During the pandemic, people turned to social media as a way of coping. We use social media to connect with our loved ones, get a hold of the latest news, and find the things we need and want. Tiktok is only a few years old but it already amassed millions of active users. It became the go-to app of public users wanting more than just finding entertainment. This also became a venue for numerous viral 15-second videos.
One trend that is becoming increasingly popular is videos offering financial advice. Different financial topics gained particular relevance due to the financial crisis we are experiencing nowadays. Since many lost their jobs, want t start living debt-free, and have the intention to start investing, they turned to the platform for some quick advice.
Why Tiktok for Personal Financial Advice?
Many Tiktok users like the idea of being able to watch many videos that don’t last for minutes. Before, one can only upload 15-second videos. But recently, they extended the limit to 60 seconds and are looking forward to making videos that last up to three minutes.
The short and engaging videos drive the public into curiosity. Imagine getting important financial advice that can save your finances from a 15-second video? Influencers often use the platform to give a series of videos, leading their followers to their website or Youtube account where full explanations of their advice are presented.
Since we now live in a fast-paced world, we want quick, easy-to-digest, and helpful information. Today’s young generation, for instance, wants to go over the basics of personal finance minus the hassle. In the platform, it often means getting as much information as possible within a few minutes.
Users also like the fact that they can get personal financial advice from experts on the platform. Many can’t, and won’t pay financial gurus. They can ask to connect with the pros and ask further questions or simply use the comment section to ask what they want to know, making the process hassle-free.
What Types of Personal Financial Advice Can We Get From Tiktok?
Financial advice ranges from saving to investing. Many people are looking for different ways to gain financial independence. They want to be able to live a comfortable life without raking up debt.
Realtors and real estate investors, for instance, provide property buying and selling advice to people who plan on making a property investment. Most are directed to people who want to start a career in real estate investing. The range of topics makes it easy for users to find the real estate information they need.
Others turn to the platform to find ways to make their mortgage journey a better experience. One quick search on the platform and you can already find tons of videos talking about how to get approved for a home loan, ways you can save for the down payment, etc. This is for people who are tired of renting, want to sell their home, are looking for their dream house, or can’t wait to become first-time homeowners.
There are other trending financial topics like saving, investing, and paying off debts. Many users want help to pay off their credit card debts, mortgage, medical debts, and even their student debts. Most people simply love watching saving and investing videos to get inspiration for their future.
The Risk of Believing Finance Tiktok
Not one financial experience will be the same for everybody. It is true that we love the content posted and the free advice we can get on the platform. But one should be careful before believing everything since some users only pretend to be gurus.
There are times when one should be wary before following personal financial tips from the platform. This often refers to investing videos that tell you how easy it is to garner wealth through the stock market, starting a business, etc. Just because a video went viral already meant everything mentioned in the video is true, viable, and applicable to your own situation.
We should be careful before believing everything we see on social media. Not all information given is true and verified. There are things we need to think things through and invest time learning and studying instead of believing 15-second videos.
When it comes to saving and paying off debts, the videos posted on the website are often useful. But when it comes to investing, one should be vigilant. The last thing we want is to get ripped off because we failed to consider all the risks involved in making a financial investment.
Remember that the best personal financial advice you can get is one that best suits your current situation. A 15 or 60-second video will never suffice if you want to be financially successful. One is better off doing research, reading books, getting a mentor, etc. before making any financial decision that can cost you your hard-earned savings.