From Immigrant Upbringing to Financial Guru: ZiZi Zhang's Journey to 'Ratz-Carlton' Success
ZiZi Zhang, a Harvard-educated former Wall Street banker, has carved out a unique niche in the personal finance world under the Instagram moniker "Ratz-Carlton." With thousands of followers, she offers savvy, scrappy tips for living luxuriously on a budget, a philosophy deeply rooted in her childhood as one of four daughters of first-generation Chinese immigrants.
Growing Up in Scarcity: Lessons from Immigrant Parents
Zhang's parents immigrated to the U.S. from China in the 1990s for graduate school in Oklahoma, where she was born. By age five, the family had moved to the South Bay area of San Francisco, California, relying solely on her father's income as a quality control employee at a pharmaceutical firm to support six people.
"My parents did an incredible job with what they had and the resources that they gave us," Zhang reflects. "Education, financial stability, going to a great school and getting a great job were the top-tier priorities in our family." This environment instilled a survival mentality, where saving money at all costs was paramount to achieving stability.
Despite the financial constraints, her parents managed to save enough to send her to college, emphasizing the value of education as a pathway to success. Zhang notes that this upbringing shaped her cost-conscious approach, teaching her to squeeze value from every dollar.
Building a Career and a Brand
After graduating with a computer-science degree, Zhang moved to New York to work in finance and venture capital. Now 29 and earning a high six-figure salary, she started Ratz-Carlton as a creative outlet to share insights on financial wellness. The name plays on the idea of enjoying a "Ritz-Carlton" lifestyle without unchecked spending—staying "ratty" by being frugal yet intentional.
Her content focuses on practical strategies, such as cost-per-use analysis and shopping resale stores for high-end items, all while promoting a mindset shift from scarcity to abundance.
Reevaluating Financial Habits: From Scarcity to Intentionality
As an adult, Zhang has consciously deconstructed some of the beliefs from her upbringing, particularly the scarcity mindset that views money as limited and stressful. "I switched my view from money being limited, to time being limited," she explains. "I’d rather spend my money to buy time back—that's a very different mentality from how I was raised."
This shift was possible due to her current financial privilege, allowing her to make decisions based on multiple options rather than sheer survival. She acknowledges the tension between ingrained lessons and conscious choices, asking herself key questions to align her habits with her present reality.
Key Lessons from Her Parents That Endure
Despite discarding some aspects of her upbringing, Zhang retains valuable lessons that fuel her Ratz-Carlton philosophy:
- Value Propositions: She emphasizes understanding the true value of purchases, such as comparing prices for items like strawberries across stores to save money intentionally.
- Cost-Per-Use Mentality: Zhang advocates for evaluating items based on their quality and usage frequency, favoring investments like daily-wear jewelry over rarely used clothing.
- Resourcefulness: Her parents' ability to be resourceful with a single income has inspired her to maximize resources in her own life, from using products until empty to prioritizing needs over wants.
Navigating Privilege and Comparison
Attending Harvard exposed Zhang to generational wealth, highlighting the diverse backgrounds that shape people's financial behaviors. "No one chooses the financial situation that they come into this earth with," she notes, urging focus on controllable factors rather than comparisons.
In New York's competitive environment, she observed that high earners often live paycheck-to-paycheck due to peer pressure. Her upbringing helped her avoid this trap by fostering a strong sense of identity and values.
Prioritizing Time and Relationships
Zhang's core value is that time outweighs money. She invests in relationships, such as taking her sisters on vacations to emphasize quality time, while cutting back on personal indulgences like daily coffees. "I'm very willing to spend on relationships and invest in them," she says, aligning spending with her values rather than convenience.
Defining Personal Values for Financial Clarity
To maintain intentionality, Zhang recommends documenting personal values through questions like:
- What brings energy and joy?
- What are non-negotiables?
- What is a need versus a nice-to-have?
Writing down answers provides foresight and helps resist impulsive spending, ensuring financial decisions reflect true priorities. "Having it documented brings this level of foresight, intentionality and planning into my life," she concludes.
