When Chris Davis, a reporter at Nerd Wallet reached out to me to look into the worse social media tips, I asked my daughter to help me investigate. Boy, I was surprised to learn how much fraud and faux promises there are out there ... beware!
The 5 Worst Investment Tips on TikTok
There’s a thought out there that boring, long-established wealth-building strategies, such as funding retirement accounts like 401(k)s and IRAs, are outdated.
“This is all so faulty and so bad I don’t know where to start,” says Tiffany Kent, a CFP and portfolio manager at Wealth Engagement LLC in Atlanta.
Kent says that to stand out on social media, someone can’t just talk about typical retirement accounts over and over again, no matter how proven they are. Boring doesn’t inspire viewers to smash that “like” button.
Instead, they talk up new, complicated — and at times confusing — products, simply to stand out from the crowd. Sometimes the ideas are a bit contrarian, other times they’re outright outlandish. But this approach, Kent says, is absolutely the wrong way to get financial advice.
“If it’s boring, it’s good,” Kent says.https://www.entrepreneur.com/article/378820