Oct 20, 2022

Is there useful financial advice on TikTok?

Let your students be the judge after watching TikToks from these popular finance influencers! 

You may have seen the surveys that 1/3 of young people are getting financial advice through TikTok. So why not serve up some high quality content from this site? I took a look at a few of the more popular influencers on TikTok. Sharing some videos that your students might enjoy: 

  • Experienced car shoppers know about the tyranny of the monthly loan payment. Find out why that's dangerous to your financial health
    • When a car salesperson focuses on a monthly payment for a car, what's the key question to ask?
    • What's the downside to having a car loan with a longer term (like 72 months)? 
  • What are three things you should do when you turn 18 (or sooner)? Watch this video and find out! 
    • What are the three steps he suggests you should take?
    • Have you done any of the three? 
    • Why do you think that each of them is important? 
  • Have you ever been shopping online or in-person and during the purchase process asked if you want to add additional features? This video explains what's going on and why companies do this. 
    • Have you have experienced this in your own life? 
    • In your own words, what is the contrast principle? 
  • One influencer shares how she became a millionaire in this video
    • There are lots of ways to generate wealth. Which steps does she describe in this video?
    • Which of them resonate most with you? 
    • What are you motivated to learn more about now? 
  • Finally, you might see some familiar data in this video explaining what states guarantee a personal finance course to high schoolers. 

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Kyla Scanlon uses TikTok to explain economic concepts. She appeared as a guest recently on the NGPF Podcast. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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