7 Ways To Grow Your Wealth With Vivian Tu’s Novel-Worthy ‘Rich-Person Mindset’

In a fluctuating economy , everyone is wondering what the best way to grow their net worth is. Is there a specific stock or method that will guarantee a healthy cash flow? According to CEO and internet sensation Vivian Tu — the writer of “Rich AF: The Winning Money Mindset That Will Change Your Life” — growing your wealth is all about mindset.

In a Live Richer podcast episode , Tu discussed her move from Wall Street to a career in tech media, and the wealth of financial advice that made her a viral money guru. Here are Tu’s suggestions for how you can most successfully grow your wealth .

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Think About Investing Like Going To the Grocery Store

In the interview, Tu simplified investing by equating it to your weekly grocery store visit. First you have to pick the grocery store, which in Tu’s analogy is the brokerage you want to use. Then you have to actually buy the groceries, or the investments. “This is a big mistake people do,” Tu said. “They put cash into their investment accounts, but then they don’t actually buy investments. They just put the cash in and think they’re investing.”

Tu went on to say that once you start investing, you want to diversify your portfolio. “In the same way that when you’re at the grocery store, you can’t just buy 18 types of candy. That’s not a healthy, balanced diet. The same thing for your portfolio: You can’t just buy one or two things. You want it to be really really diversified so it can weather any downturns.”

In that regard, Tu suggested not buying single stock entities, but instead to invest in index funds.

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You Don’t Need a Lot of Money To Start Investing

One big misconception Tu wanted to dispel is that you need a ton of money to start investing. “You can start with a dollar, $5, $10, because we are able to access something called fractional shares,” Tu said. She used the example of Apple stock, which is currently trading at more than $200 a share. Instead of having to have $200 or more to buy one share, you can buy a portion of a share of Apple stock.

Find Ways To Increase Your Income

“I think we place a huge emphasis on scrimping and saving, when in reality, you can’t budget your way out of a deficit,” Tu said. “It is just as — if not more important — to increase your income as it is to be a frugal spender.”

Tu explained that growing wealth is just not about saving, but about finding methods to earn more. A simple way to do this is to ask for a raise, she said. “Do you know how easy it is to ask for a $5,000 raise? People get $5,000 raises regularly. People get raises for more than that regularly.”

Done Is Better Than Perfect

Tu said people can sometimes get caught up in finding the “best” brokerage firm or the “best” investment. Instead of bogging yourself down in research and not making any moves, Tu said it’s better to just start investing and go from there. If you feel like you need an advisor to help you, Tu said to get a robo-advisor.

“A robo-advisor is going to essentially have you take a quick quiz about your money goals, how much you have, how much you want to make, what you want to do in retirement, how old you want to be, do you have a family, where you live — every question under the sun,” Tu explained. “And then it’s going to compute and spit out a well-diversified, risk-appropriate investment strategy for you.”

Tu added that a robo-advisor is a much cheaper way of getting investment advice than going to an investment advisor in person.

Negotiate Medical Bills Down

The principle behind Tu’s book is that in order to amass wealth, you have to go through life as a rich person. One way to do this is by always negotiating your medical bills down. She pointed out in the interview that 80% of medical bills have errors in them.

When you receive a medical bill, Tu said to ask for an itemized receipt so you can make sure you actually received every service you’re being charged for. After confirming you received every service, Tu said to check the costs against Healthcare Bluebook to make sure what you’re being charged is within the normal range. Then ask if there are any vouchers or relief plans that can further lower your bill. If you can afford to, Tu said offering to pay the bill in its entirety could entitle you to a discount as well.

Think in Abundance Rather Than Scarcity

Tu recalled growing up in a household that had a scarcity mindset. She felt her parents were always thinking that a “rainy day” was going to come. In contrast, Tu said it’s better to live your life in a state of abundance and think that you’re entitled to make money. “We are our most valuable asset and we should always be able to bet on ourselves.”

Tu said this can extend to how you define yourself. “I think we need to speak to ourselves without so many limiting words.” Tu used the example of people saying they’re a TikToker. She said that limits what your future might look like. Instead of just limiting yourself to one thing, call yourself something more general and reflective of what you want in a career. So, instead of a TikToker, call yourself a businessperson.

Collaborate With Other Rich People

“Rich people are apex predators,” Tu said. “They do not compete with each other.” Tu explained that if you get to know other people who are working with a rich mindset, you can work with them to make more money. You can call in favors and experience a very fruitful partnership.

Tu advised that always being on the lookout for new connections and opportunities to grow your wealth can completely change how your world looks while also increasing your earning potential. “Reframing how you think about your career and your money through a lens of a rich-person mindset will really help people take advantage of the resources that are already existent in their lives, but also find new opportunities where they weren’t looking for them before,” she said.

This article originally appeared on GOBankingRates.com : 7 Ways To Grow Your Wealth With Vivian Tu’s Novel-Worthy ‘Rich-Person Mindset’