Should You Turn To TikTok To Get Free Financial Advice?
Social media is a good place for investment. Some people have raked in loads of money from Reddit owing to a timely investment. But investors who came on board a little late incurred a huge loss and eventually lost a major share of the money they had invested. Reddit doesn’t happen to be the sole social media platform where you would find ‘financial gurus’ who give away free advice.
TikTok is a platform where you can share short-form videos. The app is a platform that’s growing at the fastest pace in the world of social media. However, the app is under scanner for videos shared. In many cases, the self-proclaimed financial gurus on TikTok are accused of giving out bogus tips and advice. The following points will give you an in-depth look into this.
Not All Things Are Bad
Did you take any classes on personal finance while you were at high school? If you are like most of the people out there, you probably didn’t. The majority has received financial education through hard experiences. They have got their idea about debit, credit, saving, investing, borrowing with the help of trial-and-error methods. Everyone would accept that the numbers of errors were more. Fortunately, there is this social media that offers constructive advice on social media.
You get to know all that you want about finance-related stuff free of cost. YouTube has been a great source to get educated on how to handle your money. There are a host of sources that would tell you everything regarding this. With the recent entry of TikTok, your financial know-how can increase. 70% of those who have stuck to TikTok mainly belong to 13 to 24. They are eager to know all that they can about finances.
We can say for sure that a kid who is just 13 has quite a mature level of thinking. It won’t be surprising if they know about money matters more than what you can expect. Though a one-minute clip might not be enough to get you fully educated about a complex thing like finance, you can still understand the fundamental terms and concepts.
Not All Things Are Good
Before you get addicted to the financial advice from the TikTok app, you must understand that not every information on money matters is to the point or accurate. Some might also prove to not as helpful as you would like to think. Besides the education and advice, there are schemes that allure users with the offer of making a fortune in the blink of an eye. Remember, it’s not possible, and you are falling for false promises.
However, many uneducated and vulnerable folks fall prey to these schemes. There are millions of people in America who are not having financial stability. All they need is a ray of hope that can take them out of the crisis. These people are more susceptible to these schemes. Day traders are in abundance on TikTok. They might be pushing you to buy a particular stock, telling you that it will be an amazing thing to invest in. High chances are there of you falling into the trap.
What Should You Do?
Social media is indeed a great place where you can learn significant terms and concepts of the financial world. However, it’s a market where every buyer has to be aware. If you are a viewer of these videos on TikTok, you must research and clarify everything from a trusted source.
It would help if you found out the credibility of the advice that’s being offered. Are they relevant to you, and are they of any help to you? Taking a second opinion on money matters is always recommended. Before falling prey to the false facts, you must check out the background of the video maker. Cross-check with some other reliable source whether the information you have received is appropriate or not.
Financial matters can be complex to comprehend. It takes some time to get a grasp on issues related to money. Even if the advice you get from this platform is convincing, remember that you need to consult a financial expert before making the final decision. That way, you can keep for fortunes safe and avoid running into financial woes.
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