Humphrey Yang’s Top 7 Tips for Getting Richer
Written by
Jennifer Taylor
Edited by
Amber Barkley
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If you’re ready to get richer, Humphrey Yang has plenty of advice. A former financial advisor, Yang has become a popular financial influencer who regularly shares guidance on his YouTube channel.
His advice could help take your finances to the next level, so you might want to see what he has to say. Here’s a look at Yang’s top seven tips to build wealth.
Live Below Your Means
“Just because you can afford something, doesn’t mean that you should buy it,” Yang said in a 2024 YouTube video.
He noted that when buying a home or a car, your income might technically allow you to afford a certain amount, but it can still stretch your budget. Instead, he said it’s best to focus on your values and priorities and whether the purchase will actually enhance your life.
“If you can live below your means, you’re going to have way more peace of mind, which I think is much more important than having a status symbol,” he said.
Take Full Advantage of a 401(k) Match
If your employer offers a 401(k) match, Yang said not to pass this up.
“You should always take them up on it, because it’s literally free money that your employer is offering to match on your behalf whenever you contribute to your retirement fund,” he said in the video.
He said the difference in your account balance by the time you retire will be drastic if you take full advantage of this benefit.
Automate Your Savings
This isn’t exactly new advice, but many people likely haven’t followed it yet.
“Humans are inherently bad with money and they will spend everything available to them,” he said in a YouTube video. “Especially if all the money is just going into your checking account, you will be tempted to spend it.”
He said setting up an automatic transfer from your checking account to savings places a psychological barrier between yourself and your savings, so you’ll hopefully be unlikely to spend it.
Be Mindful of the Company You Keep
Who you surround yourself with matters, Yang said in the video.
“If you surround yourself with people that don’t care about money or have a negative mindset about money, that could actually potentially rub off on you and hurt your potential down the road,” he said.
Change Jobs
Staying with the same company for too long can impede your earning potential, Yang said on a 2024 episode of “The Karat Podcast.” He said in technology and other hot sectors, you can get a raise of approximately 15% to 20% every two years by switching jobs.
If you’re in a traditional corporate job — especially early in your career — consider switching jobs every two to three years to achieve a serious income boost, he said.
Put Your Money to Work
Your money shouldn’t be sitting idle in a standard checking or savings account, Yang said in a February YouTube video.
This involves investing in the stock market, buying real estate, putting your money in a high-yield savings account, purchasing income-producing assets or earning dividends from a business venture.
Create Income Sustainability
“You need to build a system that allows you to generate high sustainable income over time,” Yang said in the February video. “The key here is longevity, earning a lot consistently for the majority of your years.”
He said trying to achieve this before age 40 — so you can compound your wealth into a bigger pile — can be an ideal strategy.
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