Responding To Bad TikTok Money Advice

[@chrisdunntv]

You were extremely fair and nice to these people in the face of their terrible advice! 😎

[@SheTalksFinance]

Thank you 😊 … just trying to set the record straight lol

[@jonyoung6405]

Thanks Nikki , new sub.

[@Answers721]

Not only should the guy take out all the equity of his house to put in XRP, he should also use 125X leverage on it. 2 seconds later, all the money is gone. LOL

[@Duke_of_Prunes]

I live a few miles from the casinos in New Orleans -- I would be happy to lose that guy's mortgage money for him.

[@R.and.R.]

I can sense a rising level of frustration…

[@SheTalksFinance]

Yes... the last two got me

[@id10t98]

@@SheTalksFinance "Doge to a 'dollah' kind of catchy"🤣

[@erayozvarlik]

12:27 - Sheer stupidity + You getting cringe to sheer stupidity = The perfect video.

[@SheTalksFinance]

Haha thank you

[@WheresWaldo05]

I had guy at work recently try to tell me that you dont get taxed on dividends or profits from stocks you sell if you quickly reinvest those proceeds within a certain time frame. I laughed and told him how it actually goes in taxable accounts. I dont know how or where people are getting this kind of info. Especially in the age of the internet.

[@SheTalksFinance]

Oh boy - yes that person is very wrong lol … they get it from bad money gurus or something

[@id10t98]

My favorite is the people that repeatedly borrow from their 401K to buy stupid stuff because "It's like being your own bank and borrowing from yourself getting interest free loans." A former coworker "borrowed" $3,000 from "himself" and bought a go-kart for his 10 year old kid's birthday present. It broke after two days and because he couldnt fix it, it sat in his garage for a month before he took it back and tried to get his money back. I never heard how that went. Another one took $8,000 out from his 401K and literally just kept it in a wad in his pocket, complete with rubber bands, blowing it on 'stuff' over the course of a month.

[@WheresWaldo05]

@@id10t98 Yeah. I always like to say you cant teach stupid when its already there. 🤣

[@mr.c6674]

I've tried for years to educate, or at least give warnings to employees about financial mistakes/pitfalls they will run into when taking money out of 401K, or claiming 9 dependents. No one listens. They turn out to be the same employees I receive court ordered garnishments for.

[@Duke_of_Prunes]

He is confusing stocks with selling real estate. You CAN do that after you sell a property, but only if you file a 1031 beforehand with the IRS. And it's only for like-kind property.

[@danielclementson4009]

Lol...best line: "the baby does not have earned income"

[@ronyorobio7096]

Let me get this straight. If person A gifts something to person B, there are instances (without stopping in the details) in the US wherein person A has to pay taxes for deciding to make a gift? That is messed up! Why would a government tax me for giving something away?

[@TheRealE.B.]

Thanks for the reminder about the income limits for the Roth IRA. I'm nowhere near them at the moment, but maybe someday, so it's good to stay aware.

[@SheTalksFinance]

Absolutely!

[@rnt45t1]

Imagine giving your 16 year old kid a $20,000 car.... might as well light $20,000 on fire. Maybe I'm just salty because my first car was $800...

[@SheTalksFinance]

LOL for real... I guess with car prices these days it doesn't take much to get to 20k

[@Nsmithq99]

It should be a $5000 car and the rest in their investment account. But to avoid the gift tax, just give them 1/2 of the car this year, and the remainder next year. No gift tax return needed.

[@id10t98]

Wow. I need to contact a lot of "entertainers" and "dancers" about some gift taxes...$11 million in a lifetime you say, eh?🤔😂

[@andhisband]

Great stuff, Nikki! I hope you've taken a deep, cleansing breath and/or had a glass of wine since you made this video! :) The commenter over the Doge coin guy misidentified that strategy as a Ponzi scheme, which it is not. That's called "Pump and Dump." Just hearing it called properly should send anyone running and screaming.

[@SheTalksFinance]

A glass of wine is in order :)

[@devinparker1748]

A fool who takes money advise from TikTok and Pintrest will soon discover meaning of 'flat broke and feeling like an idiot'

[@email5023]

*advice

[@devinparker1748]

@@email5023 well darn! hard to one-up the TikTok'ers when you cant even spell :(

[@toddcole1805]

I absolutely luv these reviews

[@SheTalksFinance]

Thanks so much Todd! Glad to have you here.

[@richardallen1816]

I like your facial expressions when it comes to some of these videos. The only thing you would be mad at me for, if you were my financial planner is that I am paying too much in fees on my mutual funds, but I am not really worried about those too much as they are not the majority contributors to my retirement portfolio and more my way of participating in the market to practice and learn.

[@SheTalksFinance]

As long as you're aware and planning accordingly!

[@noveltyrobot]

Came for the memes, got a really really good and important tax class.

[@SheTalksFinance]

Glad I could teach ! Thanks for watching!

[@noveltyrobot]

@@SheTalksFinance always

[@rjthomas2990]

Hi Nikki! Very good video! Can you do a video or provide your thoughts on international stocks/international exposure in one's portfolio?

[@SheTalksFinance]

Sure thing!

[@Duke_of_Prunes]

"To da moon, to da moon, to da moon!"

[@SheTalksFinance]

Enough with the moon already ! 😂

[@jonyoung6405]

I got blocked on the Dave Ramsey channel.

[@SheTalksFinance]

He pretty much blocks anyone who doesn't agree with him... keeping it classy

[@jonyoung6405]

Thanks Nikki, new sub.

[@eGEORGE]

I don't think you have to worry about tik tok money viewers being above the MAGI limit on a roth...

[@uniquecintron3119]

What is a backdoor ira? Can I have an ira setup for my children? Can I utilize my kids as my employees within my llc to get them into an ira whether traditional or roth since they need earned income and does age matter in that case?

[@shiva_689]

yeeeess, I freaking love these videos!

[@SheTalksFinance]

Thanks for watching!

[@KingOfMadCows]

I'm doing research on converting from traditional IRA to Roth IRA since I haven't been allowed to contribute to a Roth IRA for the last two years. And I'm having a hard time finding out if my current income matters when I convert. Can I reduce the tax if I convert in a year when my income is low?

[@SheTalksFinance]

No income limits to do a conversion, but be aware, the conversion amount will be taxable income and can move you into higher bracket … so strategize this carefully to maximize tax benefit.

[@bairfreedom]

I believe the doge guy sold his doge.....he at one point had over 2 million.....sold for under 1 million

[@SheTalksFinance]

Yep, that's how it went for most people ... that's what holding and hoping on meme stonks will do to your net worth if you don't know what you're doing.

[@WheresWaldo05]

So in regards to your roth ira bit, if a parent annually contributes the full 6,000 dollars into their over 18 year old kids roth account every year is that legal? Since its not the kids own earned income being contributed? He is old enough to work obviously. And im not even certain he is working at all himself.

[@SheTalksFinance]

Does the 18yo have earned income? And is that earned income 6k or more for the year?

[@WheresWaldo05]

@@SheTalksFinance I will find out. Thanks for the feedback.

[@WheresWaldo05]

@@SheTalksFinance off topic and just curious, but what top 5 stocks are you buying/looking at right now? (Last week, today, next week?) I have been focusing and buying: TROW, AOS, APD, UGI, MMM

[@SheTalksFinance]

Maybe I can do a video on this :)

[@Nsmithq99]

The limit is the lesser of $6000 or the amount earned. It doesn’t matter who’s money it is, but you can’t contribute more than the child’s earned income.

[@mattbillenstein]

Technical analysis is astrology for men.

[@SheTalksFinance]

It's helpful when combined with fundamentals.

[@mattbillenstein]

@@SheTalksFinance helpful when doing what? Creating a narrative of the past or predicting the future? Because, if you could use them to predict the future, then I think we would not be having this discussion on youtube ;)

[@karynplumm878]

The SINGLE most important thing right now for AMC holders is to not get your hopes up for it to happen this week or month. A lot of videos have titles like ‘ITS COMING’ which disheartens stock holders if it doesn’t happen within the time they’re thinking. If you’re holding AMC, don’t check it every day, don’t get your hopes up for it to happen tomorrow and just stay cool. When it happens, you will know, you won’t need a KZbin video to tell you..

[@andrewwiggins3190]

I'm still holding even with $30,000 loss, I believe in the cause. I have watched how these hedge funds move into growing company's and short them into oblivion..

[@dermariobenjamin9964]

@Tiny Alumbaugh Hi, please could share more insight for someone who has been in the red for too long? Also I could use some referral, how do I reach the expert that assists you? Is she consistent?

[@dermariobenjamin9964]

@Tiny Alumbaugh Thanks you for sharing. I just looked into her and am impressed 👏

[@Marcus-ec1kx]

This is a well done bot convo

[@jeremydinverno4503]

Nikki Nikki👌👍👍 💰💰

[@SheTalksFinance]

Thanks for watching!

[@OscarHanzely]

Nikki was icnorrect on the IRA ticktok mom. She specifically stated opening a custodial IRA account. You can open that for your baby and baby does not need to earn any income, its plan simple. This TikTok was actually a very good advice and it teaches kids and parents the value of compound interest when they start early. I would not bash anybody for it. Also median income in America does not cross $200k/year for parents, so as a broad message this is very good advice to average Americans. She was really nit picking something that would be great if majority started doing.

[@SheTalksFinance]

Hi Oscar, a minor still has to have earned income for a custodial IRA. You can find that earned income is required at basically any brokerage : www.fidelity.com/learning-center/personal-finance/retirement/turbocharge-childs-retirement

[@nkpapi989]

Reading about people grabbing multi-figures monthly as incomes in investments even in this crazy days in the market, any pointers on how to make substantial progress in earning? I would appreciate.

[@howeross336]

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[@howeross336]

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[@niran3484]

Ms Emily Donald has been managing my trading account for months and I keep making profits every week, I made $9,250 last week

[@hafsatsufyan4863]

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[@stayingalive646]

@Glowrae Which is Investwithemilyy

[@DoctorGME]

Hey Beautiful