Annie Margarita Yang

Well, in high school, even though I got straight As, I didn’t rush into college. I wasn’t sure what job I wanted. Plus, being from a hardworking Chinese immigrant family that didn't have much, I was worried about big student loans. Back in 2012, students often finished college owing about $26,000 in debt, which scared me.

But my guidance counselor told me I’d forever be a failure in life if I didn’t go to college right away. This made me think. If I wasn’t going to earn a lot, I should at least learn how to save and spend wisely. Play good defense when you can’t play good offence. I worked a string of minimum wage jobs, but I was smart with whatever money I made. Over time, I got really good at saving and budgeting.

Funny thing is, even some people who earned more than me, like one of my managers, lived paycheck to paycheck. He, and many others, wondered how I was able to save so much money. This made me see that there's a societal problem. If they earned more and still struggled, maybe I could be of service by solving this problem. I felt like it was my god given calling to teach others how to be good with money. This is something I really care about.

I recall a time when I was around 19 or 20 years old, earning just $10 an hour. I was working a series of minimum-wage jobs and really wasn't making much. I remember telling a friend that if I only made $10 an hour for the rest of my life, I'd be okay. I thought I could live frugally forever and still find happiness.

However, as time went on and I started earning more, my perspective shifted. Today, I pay more in taxes than I made in an entire year back then. This journey made me re-evaluate my personal finance strategies. For example, in my earlier days, I relied heavily on cash envelopes for spending and was staunchly against credit cards, even considering them almost "evil." But I've since realized that personal finance isn't just about strict rules; it's more about an individual's relationship with money. If someone is disciplined, can delay instant gratification, and ensures their credit card is paid off monthly, then credit can be a useful tool.

Interestingly, as my income increased, so did my spending habits. I began investing more in things like hair, makeup, and clothing - expenses I never imagined prioritizing before. While initially, I felt a twinge of guilt about this change, I've come to accept that it's a natural part of growth and evolution. I've learned that while frugality is important, it doesn't have to define me completely.

While I initially focused on devising methods for managing and saving money (as seen in my book, "1001 Ways to Save Money"), my current emphasis is on aiding individuals in boosting their income. In recent months, we’ve seen large companies like Geico, Liberty Mutual, LinkedIn, Bed Bath & Beyond, and a whole lot more, announce layoffs. So now is more important than ever to stand out in the job marketplace and increase your income to fight inflation.

A standout system I've crafted is guiding people to snag a new job offer within five days, along with negotiating a pay raise. The cornerstone of this strategy is a fresh approach to the job search process. I've integrated ChatGPT to assist job seekers in refining their resumes and enhancing their LinkedIn profiles. Not just that, I've also outlined a comprehensive plan to ensure their professional headshots make them look impeccable.

Furthermore, I'm an advocate for the "go big or go home" mindset. Instead of applying to a handful of jobs weekly, I encourage people to apply to a staggering 50 jobs daily. The rationale is simple: while applying to five jobs a week might result in a handful of interviews over several months, applying to 50 a day can potentially lead to numerous job offers within a week.

The effectiveness of this approach? A friend of mine tested out the system. In merely 10 days, she had five interviews scheduled for a single day. By the next day, she already had multiple job offers, with one of them offering an impressive $120,000 salary. It's truly transformative.

Absolutely. A common concern among millennials is the escalating cost of living. The financial landscape they face is quite different from what their parents experienced after college. Nowadays, college education comes with a hefty price tag. Unlike before, you don't just graduate with student loan debt and immediately see a great return on your investment. Even after completing college, many have to start at entry-level positions, which may offer salaries ranging from $35,000 to $40,000. The aim is to just get a foot in the door.

To paint a clearer picture, around 40-45% of recent college graduates are either underemployed, meaning they're in jobs that don't even require a college degree, or they're unemployed. This statistic was the same for Millennials, and now for Gen Z as well.

This presents a major financial hurdle: how do they effectively leverage their degree and advance in their chosen career paths? What millennials really need is a solid, easy-to-follow career plan. They're often keen to follow instructions but struggle to devise their own long-term career strategies, spanning 10 or 20 years, and unsure how to break them down into achievable short-term goals. This is where my work comes into play, offering them the guidance they need.

One of my favorite money saving [00:09:00] tips is to pay yourself first. This is actually, um, one of the first tips in the book itself, because I always think of this. Young girl that I was teaching personal finance to in high school, I was teaching a class. And I asked the class, what do you think pay yourself first means? And this girl, she raised her hand and she said, Pay yourself first means to treat yourself first because you work hard for your money and therefore you deserve to spend it on whatever you want to feel good because you know what you deserve it. And that means that right after you get your paycheck, you can go to manicure and get your nails done. Unfortunately, you know, most people think that saving money is simply like whatever gets deposited into their bank account and then they spend the money and then what's left is their savings. It should actually be the other way around. Pay yourself first really means to treat yourself like a bill. Treat yourself like any other bill that you get. For example, you have to pay your rent, you have to [00:10:00] pay your utilities. Well, your future self. Your future self is a bill. You must save money and set aside for your future. And the amount varies by individuals, but at a bare minimum, the recommendation is you need to set aside 10%. Of your income into your emergency fund, you can debate, should it be 10% of your gross income or a 10% of your net income? The fact is most people aren't doing any of that. They aren't doing either gross or net. Right. So which whichever one you choose gross or net. Set it aside and pay yourself first.

The single most crucial piece of advice I'd offer is this: a resume alone won't make the cut. You need a powerful personal brand. It should be so compelling and authentic that you're seen as an expert in your field, making others eager to offer you various opportunities, be it a job, freelance work, or business collaborations. Today, before even considering an interaction, people scope you out online. It's like the modern-day version of a first date, where individuals want to get a sense of who you are before meeting face-to-face. No one wants a situation filled with awkwardness or potential regret, so they do their homework.

Given this, it's essential to establish a robust online presence. While I recognize some people value their privacy, I'm not suggesting you share personal details. Instead, highlight your professional achievements and capabilities. Showcase your expertise so that when people come across you online, they see someone genuine and accomplished, not just surface-level glitter but no gold.

I focus on sharing relatable stories. With so many finance YouTubers out there earning significant amounts, it can be hard for viewers to connect with them. Instead of flaunting big earnings, I emphasize the journey—starting from scratch and documenting the ups and downs of my financial progress. I'm candid about my earnings, where I began, and where I aim to be. By sharing the challenges I face and detailing how I overcome them, I aim to inspire my viewers. It's essential for them to see that success is attainable if they're dedicated and willing to put in the effort.

Achieving financial independence requires a three-pronged approach. It's not just about saving every penny and hoping to retire a millionaire anymore, especially given our current economic conditions.

Maximize Your Earnings: It's essential to tap into your full earning potential. This means seeking higher-paying job opportunities, side hustles, or additional skills that can boost your income.

Sensible Savings: Live within, or preferably below, your means. Understand your budget, recognize your expenses, and find areas to cut back. While saving is crucial, it's equally important to strike a balance—live a life you love and engage in hobbies or activities that bring you joy, even if they come at a cost.

Invest Wisely: Once you have an emergency fund set aside, it's time to invest. Remember, I'm not a financial advisor, so I can't provide specific investment advice. However, I encourage everyone to do their research. Decide if you're more comfortable with stocks, bonds, real estate, or other forms of investment. It's a personal decision, and your investment strategy should align with your risk tolerance and financial goals.

Student loan debt is a significant concern for many millennials. Tackling it requires a proactive strategy. If you're only working a full-time job, consider this: while you're young and able-bodied, the best way to expedite your loan repayment is to secure additional income sources. This could be through freelancing, side hustles, or even a part-time job. Perhaps it's time to declutter and sell items you no longer need or even consider driving for services like Uber Eats. The idea is simple: live on your primary income and allocate every extra dollar from your side jobs to your student loan repayment.

It might surprise some to learn that the average student loan borrower takes 21 years to repay their debt. However, I genuinely believe that, with dedication, one can eliminate their student loans in just one to three years. If you can position yourself as a valuable asset in the job market, you might even negotiate a considerable salary raise in your next position – perhaps $25,000 to $35,000 more. That additional income can substantially expedite your loan repayment.

Once you've cleared your student loan debt, don't get complacent or indulge excessively. Continue to save diligently. Allocate what you previously put toward your loans to clear other debts, such as personal loans, car loans, or credit card balances. Once you're debt-free, focus on building a robust emergency fund. And with that in place, direct your resources towards smart investments.

Absolutely! I have a friend who's an accountant. She unexpectedly lost her job in May 2023, not because of her work quality—she's outstanding at what she does. Instead, she was let go due to a technicality: she transitioned to a digital nomad lifestyle and was mainly living out of Airbnbs. Her company took issue with her not notifying HR when she stayed in a different state. I personally believe she did nothing wrong. After losing her job, she took my advice to heart and positioned herself effectively in the job market. The result? In just 10 days, she had five interviews scheduled for a single day and received a job offer with a $120,000 salary.

I believe that financial goals and personal aspirations often go hand in hand. Take, for instance, if you dream of becoming a world-renowned singer or classical pianist. Pursuing this dream will involve finances; they're intertwined. So, it's not so much about balancing the two but recognizing how they complement each other. As you chase your aspirations, there's potential to earn more. The key then is to manage that money wisely, control spending impulses, and practice delayed gratification. In essence, they're two sides of the same coin.

Piano is more than just a hobby for me; it's a genuine passion. As for managing time, achieving financial goals has always come naturally to me. Over time, it's become almost second nature. I believe in mastering one thing at a time. If you try to juggle too much, you risk mastering none. I prioritized my finances first, and only took up the piano two years ago. It meant letting go of a few commitments, but the joy of playing was worth it.

Daily consistency is my trick for time management. Just like brushing and flossing teeth become a daily habit, so has my piano practice. I play for an hour in the morning and another in the evening. It's become such a routine that I don't need to overthink it. My advice? Stick to a schedule, avoid overbooking, ensure you have enough breaks, and most importantly, honor your commitments. Proper time management falls into place when you have clear priorities and daily habits.

Currently, I'm deeply invested in promoting "The 5-Day Job Search". My ambition is to sell a hundred million copies. I truly believe in the transformative power of this book. It doesn't just guide readers on how to find a job; it aids in discovering one's calling, pursuing one's passion, and maximizing the potential of the talents bestowed upon us. Beyond the practical steps, it offers valuable insights on developing the right mindset.

But my vision doesn't stop there. After achieving success with "The 5-Day Job Search", I aim to expand the "Annie Yang Financial" brand into a comprehensive series of books, much like the "Dummies" series. I foresee this series providing holistic financial education, with plans to release around five to six books annually. I aspire for "Annie Yang Financial" to become the go-to resource for anyone seeking financial advice. Whenever someone faces a financial dilemma, I hope their first instinct is to pick up an "Annie Yang Financial" book.

I've found AllAuthor to be a fantastic platform. It has uniquely helped readers discover my book in ways that other platforms couldn't. I was pleasantly surprised by the number of visitors and active members who showed interest in following me. I'm truly grateful to AllAuthor for amplifying the exposure of "The 5-Day Job Search".