Be Careful with Those Quick Money Tips from TikTok During the Holidays
- Author: Ben Reilly
- Posted: 2024-11-20
Being good with money and sharing helpful tips online is something I do often. But, not all quick cash tips you see on social media are safe or legal, especially with the holiday season around the corner.
Some people on Instagram may tell you to invest in certain stocks without thinking it through, while TikTok has had its share of bad advice too.
A while back, there was a thing going around about a glitch with Chase Bank that let people make fake checks, deposit them, and then take out cash. This wasn't a clever trick; it was illegal.
Not all advice is that extreme, but there are still plenty of scams or risky ideas that could end up costing you more than you bargained for.
Instead of jumping on these so-called hacks from people who aren't exactly experts, here's how to avoid getting caught out.
Do Your Homework
Don't rush into something just because a short video made it look easy. If you come across a tip, like the Chase Bank glitch, a quick Google search can often tell you if it's a bad idea.
Check Their Credentials
Remember that many people on TikTok and Instagram are more about entertainment than accurate financial advice. Real financial wisdom can seem dull, so they spice things up, sometimes with bad advice. Look for advice from certified financial planners or accountants instead—they might be on social media too!
If It Sounds Too Perfect…
Be wary of "free money" promises. They're usually too good to be true and might involve something risky, if not downright illegal. Earning money legitimately tends to be a slow process, like saving or investing wisely.
Weigh the Risks, Not Just the Benefits
When money problems are staring you in the face, it's easy to only see the good side of a risky financial tip. It's important to listen to your gut and think carefully about your choices.
Writing down pros and cons can help give you clarity.
Quick Fixes Aren’t Really Fixes
Remember, there's no magic way to get rich quick. The best path to financial security involves living within your means, saving for emergencies, managing debt, and making informed investments.
Check out: 15 Effective Strategies for Financial Recovery When Money Runs Low
If the holiday spending pressure is on, consider creative ways to celebrate without spending a lot. Small, thoughtful gifts or holiday games with a spending limit can make the season bright without a financial hangover.
Stay sharp and think twice before following financial advice from social media. Not all of it is bad, but it's better to be safe than sorry.
-
Previous Article: Save Money on Green Tech Before Policy Changes
