Common ‘Misleading’ Money Tricks From TikTok Influencers That Can Cause You Legal Trouble
TikTok is full of tricks, life hacks, and shortcuts. The widely used social media platform has countless ‘unregistered’ influencers who give out advice nonchalantly. More often than not, these bits of advice do not work out. Why? Well, they are not realistic, to begin with. Secondly, most of these so-called influencers are not professionals. This means they are educating you about something they do not know much about themselves. Isn’t that dangerous? You bet! It is. But here is the real issue—according to a report, Gen Z is opting for TikTok in an unprecedented way and today, people are searching on TikTok 10x more than Google.
Thus, this ‘seemingly lazy’ generation prefers TikTok over Google. Fair enough! They have their own reasons: They look for instant gratification. Short and real-time answers are explained with simplistic and funny visuals. TikTok has it all!
However, there is nothing wrong with mindlessly scrolling through your TikTok feeds. What is wrong is when you get legal advice and sensitive information from this platform. Because the ‘instructors’ on this platform are rarely professionals, you can not simply get sensitive and legal advice from them. Even if a TikTok star has millions of followers, it does not mean he or she is a true professional. Thus, getting a piece of financial or legal advice from these folks can lead you to trouble. So, better to avoid them.
As mentioned earlier, we are not asking you to quit TikTok. But what we are recommending is avoiding sensitive information, legal advice, and money hacks from this widely popular platform.
With that said, here are some common misleading money tricks shared by TikTok influencers:
Pay Your Debt Through Snowball Repayment Method
“Snowball Repayment Method” is a commonly misunderstood money trick that is taught on TikTok. With limited research, influencers have the audacity to preach this method. Consequently, this ‘incomplete strategy’ misleads the audience.
Why? Because this strategy is not as simple as told by these influencers. Depending on where you live, you may end up in legal complications if you follow Snowball Repayment Method without properly knowing it.
Money Sitting in Your Bank Does You No Good!
Next up: Some investment enthusiasts dare to say that you should not save money. Money sitting in your bank does you no good, they say. They recommend investing every single possible cent.
Fair enough! Investment is by far the most effective way of doubling up your wealth. But this does not mean you should invest your hard-earned money without a second thought. Saving is as essential as investing.
Other Common Money Advice on TikTok
Here is some other common money advice, nonchalantly given by so-called TikTok influencers. Avoid them as much as you can:
- Earn in Your 20s & Save Later
- Outsource Earlier
- Credit Beauros Aren’t Real!
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