Can you actually get good, sound money advice from TikTok? In this video, I review some of the most popular TikToks there are when it comes to online business, and let you know whether they are legit or not.
I became a millionaire by the time I was 30, I was not born rich, and I am a very conservative investor. With that being said, let's dive into money talk!
1. ‘Passive Income’ Is a Scam
The first victim goes by the username @paik4president. In his video, he focuses primarily on people who make money from being a landlord. Paik claims that instead of making passive income, landlords make “stolen income” simply because they “have a piece of paper saying they own a house”.
At first, I agreed with Paik! Being a landlord isn't passive; you have to deal with tenants, repairs, etc. Then, he started to take a more political slant. In short, investing your money is how you become financially free — there's no other way around it. You cannot save your way to retirement; you cannot earn your way to retirement.
In this example, investing in a property and capitalizing off the appreciation of the house is not stealing the tenant's money. You took the risk to invest in the property and earned that sheet of paper!
If this guy ever wants to achieve financial freedom, he's going to have to start thinking in terms of good capitalism. It's all about investing your money, caring for your tenants, and building your wealth!
2. Workin’ At The Car Wash
In this video, @hannah_ingram shows herself emptying the various vending machines and bill collectors she has at her carwash. It is amazing how many quarters she dumped from each machine! I'm talking about bags and bags of cash and coins!
I assume that owning a carwash is pretty automated. As long as nothing breaks and all the machines are stocked up, it is a great passive business! In the video, Hannah said she makes about $1,300 a week. I'm curious to know what her overhead is and if she bought the property outright in cash. Regardless, assuming the math works out, this seems like a super cool business!
3. How to Make $1,200 With Crypto Daily
Next up on the list is a video on crypto by @richardtelf. Almost instantly, my bullshit radar went off! He explains the process of buying Avalanche, transferring it into a MetaMask wallet, and then staking it on Blizz. He notes this process as being “pretty safe”.
To be honest, I don't know a lot about crypto. I have about $50,000 invested in Bitcoin, Ethereum, etc. In the video, Richard talked about staking crypto. Staking is where you loan out your crypto in hopes of gaining interest. Overall, it is a really cool idea. That being said, the crypto market is super volatile. If you would have watched his video and followed his advice, you would have lost 40% of your investment!
Crypto is a great asset to have. However, I advise you to invest no more than 10& of your entire net worth to avoid big risks and keep a balanced portfolio.
4. How Much Money Do You Need to Be Rich?
Grant Cardone is a popular name in the business space. In this video, he asks people on the street how much money they would need in order to be rich. One man he asks replies with “one million dollars”, to which Grant calls lazy.
First, I agree with Grant. I would not call myself rich if I only had one million dollars. That being said, it also depends on how old you are, where that money is located, if that money is invested, etc. If you are in your 20s or 30s, you are way ahead of the game! If you are in your 50s, you should probably be considering if 1 million is enough to get you through.
5. The No BS Way to Make 1k/Month
Once again, we have @theblockchainboy talking about staking crypto, this time using an app called PancakeSwap. He uses the app's own token called Cake and restakes it every 5 minutes using a Syrup Pool with an interest rate of just over 133%.
Since the time this video was posted, Cake has fallen from $31.79 down to $7.44. Wake up, people! Don’t put all your eggs in one basket!
Overall, TikTok can be a great place to learn new business advice. There are lots of great creators out there that promote investing for the long run through a diversified portfolio. This may sound boring to you know, but in 30 years you will thank the creators who told you to do so!
If you have any questions or videos you'd like me to react to, be sure to drop a comment below or on my social media!
Thanks for reading. Peace and God bless.
I make new content every single week, so be sure to subscribe to my Youtube and follow my Instagram @brambilabong and TikTok at @AdrianBrambila. I also have tons of resources and courses on my website that you won’t want to miss. Head over to www.adrianbrambila.com to learn more about what I do and how I live a financially free life.