Why you should think twice: “All I have to say is anybody who takes tax advice from her likely takes stock tips from their hairdresser and medical advice from their grocer,” said Barbara Weltman, a Florida-based tax attorney and author of J.K. What this really is: An S corporation is indeed a thing, but not a thing that means you don’t have to pay taxes. She ends the video with the acknowledgment that “It feels really shitty to do it, but it’s kinda how you avoid paying taxes.” She also says that it allows you to take one corporate vacation per year, and that you can employ yourself and your children without paying taxes. This is a realtor responding to the TikTok prompt, “What’s a piece of information that feels illegal to know?” with the claim that by starting what’s known as an S corporation, you can buy everything you own as a “company expense” and therefore do not have to pay taxes on it.
1) The claim: If you start an S corporation, you don’t have to pay taxes
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Speak with your own financial advisor or investment professional to decide what’s best for you. The bottom line: The best financial advice is the kind that’s tailored to your life, and likely can’t be contained in a 60-second video. This commentary is not intended to provide specific advice or recommendations on any investment product or strategy. During these times - and we’re in one now - it’s also far easier to position oneself as a financial genius, when really, everyone else is making money, too.īelow, Vox business and politics reporter Emily Stewart breaks down 10 of Finance TikTok’s most viral investing videos and what they’re actually selling, and why you might want to think twice before falling prey to a get-rich-quick scheme, or worse, accidentally doing something illegal. People tend to evangelize risky investments during a bull market, when it’s far easier to make money because the stock market is going up overall. Day trading has been around since the 1970s, and scams have been around forever. What’s happening on TikTok is hardly a new phenomenon. “People would be better served reading books than following TikTok gurus on trades.” Not that it’s not good for young people to get interested in the stock market and personal finance - just that videos of unverified claims that happen to go viral might not be the best (and certainly shouldn’t be the only) source of information. “I love the content, but people should not invest on the basis of a TikTok video,” said Josh Brown, CEO of Ritholtz Wealth Management, who has a YouTube channel and TikTok of his own. Other times, it’s business owners promising to make you a millionaire - all you have to do is give them your money first. As a result, what users end up seeing often isn’t good advice from trusted sources, it’s just one random person’s experience making thousands of dollars off buying and selling Tesla calls. TikTok’s ability to take an average user’s video and show it to millions of people in a matter of hours or days is unmatched.
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Personal finance TikTok, also known as #FinTok or #StockTok, has become a massively popular segment of the app that, at its best, is made up of experts who make videos discussing how to get out of credit card debt, explaining the difference between a Roth IRA and a 401(k), and encouraging young people to start investing for retirement.Īt its worst, however, Finance TikTok perpetuates financial myths, scams, and dangerously misleading information. They are also learning dubious financial information from unverified sources with millions of followers.
People are learning all kinds of new things on TikTok: how to do viral dances to popular songs, how to make hot cocoa bombs or paint an accent wall.