Be Wary of "Finfluencers"
Welcome to Saving Money with Andrew!
While taking the train to work one day, I noticed the passenger next to me engrossed in a TikTok video from one of the more popular “Finfluencers” on social media. This influencer has millions of followers on the major platforms, and describes herself as a “financial expert” despite having no finance or related background.
Her videos actually…aren’t terrible…with some good but basic advice. Unfortunately, there is some really bad stuff out there on TikTok and YouTube, particularly on taxes. In the excellent TikTok Made Me Deduct It, the Planet Money hosts take a trip through TikTok’s tax-related content, which is absolutely filled with misinformation that can lead to costly audits and tax penalties.
Is there good personal finance content on TikTok? Sure, but there’s also a lot of misleading info that can put you in a bad position. As with everything on social media, be very skeptical, particularly if they fall into one of the three categories I discussed last year in Can You Trust That Financial Influencer? As always, this post is not financial advice!
And now, Andrew’s pick(s) of the week:
Have you ever considered spending five years attempting to paint your own version of The Music Lesson by Johannes Vermeer? Me neither, but tech millionaire Tim Jenison did, and his strangely fascinating journey can be found in the documentary Tim’s Vermeer (available on Amazon Prime), with some incredible theories about how Vermeer’s paintings may have been aided by the use of a primitive camera. I enjoyed it.
Also:
Americans Throw Away Up to $68 Million in Coins a Year. Here Is Where It All Ends Up.
The Secret Retreats That Have CEOs, VIPs and Billionaires Jockeying for Invites
Axe Body Spray Finds an Unlikely New Customer: Grouchy Sheep
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.