I don’t like making people feel bad … BUT, TikTok influencers are getting out of hand with the information they are pushing when it comes to money and retirement.
In this video, I react to some TikTok money advice, and explain WHY it could destroy your finances.
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TikTok has become a popular platform for sharing videos, and it’s no surprise that it has become a source of financial advice as well. Unfortunately, not all of the advice you find on the platform is good. In fact, some of it can be downright dangerous.
Financial planner, David Blayney, recently shared his thoughts on the bad TikTok money advice that is circulating. He warned viewers to be wary of any advice that promises quick and easy money.
“The number one thing I’d caution people against is any advice that seems too good to be true,” he said. “There’s no such thing as a get-rich-quick scheme, and if someone is promising that kind of return, it’s likely a scam.”
Blayney also cautioned against advice that encourages people to take on more debt than they can handle. He pointed out that debt can be a useful tool when used responsibly, but it can also be a major burden if not managed properly.
“If someone is telling you to take on more debt than you can realistically handle, that’s a big red flag,” he said. “It’s important to be realistic about your financial situation and make sure you can pay back any debt you take on.”
Finally, Blayney warned against any advice that encourages people to take on excessive risk. He reminded viewers that investing carries some degree of risk and that it’s important to understand the risks involved before taking the plunge.
“Investing can be a great way to grow your wealth, but it’s important to understand the risks involved,” he said. “Be sure to do your research and understand the risks before investing any money.”
In summary, it’s important to be wary of any financial advice you find on TikTok. While there may be some good advice out there, it’s important to be aware of the potential risks and make sure you understand what you’re getting into before taking any action.
Technically a surrender charge is not a “fee”. It is only incurred if you terminate the contract. 14:34
Compound interest account = she works with Curtis Ray. He has a lot of disciples. 10:10
Isn't this lady also bringing in extra tax implications on whoever is listening to her … with all this moving around? I don't really know what the hell she's talking about, but it sounds like taxes could be impacted with all this nonsense? 6:18
Excellent video Sister
Love your video. Thank you for exposing these scammers. You just earned yourself a new subscriber. Keep these videos coming.
I am so tired of these so call money experts.
One can see how frustrated you get with all that false advertisement. Speaks very well of your ethics. Thank you for this and all your other videos.
Agreed that they need to be up front with what they’re selling. I think FAs and FIAs can have a place in an overall portfolio especially if they’re low risk.
They've been solving the retirement dilemma in the USA for decades- most workers simply wont ever make enough money to retire and they wont have to worry about it. Problem solved.
Thank you Nikki!
Can you go over indexed universal insurance more? I have been approached by WFG agents multiple times to join and created my own “business.”
6:01 Bonds got hit really hard last year. They aren’t “safe” either. Really important to know how you’re allocated as retirement approaches.
there is a reason why the expression "if it sounds too good to be true, it probably is" has stuck around so long. dance with the girl you brought to the ball (aka diversified stocks and indexes).
Thanks for sharing this. These tik toks bug me so much because this is why so many people are confused!
Hey Beautiful
I'm not sure how your head does not explode from these videos
What do you think of Apex trading? Is it a scam or is it legit? What are the risks? Whats hidden that I may not be seeing?
Thank you for going through this tiktok stuff in layman's terms to dispel these fancy BS names.
I never got into the hype of tiktok, twitter, etc mainly because of stuff like this. I'm amazed at how easily people of all ages fall for these things. It's especially bad for young folks that have no clue because they get so much of their "education" information from social media.
Not just tik tok. There is terrible advice being given all over the internet, including youtube.
The Index Life Insurance guy got fact checked by an account called HonestMath on his assumptions on the performance of his "investment". Might be a good topic for another reaction video? Great work as always!
Which twitter account are these from? Need to expand my "Bad Tiktok finance accounts" to know what NOT to do lol
I'm really surprised that these people aren't being reported for misrepresentation. I'm not familiar with U.S./State legislation on financial products, but other countries have regulations on with-holding information which could mean you, as the agent, will be penalized or lose your license with some of these social media posts.
If i ran tiktok, i would ban all these people