BEWARE Of This Bad TikTok Money Advice [Financial Planner Reacts]

[@OchoVerde]

My personal investing guru, Bob Brinker, called these shark attacks. He was as passionate as you are about regular people striving for financial security.

[@freedomworks3976]

Come back Bob Brinker !!!! I miss you so much ❤

[@mr.c6674]

Thank you for going through this tiktok stuff in layman's terms to dispel these fancy BS names. I never got into the hype of tiktok, twitter, etc mainly because of stuff like this. I'm amazed at how easily people of all ages fall for these things. It's especially bad for young folks that have no clue because they get so much of their "education" information from social media.

[@SheTalksFinance]

Totally! I hope the young people find my video and avoid this mistake.

[@freedomworks3976]

100% invested in stocks 100% until the day I die And Im old already. ❤❤❤ Thank you Vanguard , love you forever !!!

[@IvanPlayStation4LiFe]

Vanguard is the worst they dont give u shit only like 3%

[@HoustonTom]

Pretty much agree. Maybe some income but mainly growth equity. You need to understand the risks and how to manage inevitable downturns.

[@jdgolf499]

Not just tik tok. There is terrible advice being given all over the internet, including youtube.

[@SheTalksFinance]

Yes, it's everywhere!

[@taylor-sanchez]

Thanks for sharing this. These tik toks bug me so much because this is why so many people are confused!

[@SheTalksFinance]

TOTALLY! They're making people who are doing the right things with their money question themselves... and I hate that (as you can probably tell).

[@miggyvillamor3663]

The Index Life Insurance guy got fact checked by an account called HonestMath on his assumptions on the performance of his "investment". Might be a good topic for another reaction video? Great work as always!

[@SheTalksFinance]

Yes! They just did a Zoom with Curtis Ray too, I'd love to get ahold of the recording of that.

[@JohnPascavageFishing]

Honestly those guys just move the goal post when their math gets proven wrong.

[@benmenk8982]

Woosah Nikki 😂😂 love these TikTok dissection videos.

[@ronyorobio7096]

One can see how frustrated you get with all that false advertisement. Speaks very well of your ethics. Thank you for this and all your other videos.

[@SheTalksFinance]

Thanks for watching!

[@andykleschick2047]

If you have to trash another form of wealth and assets building/ protection and retirement/investment/ savings account to sell your account type and services, that alone should sound alarm bells!

[@obrienortega6942]

Love your video. Thank you for exposing these scammers. You just earned yourself a new subscriber. Keep these videos coming.

[@SheTalksFinance]

Thank you, I will!

[@donaldrichey3318]

The only people who get to retire early on universal life insurance is the crook selling them.

[@Massow711]

I'm really surprised that these people aren't being reported for misrepresentation. I'm not familiar with U.S./State legislation on financial products, but other countries have regulations on with-holding information which could mean you, as the agent, will be penalized or lose your license with some of these social media posts.

[@Duke_of_Prunes]

They usually add a "This is not financial advice" and/or the "for entertainment purposes only" disclaimers. Some go so far as to tell you that following the financial video could potentially result in loss. So, it's impossible to prove they had nefarious intentions.

[@Massow711]

@@Duke_of_Prunes Not talking about those that aren't financial advisors. Some of the TikTok she shared are those of financial advisors/licensed agents.

[@Duke_of_Prunes]

@@Massow711 As long as you're using disclaimers as I mentioned, it's going to be difficult to prove intent -- regardless of what type license you have from the Security and Exchange Commission. The series 7 and 63 are obviously the most common.

[@andykleschick2047]

Another thing as someone who works in insurance- if your agent is trying to sell you on something that seems like you don’t need and probably won’t make your asset protection better, why are you using them as your agent to obtain your insurance coverages?!

[@killerXover707]

Agreed that they need to be up front with what they’re selling. I think FAs and FIAs can have a place in an overall portfolio especially if they’re low risk.

[@SheTalksFinance]

Yes, some transparency on social media would be nice from them! Thanks for watching.

[@MichaelHBaker]

6:01 Bonds got hit really hard last year. They aren’t “safe” either. Really important to know how you’re allocated as retirement approaches.

[@SheTalksFinance]

For sure, bonds did get hit too (everything did)- and totally agree. Allocation and a certain amount of liquidity becomes way more important going into retirement.

[@ryanr.richardson4452]

Well… IULs didn’t get hit hard LOL

[@DominiqueHendersonCFP]

Technically a surrender charge is not a “fee”. It is only incurred if you terminate the contract. 14:34

[@SheTalksFinance]

Yes. It’s more like a penalty if you surrender the policy. But- with the cash value being sucked out so much in the first few years- that def doesn’t help your compounding in beginning which is an important thing to note.

[@travisabt6805]

there is a reason why the expression "if it sounds too good to be true, it probably is" has stuck around so long. dance with the girl you brought to the ball (aka diversified stocks and indexes).

[@SheTalksFinance]

Agreed!

[@chgr4674]

True and that’s why I don’t get how people are still falling for it. In Germany in school we analysed everything: speeches, historical documents, political systems, etc. one big aspect is motive. Why does the speaker use this stylistic Device? What does he want? Why was this aspect included for example in the mayflower compact? This is a really important thing to understand even now during political debates and campaigns… or in situations like this. Why would a multi-millionaire president who benefits from cheap labour and only has other multi millionaire friends, ever change labour laws? The chances are really low that he simply is a good person and would truly be interested in helping the poor. Same for financial advisors/insurance companies. They get commission and so you always need to make sure to have that in mind. Most people aren’t just kind, if people are overly friendly and helpful in these kind of situations, they usually want something from you. Same for investment tiktoks where they tell you how easy Trading is. If it were that easy and safe, then it would not be an insider tip. My parents always said: nothing in life is for free, not even your burial.

[@Fe.Y.Finanzas]

I dont know how these people dont get fine. Crazy thing is that if you have a investment licensed its heavily regulated but not these cash values policies.

[@krisclements6040]

I had a universal life insurance policy at ... 18. Someone actually sold me one & I had no money, kids or anything to protect. The policy was garbage and I lost over $8,600 paying into it. I know have a term which is way better

[@SheTalksFinance]

Selling an IUL to an 18 year old is absolutely absurd unless you’re a super wealthy 18 year old!

[@krisclements6040]

Trust me, I see now. WFG was the company. Have a great Saturday@@SheTalksFinance

[@BertiferousRex]

Uninterrupted compounding interest account... sounds like a savings account?

[@Tex9Down]

I just ran across you. You speak the truth!

[@SheTalksFinance]

Thank you!

[@juan768]

Thank you Nikki!

[@SheTalksFinance]

Thanks for watching!

[@miggyvillamor3663]

Which twitter account are these from? Need to expand my "Bad Tiktok finance accounts" to know what NOT to do lol

[@SheTalksFinance]

twitter.com/mbontrager5 - he's been putting out a ton of them!

[@davidbrooks8809]

Great Information thanks so much

[@WheresWaldo05]

If i ran tiktok, i would ban all these people

[@mr.c6674]

But Elon Musk would buy tiktok from the folks in Beijingand for the sole purpose to unban them :)

[@richo1234]

But then you won't be able to steal their information and data

[@gregtomamichel973]

If I ran TikTok I would need constant therapy.

[@willmallory9085]

Excellent video Sister

[@Caligrowntrey]

I’m loving the fact that more and more CFPs and CFAs are getting online and busting all these tick tack videos.

[@SheTalksFinance]

Thank you! I love it too.

[@towjam37]

“Umm…that’s not a thing!” 😂😂☠️ P.S. I wish you would have mentioned that the “free money” from an employer match isn’t technically yours until your fully vested bc many companies have a vesting schedule. But I also get that a vesting schedule is a little in the weeds and maybe doesn’t need to be included here.

[@SheTalksFinance]

Yes, in the weeds but worth mentioning! Either way, it's still free money even if you only get to keep a % of it if you leave the company early.

[@towjam37]

@@SheTalksFinance True!

[@gasmice]

True, and your 401(k) company match may have its own risks, such as being solely in company stock. But unless the vesting schedule is long (say longer than 5 years and you don’t plan to be at the same employer that long) and your 401(k) investment options are limited, have big restrictions on changing holdings and have high fees, you should use the free return on your investment to grow and diversify your retirement portfolio.

[@id10t98]

They've been solving the retirement dilemma in the USA for decades- most workers simply wont ever make enough money to retire and they wont have to worry about it. Problem solved.

[@tranger4579]

My Mexican aunt that imigrated here to the USA gave me the best advice. " Mijo there is too much legalized THIEVERY these days"😂

[@DominiqueHendersonCFP]

Compound interest account = she works with Curtis Ray. He has a lot of disciples. 10:10

[@charlesjacksoniii8787]

I am so tired of these so call money experts.

[@WheresWaldo05]

You need a big red triggered button on your desk 🤣

[@SheTalksFinance]

Majorly triggered by these people!

[@treesaantony3273]

Can you go over indexed universal insurance more? I have been approached by WFG agents multiple times to join and created my own “business.”

[@SheTalksFinance]

Yes, will work on this- and please do your due diligence before "signing on the dotted line" for an insurance contract.

[@freedomworks3976]

Run 🏃‍♀️!!!!!

[@scottkeras2311]

I have a 401k I started 4 years ago. It has 51k in it. I contributed 21k. Looks like free money to me. I can loan out half, stop contributing, while still gaining interest and then start contributing again once the loan is paid off. Free money, free loan, same amount coming out of your check.

[@thomaslunden]

Please don't take out a loan from your 401k- it's not a free loan. Yes, you pay yourself interest, but the amount of interest you're gaining is a fraction of what that money would grow to if it remained invested.

[@IvanPlayStation4LiFe]

If you take it out early they they take almost all that miney bacj sucker.

[@IvanPlayStation4LiFe]

51k thats nothing in 4 years omg

[@Yugiboii]

Most 401k loans don’t allow contributions while you’re paying back the loan… no salary contributions means no free match

[@johnjamele]

Mine had $39000 in it 13 years ago, $344000 today.

[@davidbrooks8809]

I like this N.Dunn

[@victorianoel9784]

IUL is the life insurance, as simple as this. You get it, pay monthly premium, or quarterly, or annually, however you can, and when you die, you beneficiaries will get the money. It's good to have even if you don't have tons and tons of free money. Good thing about this IUL life insurance is that you can take loan, tax and payback free, pretty much , against the benefits. That's what all insurance companies sell.

[@fiv5by5ive]

What do you think of Apex trading? Is it a scam or is it legit? What are the risks? Whats hidden that I may not be seeing?

[@Brian-dg3kz]

Isn't this lady also bringing in extra tax implications on whoever is listening to her ... with all this moving around? I don't really know what the hell she's talking about, but it sounds like taxes could be impacted with all this nonsense? 6:18

[@TallDude73]

11:03 Sarcasm? 😀

[@Frozenwinter84]

Insurance polices are a fantastic way to make money for retirement..... if you're the one selling the policies. Lol

[@DanCooper404]

I'm favored, $12 per week! I want to ask random strangers on the internet, what is the best way to maximize my portfolio of $0.5k?

[@DoctorGME]

Hey Beautiful