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5 Dangerous Money Tips Being Shared on TikTok – The Motley Fool

Image source: Getty Images

Literally anyone can TikTok — that doesn’t make them a financ…….

Image source: Getty Images

Literally anyone can TikTok — that doesn’t make them a financial expert.


Key points

  • Get-rich-quick schemes won’t get anyone rich — except the crooks pushing them.
  • Making money through investing — be it in crypto, real estate, or stocks — takes more knowledge and education than you’ll get from a TikTok video.
  • Do your own research and consult with real experts before sinking your money into a TikTok-advised scheme.

Whether you want kitchen hacks or kitten videos, you can find a lot of fun content on TikTok. But there’s also a lot of dangerous “advice” floating around the popular video site that should be avoided at all costs. Here are some of the more common personal finance “tips” you see in TikTok videos that should be taken with a grain — or, better yet, a mountain — of proverbial salt.

1. “You can get rich quick!”

The modern version of the old snake oil salesmen is alive and well on social media, including TikTok. These scammers often sell simple strategies that promise you overnight wealth with minimal effort.

You know why these things always seem to be too good to be true? Because they are!

Anyone claiming they have a foolproof, three-step method for making you rich is probably getting rich off you — not their “plan.” Get-rich-quick schemes have been around since the dawn of money. Don’t fall for it, no matter how many views their video has, how many likes they’ve collected, or how many times they’ve been reposted.

2. “Invest every penny in crypto.”

One very common bit of advice you see from the self-proclaimed money experts on TikTok is that crypto investing will make you rich. There are countless videos telling folks to put every penny into the crypto market for easy profit.

The problems with this advice are numerous. For one thing, cryptocurrency is an extremely complex technology that is constantly evolving. There are plenty of real personal finance professionals who don’t have a firm grasp on the ins and outs of crypto. Don’t trust random crypto “experts” on social media.

Cryptocurrency is also highly volatile. Just look at the recent developments. Last year, Bitcoin (BTC) hit a high of over $65,000 a coin. Right now, you can pick up a coin for …….

Source: https://www.fool.com/the-ascent/personal-finance/articles/5-dangerous-money-tips-being-shared-on-tiktok/

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