed, some 14% of women ages 25 to 54 were full-time caregivers in 2022, compared to 1.5% of men, according to the Federal Reserve Bank of Minneapolis.”