← Networth and Chill with Your Rich BFF
Loading summary
Transcript12 lines
- [00:00]
Vivian Tu
Americans spent 9.8 billion with a B B B dollars online shopping on Black Friday. I am so sorry, but final sale is literally a catch all term in my mind for scam.
- [00:16]
Walmart
Want to shop Walmart Black Friday deals first. Walmart plus members get early access to our hottest deals. Join now and get 50% off a one year annual membership. Shop Black Friday deals first with Walmart plus see terms@walmartplus.com.
- [00:37]
Vivian Tu
What'S up rich friends? I'm your host Vivian Tu, aka you're rich, BFF and your favorite Wall street girly. And welcome back to another episode of Net Worth and Chill. Today we are talking about the holiday saison and we are in the thick of it. And that can only mean one thing. Shopping. And lots of it. Black Friday is coming up right around the corner. And this time can be a time where we spend a lot more than we mean to. And I have definitely been there. I've been duped into some sales that ended up being bad deals for stuff that I didn't really even want, that I spent money that I didn't really even have. So this episode is as much for me as it is for you. We're going to go over some tips and tricks I use to shop major holiday sales without feeling like I need to buy everything. And let's first start with a horrific stat. Americans spent 9.8 billion with a b B dollars online shopping on Black Friday. I was 9 billion of those dollars. Just kidding. But seriously, I feel like this is a time where I lose all financial literacy sense and I see the slash markings on all the prices or the red text and suddenly I just need to have it all. So ahead of telling you the tips and tricks on how to shop smarter, I am going to atone for my sins and tell you some of the best deals I've ever gotten on Black Friday, as well as three of the worst things I've ever spent money on. So of the three best things that I have ever purchased on a Black Friday sale, first and foremost, I got a discounted Salvatore Ferragamo wallet for Boo for Christmas. I bought it during Black Friday when all of these big box retailers, specifically like A socks and Bloomingdales and Nordstrom were having these massive sales. And because these big box retailers have like overarching sales that don't apply to just any one brand, I was actually able to get a designer product for a really nice price. And I saved it, I hid it. And this was when Boo and I first started dating. So this was like A very high ticket item. I was really excited to give it to him. He ended up loving it. Ended up using for five years until it completely fell apart because of just the number of cards that have been stuck into it. So not only was it a really cool purchase, it was also a really practical one. The second best thing I ever bought on a Black Friday sale was a espresso machine for my sister in law. Again, another holiday present. But the specific reason why this was such a hit was one, because I got it on sale on Black Friday. But also, I don't know what happened to this espresso machine. It must have like fallen off of the truck on, you know, the way, on Amazon's way to her apartment or her house because it never turned up. And because of that I ended up calling Amazon and contacting them and being like this. Literally never showed up to my in law's place because my mother in law and father in law, they typically wrap, we ship to their house and they wrap the presents and so they actually ended up sending a second espresso machine. And then weeks and weeks and weeks later, the original espresso machine turned up. So we ended up getting two espresso machines for the price of one. And now my mother in law also has the exact same espresso machine. And I was the hero of Christmas that year. And last but not least, the third best thing I ever bought on Black Friday was actually not a thing at all. It was an experience. I bought flights for early the following year to Europe. And this was my senior year of college. I ended up spending three weeks bopping around Europe because I took the last quarter UChicago's on a quarter, not semester system. I took the last quarter off so was able to save on tuition and my school fees. And that money ended up helping to fund a fun little Euro trip that I got to take as a solo traveler, solo backpacker before I graduated. So that was a really, really nice experience that I was able to fund at a discount. But let's move on to the really exciting part. Let's talk about the mistakes I've made. The three worst things that I've ever bought. First and foremost, final sale, anything. I am so sorry, but Final Sale is literally a catch all term in my mind for scam. Because either it's not gonna fit, the material's going to suck, the quality is going to be bad, it's not gonna be as advertised, something is going to be wrong with this final sale item and you will not get your money back. And So I feel like I have had to learn this lesson over and over and over again. And now that I'm 30, I feel like I'm finally there. I finally understand. Especially for high end designers who usually don't do discounts, when they actually write down some of the prices for their products on Black Friday, they will use it as an excuse to fuck you. Like you are not getting your money back. Something is going to be weird or wrong about it. Don't buy final sale pieces unless you're sure. Unless you've already seen it in person. But as an online shopper, for me, when I see the words final sale, I see no go. Up next, bulky furniture or home stuff. Reason being, you'll actually find better deals around President's Day in February because there are just better times to buy stuff. For indoor furniture, the best time to buy is typically January and February or August and September. These months typically are when the retailers discount old stock to make room for new styles. You can also find good deals during holiday weekends. Again, like I mentioned, President's Day and Labor Day. And then for outdoor furniture, the best time to buy outdoor furniture is actually in late summer and earlier fall. Just because once the hot months go by, people have already enjoyed the outdoor furniture from this past year. So people really aren't thinking about buying new furniture. As you get closer and closer to the end of the year, next year stock is starting to come out. So again, you're going to be missing out on some of those discounts because demand for outdoor furniture is least at the tail end of summer. That's when I would get your best deals. And then for my third worst purchase, I would say an impulse buy. Listen, I understand the irony that you guys are hearing right now because I started my career on social media. But if you can, during the week of Thanksgiving, do your best to limit your social media exposure because you are going to be served nonstop Instagram ads and TikTok shop ads for stuff you probably don't need. And frankly, these days if you are buying something on an impulse and then you decide you don't want it anymore, if you are lucky enough to even be able to return it, you're probably going to have to pay a restocking fee. So you're not actually going to get 100% of your money back. So what I'll say is just don't buy stuff to buy it. Um, it'll still cost you money to return it. Frankly, when you are shopping on Black Friday, you want it to be a super calculated, surgical experience so that you have already done your research, you know exactly what you're getting, and you know exactly where you're getting it from, so you don't just get duped into stuff really last minute. And again, talking about irony ahead of the tips I do want to address, I find it really funny that Black Friday falls directly after Thanksgiving, because Thanksgiving is a holiday entirely dedicated to celebrating what we have, being grateful to have family and community, and being thankful for this delicious food that you're about to share with your loved ones. And that just slides straight into the most capitalistic consumerism hellscape that is Black Friday. And I say that again a bit tongue in cheek, because I am not immune to the allure of a Black Friday sale. But it is the singular day after Thanksgiving. And it's so funny, because nowadays Black Friday doesn't actually start the Friday after Thanksgiving anymore. Suddenly you're seeing these sales pop up the Monday before Thanksgiving or maybe even the week prior. And I don't know how sitting around the table in front of a turkey and pumpkin pie turned into two weeks of non stop shopping and spending your money like it's going out of style. It's literally a bonanza to get your money out the door. And so now, suddenly, it's starting at the beginning of the week or the week prior. It leads well into the following week with a cyber Monday Travel Booking Tuesday. Yes, Giving Tuesday has been replaced by travel Booking Tuesday. And you're just grasping for these last winter sales ahead of the holiday, which is not always a bad thing. You're gonna be able to get a good deal. But I do want us to really rethink our consumption ahead of the holidays, because sometimes it may actually just be better to put your phone down and spend the last few hours of that special Thanksgiving with the people you care most about. But let's talk a little bit about how you can actually win Black Friday. Yes, win. Because Black Friday, my friends, is a game. I want you to make an Excel sheet. I do this every single year. And you need to start doing this, like now. You make an Excel sheet of what you need or want, what it costs now and what you think it will cost on Black Friday. And I say need specifically because I do think Black Friday is a good time to pick up things you you need. So whether that be home appliances that need to be replaced, whether that is new winter clothing, if your coat has a hole in it, it's like true needs. This is a great time to get them. But also you're allowed to want stuff like we work so hard for the money that we make so that we can enjoy it. I don't want you to feel like you are not allowed to spend money, but this Excel sheet is going to be really, really helpful. And aside from just the name of the item, the store it's from, what it costs now and what you think it'll cost on Black Friday. Also, if you're shopping online, paste the URL there so that you can find it easily and quickly so that you don't lose time. Because I do recognize that some of these sale items go fast and furiously. And you're going to hear this podcast and some of you are going to be a little late on getting to the item that you want and then it's going to be sold out and you're going to hold it against me. So I want to make sure that you have the opportunity to get what you want. But this is going to help you surgically check off the items that you actually plan on purchasing and make sure that your budget actually fulfills that need. Something that I like to do, and it's a little late this year, but you can certainly do it for next year, is I start a sinking fund a couple months ahead of the Black Friday sales and I'm setting aside 20 to 50 bucks every single week to say, hey, this is my play money. This is money that I am going to use to spend and enjoy myself on Black Friday because I don't want to take hundreds of dollars out of my bank account just that one day and then feel overwhelmed that I made a bad decision and can't make some more of those necessary payments in my life happen. So sinking funds are really, really good for that purpose. But having this list is also going to help you be really methodical because what you don't want to do is faff around on your cell phone or on your laptop the day of Black Friday or the week of Black Friday, because you're just going to be tempted more and more and more. And the first tip I want to give you guys is something that I have been doing and I can't believe I'm about to share this because I have been trying to gatekeep this. But at the beginning of that week, take the items that you want, put them into your digital cart and on websites that you already have an account with. Whether it be like a revolve or something like make sure you're logged in. Make sure this company knows your email you are going to log in and you are going to put your thing in your cart and then you are going to abandon it. Because guess what, so many brands, knowing that they have you on the hook, are going to send you an email with a small discount code. And this isn't going to be like a discount code that can be used by anyone. It's going to be one of those like really long 20 digit number letter ones that is exclusive to you. You are going to get a special secret discount for having abandoned your cart. And typically this discount, since it's unique to you, can actually be stacked on top of broader savings that you will find later in the week. So abandoning your cart is actually a really good idea. And not to mention it'll already be in your cart. So if you need to check out that day, it'll already be teed up. So you'll be quick and ready to go. I actually did this on Cult Gaia, which is a pretty pricey higher end site and they offered me 10% off and 10% off of, you know, a really, really nice $500 dress is $50 and that's a lot of money. So just make sure that you are taking advantage of an abandoned cart. Furthermore, I highly, highly recommend that you tap into a cash back app. Yes, I am the queen of cash back. I like to double dip. First and foremost, I like to get cash back on my credit cards. If you are a heavy spender at certain retailers, they may have credit cards that give you extra points against those places. For example, credit cards that give you extra rewards for shopping on Amazon, what have you. But aside from just your credit card giving you rewards points for your spending and making sure that you responsibly pay it off every single month, you can tap into something like Arachn R A K U T E N something like a Honey extension or Dosh D O S H. These are cash back apps and they're affiliate websites. So essentially what you do is either you go to the website Rakuten, Honey or Dosh and then you can actually navigate to where you want to shop and it'll automatically be able to provide you with cash back. Or you can do what I do and get a, like a Google Chrome extension, like a plugin and whenever I'm about to check out it'll say don't forget like you make sure to get cash back with whatever. And then I can just click a button that is in my actual browser and this gives me cash back. And this has been so immensely helpful. Two Black Fridays ago, I actually bought a mattress. It was a Purple mattress. I had never seen it discounted that deeply, but I bought it off of Macy's.com and because again, big box retailer, I was able to get 10% cash back from Macy's, which was a huge amount on a mattress. It's like $1,000 mattress. So I saved 100 bucks. Not to mention I got credit card rewards points. I had a discount code on there. It was really, really great savings. If you're going to be spending money anyway, you might as well get rewarded for it. And if you aren't using these tools, you're. You're leaving a lot of money on the table. And I don't want you guys to do that. Up next, I would also say use price tracking tools and extensions. So something like a Camel, Camel. Camel, yes. The animal name three times can actually help you track price drops and discounts to make sure you're actually getting a good deal. So oftentimes on these holidays, you'll see like a slash through the original price of a product and then be like, oh, my gosh, I'm getting such a good deal. But go onto Camel, Camel, Camel and check the average price for that product over the past year. Sometimes you'll realize that the deal that you think you're getting that day is actually not better than the deal that's offered to you 80% of the time. And there would be a better time to get that product. Or maybe you're actually getting a worse price. But I use Camel, Camel, Camel to make sure that I'm getting an actual discount, not just a discount after the price has been artificially hiked ahead of a holiday. So just make sure that you're checking price history and getting a real deal. And I want to back up a little bit also and talk about how to ensure that you are buying the right things. Something that I feel like a lot of us struggle with is understanding the value of a dollar. And this isn't like a lecture way that, like your dad would say it. I truly mean it, because we do not understand what a dollar equates to, but we do understand what our time equates to because we are so deeply tied to what we're doing at the moment. Um, so I think something that's more effective than calculating your purchases in dollars is actually using a strategy called value based spending. Um, essentially, you look at the price of anything, any spinning decision that you're about to make, and you're gonna make sure they align with your core values. And by doing that, you are going to actually take the price of the thing or the service or the experience. And instead of figuring out what the cost in dollars is, you're gonna divide it by your hourly take home pay. So if you take home $30 an hour, you're going to divide it by $30. So say you want to buy a pair of leggings, it's 90 bucks divided by $30 an hour. You would have to work three hours to get that pair of leggings. And that is how I like to think about stuff. Would I be willing to trade three hours working at my desk for that pair of leggings? In some cases, the answer is a resounding yes. I am dying to have these leggings. And in other cases, that helps me realize that I would rather avoid working for three hours than have that pair of leggings. And that tells you something. Whether or not you actually value what you're about to get, or it's just a spur of the moment desire. And this is going to help you decide whether or not the things you're actually buying are worth it. So this has actually helped me over the years realize that I love spending money on experiences, vacations, dining out, going out to eat, all of that. But I absolutely hate paying full price for retail goods. Don't get me wrong, I like nice stuff, I want to have nice stuff, but I can't stand paying full price. So I'll go to a discount retailer or wait for a sale or make sure that I'm getting cash back. I have to do all of these things because spending full price on retail just like, doesn't make me feel good. So whether it's buying designer overseas so that I can get a VAT refund, I'm pulling out all the tricks in the book to make sure that I'm getting the best deal. And value based spending is going to tell you a lot about your spending as well. Additionally, I mentioned this at the beginning of the show. My best Black Friday purchases have all been holiday gifts for other people. Every year I get every single gift that I am planning on giving over the holiday season on Black Friday or Cyber Monday or the week. Whatever.
- [20:37]
Gastropod Host 1
Okay, big reveal. Here we go. Oh, wow.
- [20:43]
Vivian Tu
You guys kind of get a first look at a completely removed Copco number one.
- [20:48]
Gastropod Host 1
This is an area where there was.
- [20:50]
Vivian Tu
Not river sounds for over 100 years.
- [20:53]
Gastropod Host 2
On this week's episode of Gastropod, we are telling a super exciting story about a river, but actually about fish.
- [21:00]
Gastropod Host 1
And in terms of fish, it's actually about one particular fish about salmon, but it's really about something that's incredibly exciting that will help salmon. It's about the world's largest dam removal project ever.
- [21:12]
Gastropod Host 2
That's right. This episode we are going to the Klamath river on the California Oregon border. It was once one of the world's great salmon rivers. We wanted to see what happens when you take a river away from salmon and how to go about giving it back.
- [21:27]
Gastropod Host 1
Find Gastropod and subscribe wherever you get your podcasts.
- [21:31]
Vivian Tu
This is because this is your last chance to get some of those bigger ticket items or electronics or goods at a discounted price. As soon as this sale window is over, the retailers know they've got you where they want you. You are going to have to buy those Christmas gifts, those Hanukkah gifts, regardless. So they're not going to give you a discount because they know that no matter what the price is, you do not want to let someone down. You do not want to disappoint someone on a very important day where there is a lot of societal expectations to be had. So they're going to jack up those prices, you're going to pay full price, and you're going to be really, really regretful that you didn't get it over the Black Friday holiday. So again, in addition to that excel of things that you may want for yourself, I always make a list beforehand and check off what items are going to be on sale and what I may still want to wait to get, especially if their experiences ahead of completing my Black Friday shopping. This is also really nice because if I can actually put together my whole entire holiday list in advance, I can write down what every single item costs and then tally it up. So ahead of actually checking out, I can see in total how much I'll be spending. And if that number feels a little too big, I can actually ratchet some of those gifts back down and maybe say, hey, instead of getting this person the $98 beauty set, I can get them the $58 beauty set. And that way it's helpful to see what your overall budget will be. I actually used this last year. My team is now enormous. So I have a point. Agent Commercials agent Podcast agent Shout out to my podcast agent because you're the reason why we're doing this right now. TV agent, Book agent Speaking agent I have a management team. I have an attorney, I have a publicist, I have a business manager. I've got a lot of people who work for me. And as the boss, I feel like I should be the one giving gifts, not receiving them. So when You've got very literally a dozen people that you need to give gifts to, and you want to not be too aggressive when it comes to playing favorites. It's really helpful to be able to tier out the gifts and calculate the budget that you'd be comfortable allocating to all of those people. It just makes holiday shopping a lot easier as well. This also does help me personally avoid overspending during Black Friday because I don't know if it's like a dopamine hit or what. Sometimes you just need to shop. It doesn't necessarily need to be for you. Sure, if there's something that I have my eye on and I'm going to get a good sale, I'll snag it. But typically for Black Friday these days, I strictly use it for other people's gifts. And that way I still get that fun, exciting hit of, ooh, I got to spend money on Black Friday. But it was actually incredibly practical versus me buying a bunch of junk that I don't personally need. And kind of. My last hot tip that I want to share is a new tradition that I have been starting on Black Friday. Instead of actually spending your money, you can do what I like to call shopping your friends closets. It is so much fun, and you would be shocked at how much stuff your friends have that they hate. And what's the phrase? One man's trash is another man's treasure. Well, that comes to be so, so true when it comes to our closets. What I like to have people do is after having Thanksgiving with your family on the Thursday, I typically have like a friends giving. And at friendsgiving, we actually now each bring 10 items. 10 items that we think are cool, high quality that our friends would like that we no longer wear. And then we essentially turn it into a game. We'll sit around, we'll, you know, have a drink, we'll stuff our faces, but then we'll start showing each item Vanna white style. And sometimes people bring weird stuff, sometimes people bring cool stuff. But it's a nice way to shop each other's closets. It's absolutely free to do. It's a great way to spend time with the people you care about. And it's completely free to your budget. I have scored an amazing pair of red heels. Shout out to my friend Jenna. I had been eyeing those heels since college, and she just never, ever gave them to me, even though she should have. I hope she's listening. But I actually snagged them at a friends giving, and she ended up borrowing A dress of mine. And she really loved that dress and she ended up getting to keep it. So it's a really nice way to get new quote unquote stuff. And it does for me at least feel even a little bit easier than thrifting or buying secondhand clothes. Because I know these people, I feel comfortable borrowing their stuff. I know them, I know that they've taken care of their stuff. And so you're going to get to feel really good about the stuff you're swapping and trading. And it's also just a good time to see your friends and recognize that Thanksgiving really is all about being thankful and not just consume, consume, consume capitalism. So to wrap us all the way up, I do want to continue to reiterate, I've said this a couple times. This holiday really is about being grateful for what we already have. And I think with social media being the way it is in our parents generation, it was very much keeping up with the Joneses. And your parents would take their pair of binoculars and look out the front door window or the front window, and they would see that the Joneses had a new TV or a new station wagon or something. And that is the benchmark for comparison. However, now, because we have literally an infinite window the size of our hands and we can see into everybody else's life, keeping up with the Joneses has become keeping up with the Kardashians. And honestly, regular folks like us have no business knowing what the inside of Kim K's private plane looks like, because I think it sets a deeply unrealistic expectation about what it means and what it takes to have a perfectly happy life. It is normal to rewear clothes. It is normal to fly an economy. It is normal to have to budget and have to save and have to invest for your future. It is absolutely not normal to get glam every day. It is absolutely not normal to go out for every single meal. And I think by taking a step back and bringing yourself self back down to reality, it's going to be really helpful to think about what you actually value and what you want to spend your dollars on. Um, so a couple really interesting and key points. Um, another opportunity that I encourage you to consider this year, and it's something that I'm certainly looking into for myself, is I saw this clip of Marshawn lynch miked up at some football game, and this was years and years and years ago. But he was asking another player on his team, he was like, yo, bro, will you come with me? I give out turkeys every single Thanksgiving in my old neighborhood, the one that I grew up in, obviously, you know, he didn't grow up with a lot and now is a multimillionaire, obviously incredibly successful. And I thought that was so poignant because a guy who can very literally afford anything is spending his time on this special day during this week to actually just give back. So in addition to maybe getting the best sale and snagging what you want, maybe consider giving some of it back for every piece of clothing that you are buying. Maybe also do a closet clean out. Maybe go serve food at your local food bank. Donate things to Goodwill that you aren't going to wear anymore. Especially as it gets closer to the winter months and it gets, and it gets colder. Our unhoused population is more and more at risk due to climate change. The weather just is going to be more and more aggressive and it's a really hard time not to have a warm shelter and a roof over your head. So that's certainly an option for so many of us, something that I'm definitely consider implementing as a tradition in my life, in my family. And last but not least, do some fun things that don't cost money, whether that be a Harry Potter movie marathon. Yes, I know Halloween's over, but I still love a fun, spooky, you know, sit under the blanket, get some popcorn and watch some tv. You can see your friends from your hometown just catching up with those you love. And as much as I clown on these people, maybe it's not a bad idea to do a quick 5K, a little turkey trot, a little walk right after eating all of that delicious food. That way, not only can you feel healthy, you'll get to feel wealthy as you make smarter shopping and spending decisions this Black Friday. I hope you learned a little something during this episode and good luck, happy shopping and I'll see you guys next week. Bye. Thanks for tuning into this week's episode of Net Worth and Chill, part of the Vox Media Podcast network. If you liked the episode, make sure to leave a rating and review and subscribe so you never miss an episode. Got a burning financial question that you want covered in a future episode? Write to us via podcast at yourrichbff. Com, follow Networth and chillpod on Instagram to stay up to date on all podcast related news. And you can follow me at YourRichBFF for even more financial know how. See you next week. Bye.