{"id":22294,"date":"2021-06-10T10:27:25","date_gmt":"2021-06-10T04:57:25","guid":{"rendered":"https:\/\/zerodollartips.com\/?p=22294"},"modified":"2023-08-11T18:18:34","modified_gmt":"2023-08-11T12:48:34","slug":"pros-and-cons-of-taking-financial-advice-from-tiktok","status":"publish","type":"post","link":"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/","title":{"rendered":"The Pros and Cons of Taking Financial Advice from TikTok"},"content":{"rendered":"\n<p>Many of us love using TikTok, but should we invest on the basis of a TikTok video? Let&#8217;s check out the pros and cons of taking financial advice from TikTok.<\/p>\n\n\n\n<p>TikTok, the social media app favoured by Gen Z, has a hidden side. Under the right hashtags, you can unlock financial facts for free.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"858\" height=\"590\" src=\"https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/06\/pros-and-cons-of-taking-financial-advice-from-tiktok.jpg\" alt=\"pros and cons of taking financial advice from tiktok\" class=\"wp-image-22296\" title=\"\" srcset=\"https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/06\/pros-and-cons-of-taking-financial-advice-from-tiktok.jpg 858w, https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/06\/pros-and-cons-of-taking-financial-advice-from-tiktok-300x206.jpg 300w, https:\/\/zerodollartips.com\/wp-content\/uploads\/2021\/06\/pros-and-cons-of-taking-financial-advice-from-tiktok-200x138.jpg 200w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/figure><\/div>\n\n\n\n<p>But is it safe to involve the app in important financial decisions? Unfortunately, the answer may not be a simple yes or no, which is why you should compare the pros and cons of following #moneytok for your financial education.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#MoneyToks_Advantages\" title=\"MoneyTok\u2019s Advantages\">MoneyTok\u2019s Advantages<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#Pro_1_Accessibility\" title=\"Pro #1: Accessibility\">Pro #1: Accessibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#Pro_2_Privacy\" title=\"Pro #2: Privacy\">Pro #2: Privacy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#Pro_3_Community\" title=\"Pro #3: Community\">Pro #3: Community<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#The_Disadvantages\" title=\"The Disadvantages\">The Disadvantages<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#Con_1_Brevity\" title=\"Con #1: Brevity\">Con #1: Brevity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#Con_2_Risk_of_Misinformation\" title=\"Con #2: Risk of Misinformation\">Con #2: Risk of Misinformation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/zerodollartips.com\/pros-and-cons-of-taking-financial-advice-from-tiktok\/#Should_You_Take_Financial_Advice_From_TikTok\" title=\"Should You Take Financial Advice From TikTok?\">Should You Take Financial Advice From TikTok?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MoneyToks_Advantages\"><\/span>MoneyTok\u2019s Advantages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here are some of the suitable reasons why you might consider exploring #moneytok:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pro_1_Accessibility\"><\/span><span style=\"color:#009e05\" class=\"has-inline-color\">Pro #1:<\/span> Accessibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Historically, financial education has been locked behind a closely guarded door. Only those with privilege could open it, using their money to speak with a financial advisor or go to school for finances.<\/p>\n\n\n\n<p>TikTok flips the script on history, making complicated financial topics accessible to people usually locked out of these conversations, including women, BIPOC, and the underserved.<\/p>\n\n\n\n<p>If you have a phone with access to data or Wi-Fi, you can watch these videos any time, anywhere you like.<\/p>\n\n\n\n<p>Technically, you don\u2019t even need that bit of hardware. You can find TikTok compilations on YouTube, which you can watch from a public computer at your local library.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pro_2_Privacy\"><\/span><span style=\"color:#009e05\" class=\"has-inline-color\">Pro #2:<\/span> Privacy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It can be hard to open up to loved ones in person about paying bills late, using direct lender payday loans, or struggling to save money. You don\u2019t want to worry them, or maybe you don\u2019t want them to think less of you when you ask for help.<\/p>\n\n\n\n<p>The anonymity of TikTok takes some of the pressure off IRL conversations about money. From the safety of your screen, you can learn how to save, <a href=\"https:\/\/www.moneykey.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.moneykey.com\/\">get a cash advance online<\/a>, and invest wisely without any of the shame.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pro_3_Community\"><\/span><span style=\"color:#009e05\" class=\"has-inline-color\">Pro #3:<\/span> Community<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It\u2019s easy to think you\u2019re the only person who doesn\u2019t understand <a href=\"https:\/\/www.npr.org\/2021\/01\/28\/961722406\/the-latest-on-the-gamestop-stock-market-debacle\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.npr.org\/2021\/01\/28\/961722406\/the-latest-on-the-gamestop-stock-market-debacle\">what happened with GameStop<\/a> or that you\u2019re the only one stuck taking out direct lender payday loans.<\/p>\n\n\n\n<p>The viewer count shows you\u2019re wrong. There\u2019s an audience behind #moneytok, with millions of people watching the same content as you. And in a world of rolling lockdowns and increased social distance, it can be reassuring to see that you\u2019re not alone.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Disadvantages\"><\/span>The Disadvantages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Using TikTok as your private financial advisor has some drawbacks. Let&#8217;s check them out:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Con_1_Brevity\"><\/span><span style=\"color:#b51601\" class=\"has-inline-color\">Con #1:<\/span> Brevity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TikTok videos only last 60 seconds, so they aren\u2019t the ideal platform for complex financial topics. For example, even the fastest-talking advisor would be hard-pressed to condense <a href=\"https:\/\/www.investopedia.com\/terms\/t\/trickledowntheory.asp\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.investopedia.com\/terms\/t\/trickledowntheory.asp\">trickle-down theory<\/a> in a single minute.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Con_2_Risk_of_Misinformation\"><\/span><span style=\"color:#b51601\" class=\"has-inline-color\">Con #2:<\/span> Risk of Misinformation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Many self-taught entrepreneurs can give solid advice, but there\u2019s a chance you\u2019re watching someone bluff their way through videos. Anyone with a phone can create an account and claim to be a financial guru.<\/p>\n\n\n\n<p>Sometimes, TikTok personalities share bad takes by accident, but others might spread risky financial techniques as clickbait to gain more followers and views.<\/p>\n\n\n\n<p>While there\u2019s genuine advice available for free on the app, it\u2019s also a minefield of get-rich-quick schemes and bad investment tips. You could get into trouble if you don\u2019t supplement your TikTok education with other sources.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_You_Take_Financial_Advice_From_TikTok\"><\/span>Should You Take Financial Advice From TikTok?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As Zoomers grow up with TikTok on their phones, the app\u2019s content is maturing alongside them. Financial literacy videos are now joining the <a href=\"https:\/\/www.elitedaily.com\/p\/the-funniest-tiktok-trends-of-all-time-will-never-not-be-funny-62779672\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.elitedaily.com\/p\/the-funniest-tiktok-trends-of-all-time-will-never-not-be-funny-62779672\">comedy trends<\/a> and <a href=\"https:\/\/www.insider.com\/tiktok-dances-renegade-say-so-and-more-19-top-2020-3\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.insider.com\/tiktok-dances-renegade-say-so-and-more-19-top-2020-3\">dance challenges<\/a> that catapulted the social media app to fame.<\/p>\n\n\n\n<p>To make sure they\u2019re helping you grow into your financial intelligence, make sure to consider its cons as carefully as its pros.<\/p>\n\n\n\n<p><strong><span style=\"color:#009e05\" class=\"has-inline-color\">You may also be interested in checking out:<\/span><\/strong><\/p>\n\n\n\n<ul><li><a href=\"https:\/\/zerodollartips.com\/how-to-upload-dslr-videos-on-tiktok\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"How to Upload DSLR Videos on TikTok (Step by Step Guide)\">How to Upload DSLR Videos on TikTok (Step by Step Guide)<\/a><\/li><li><a href=\"https:\/\/zerodollartips.com\/what-does-fyp-mean-on-tik-tok\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"What Does FYP Mean on TikTok and How to Get on the ForYouPage?\">What Does FYP Mean on TikTok and How to Get on the ForYouPage?<\/a><\/li><li><a href=\"https:\/\/zerodollartips.com\/download-tiktok-videos-android\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"How to Download TikTok Videos on Android and iOS Devices\">How to Download TikTok Videos on Android and iOS Devices<\/a><\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many of us love using TikTok, but should we invest on the basis of a TikTok video? Let&#8217;s check out the pros and cons of taking financial advice from TikTok.<\/p>\n","protected":false},"author":1,"featured_media":22296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[69],"_links":{"self":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts\/22294"}],"collection":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/comments?post=22294"}],"version-history":[{"count":5,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts\/22294\/revisions"}],"predecessor-version":[{"id":22300,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/posts\/22294\/revisions\/22300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/media\/22296"}],"wp:attachment":[{"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/media?parent=22294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/categories?post=22294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zerodollartips.com\/wp-json\/wp\/v2\/tags?post=22294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}