Not all investment advice on social media is wrong but much of it is, and you should be wary of the unhelpful focus on getting rich quickBudgeting by keeping money in different piles, jars or envelopes for different purposes is a very 'old school' approach that has ironically found favour in a digitally focused online world.
She sees the attempts to rationalise frivolous spending as illogical – “buying an extra item to get free shipping is just nonsensical” – but feels it can be used “as a form of defence” and a way of normalising poor financial decisions.TikTok also has thousands of tips on getting rich quick. Take @ceowatchlist, who tells his almost one million followers to buy what rich people buy.
“There’s a massive opportunity for younger people there in terms of investing. It’s one of the easiest ways to generate wealth,” he says. Many of these products also allow you to invest on a monthly basis, so you can start with smaller amounts and build up a fund. What’s surprising now is that in a time when cash is no longer king and digital payments are the preferred method of payment for an increasing number of people, younger people are again being advised to budget with cash.