Don't take financial advice from TikTok..
Terrible financial advice is going viral on TikTok - TikTok is full of dubious personal finance myths. Here are 10 of them, and why you should be wary.
People are learning all kinds of new things on TikTok: how to do viral dances to popular songs, how to make hot cocoa bombs or paint an accent wall. They are also learning dubious financial information from unverified sources with millions of followers. Personal finance TikTok, also known as #FinTok or #StockTok, has become a massively popular segment of the app that, at its best, is made up of experts who make videos discussing how to get out of credit card debt, explaining the difference between a Roth IRA and a 401(k), and encouraging young people to start investing for retirement.
At its worst, however, Finance TikTok perpetuates financial myths, scams, and dangerously misleading information. TikTok’s ability to take an average user’s video and show it to millions of people in a matter of hours or days is unmatched. As a result, what users end up seeing often isn’t good advice from trusted sources, it’s just one random person’s experience making thousands of dollars off buying and selling Tesla calls. Other times, it’s business owners promising to make you a millionaire — all you have to do is give them your money first.
“I love the content, but people should not invest on the basis of a TikTok video,” said Josh Brown, CEO of Ritholtz Wealth Management, who has a YouTube channel and TikTok of his own. Not that it’s not good for young people to get interested in the stock market and personal finance — just that videos of unverified claims that happen to go viral might not be the best (and certainly shouldn’t be the only) source of information. “People would be better served reading books than following TikTok gurus on trades.”
Read here for the insanity there: https://www.vox.com/the-goods/222295...ing-tesla-scam