If you get financial advice from TikTok influencers, don't stop there (2023)

People get their personal finance lessons from TikTok — for starters.Screenshot von Erin Confortini/NPR; Grace Lemire/Screenshot von NPR Hide caption

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Screenshot von Erin Confortini/NPR; Grace Lemire/Screenshot von NPR

If you get financial advice from TikTok influencers, don't stop there (2)

People get their personal finance lessons from TikTok — for starters.

Screenshot von Erin Confortini/NPR; Grace Lemire/Screenshot von NPR

(Video) Finance Influencers be like… #shorts

Erin Confortini, 23, was teaching herself how to budget and invest in college when she realized she didn't know much about personal finance — even as a finance student.

Now she shares the details of her financial life with hundreds of thousands of people online.

On onevideo recently posted on TikTok, she tells viewers exactly how much of her six-month salary of $2,773 goes toward taxes, insurance, and retirement: $520, $25, and $305, respectively. It had over a million views.

In the absence of a statewide high school financial literacy requirement, teens and twenty-somethings are looking for ways to save, budget, and invest. And social media, especially TikTok, has become a textbook.

But personal finance experts — including content creators themselves — warn that social media should only be a starting point.

who do you trust

You can't believe everything you read on the internet — or scroll down on TikTok. Sometimes there are competing messages and influencers can recommend different things.

Confortini, who works full-time as an internal auditor but as a personal finance content creator, is among dozens of social media influencers who have turned their own personal finance journeys into a side hustle, completing branded deals to buy products from fintech companies Promote and sell downloadable templates of their budget spreadsheets.

"It really comes down to who you trust," says Grace Lemire, 24, a content creator from Massachusetts.

Lemire covers topics like economics, traveling on a budget, and the best credit cards for beginners. She also talks about handling money conflicts with friends and family.

"There are people who resonate with the content I post and who trust me and therefore trust my advice," says Lemire, whose TikTok videos have amassed over two million views. "But there are people who don't address my content and therefore don't trust my advice."

(Video) Financial Advisors React to Money Advice on TikTok! (Part 1)

Lemire is paid by brands to promote products — she made $1,600 from content deals in January and is expected to make $6,600 in February — and she says she screens companies before agreeing to to advertise their products.

"It's a great role," she says. "You want to make sure you're doing the right thing because there's so much at stake."

According to a study, nearly 80% of Americans ages 18-41 receive financial advice through social media.Research by Forbes Advisor and market research firm Prolific. However, financial advisors warn of pitfalls.

Financial planner Lazetta Rainey Braxton says it's "wonderful" that social media influencers motivate people to get their finances in order, but influencers can't provide detailed financial advice. There is no substitute for years of professional experience, she says.

“Most people want to do as little work as possible and get the most benefit out of it,” says Braxton. “That's why TikTok is so attractive. It's like, what can you tell me in a catchphrase that might save me some time and get me exactly what I want."

While social platforms can introduce people to new money-saving terms and ideas, it can be dangerous to open new savings and investment accounts without a thorough understanding of the fine print, says Helen Ngo, an Atlanta-based financial planner.

"TikTokers create awareness, but videos don't give them enough time to explain in context what's cool and what's not cool," says Ngo.

Ngo says he recommends his clients do three things: open an emergency savings account, set financial goals for the next one to five years, and then consider goals beyond.

Nothing new under the sun

Sharing financial gains and losses online with strangers is nothing new.

Back in 2010 and 2011, bloggers created the same type of relatable content and shared their stories about reducing debt and hitting financial milestones — just like TikTok influencers are doing today. Mandi Woodruff, 35, was following this burgeoning scene at the time. She is a career coach, hosts a podcast on building wealth for black women, and is a former personal finance journalist.

"What really got my career rolling was helping millennials weather and recover from the Great Recession," says Woodruff.

Now, Woodruff says he's excited to see more people getting into the personal finance content space. What she loved about blogs — and what she now sees on social media — was the ability to share information.

"It breaks down a lot of the barriers that traditionally exist for young people and especially for people of color," says Woodruff.

(Video) Why I Stopped Listening To Finance "Influencers"

Typically, people learn how to save and invest from their parents or close relatives, often leaving behind those from low-income groups, says Woodruff. "Our parents usually don't have the resources or their own knowledge."

a desire to learn

For Anisha Singhal, a senior at Stuyvesant High School in New York, learning about personal finance is a top priority. While she found helpful information about student loans and scholarships on social media, not all of the content she recommended applied directly to her.

"TikToks is about getting your attention and making you think there's some kind of hack here — a little loophole that I can use to make more money," she says.

Anisha Singhal, a senior at Stuyvesant High School in New York City, pushed for a personal finance elective.Cortesia Anisha Singhal Hide caption

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Cortesia Anisha Singhal

If you get financial advice from TikTok influencers, don't stop there (4)
(Video) Financial Advisors React to RIDICULOUS Money Advice on TikTok!

Anisha Singhal, a senior at Stuyvesant High School in New York City, pushed for a personal finance elective.

Cortesia Anisha Singhal

In January 2021, Sinhalawrote an articleabout teenagers' lack of financial literacy in their schoolwork, which prompted teacher David Peng to offer a personal finance course as a math elective.

And the course is full – Singhal only made it off the waiting list this year, the second year it's been offered.

Peng says his students are very engaged during class and many other students have asked to join the class.

"Personal finance is an extremely practical course. You have to experience some of the decision-making processes that adults have to go through," he says.

Peng, who is in her 30s and received personal training from Stuyvesant, did not learn personal finance as a student.

Although Peng acknowledges that there is a lot to learn online, it's difficult to extract a lot of nuance from short videos.

Singhal says social media is helpful - but misses his personal finance course and parents as sources for financial advice.

information overload

"You have to do your own research. Absolutely," says career coach Woodruff, who points out that people should never follow financial advice without evaluating the benefits to their own financial situation.

(Video) The Growing Problem With Personal Finance YouTuber "Influencers"

Many content creators advise their viewers to look for other resources. Confortini, for example, often encourages its followers to seek information beyond the platform, agreeing that social media can feel like "information overload."

"I won't be able to tell you everything you need to know about personal finance in one three-minute TikTok video," she says.


If you get financial advice from TikTok influencers, don't stop there? ›

If you're getting financial advice from TikTok influencers don't stop there. People are getting their personal finance lessons from TikTok — as a start. Erin Confortini, 23, taught herself to budget and invest in college when she realized she didn't know much about personal finance — even as a finance major.

How much money do TikTok influencers make? ›

Micro-influencers with 10,000 to 100,000 followers (earnings of $60-$90 per post) 100k-500k followers – mid-tier influencers (payouts range from $200-400) 500k-1 million followers – macro-influencers (earn $400-600 per post) 1 million or more followers – TikTok royalty (earn $750 – $1000 or more per post)

Why do you have to say not financial advice? ›

By making it clear that their advice is not intended to be taken as official investment advice, they are attempting to avoid any legal claims against them in case the advice they give turns out to be incorrect or causes financial losses for the person who took the advice.

What is a financial influencer? ›

Personal finance influencers share tips and strategies on managing money, typically through social media platforms and/or a blog or website. Personal finance influencers may or may not have professional certifications or backgrounds in money management.

Who is Taylor Price? ›

Taylor Price is a Gen Z financial expert and activist. Price says she started her blog and founded Pricelesstay on TikTok after recognizing the lack of financial education taught in schools.

How much does TikTok pay per 1,000 views? ›

As for the TikTok Creator Fund, you can earn between 2 and 4 cents for every 1,000 views. This means you might expect $20 to $40 after reaching a million views. Learn more about the TikTok Creator Fund here.

How much does TikTok pay for 100K views? ›

How much money is 100K views on TikTok? TikTok pays approximately $3 for 100,000 views.

How many followers do you need to be a paid influencer? ›

10,000–50,000 followers = Micro-influencer. 50,000–500,000 followers = Mid-tier influencer. 500,000–1,000,000 followers = Macro-influencer. 1,000,000+ followers = Mega-influencers.

Who actually pays influencers? ›

The most common way is getting paid by companies, brands, and services. Typically, they need to create content and get paid by the agreed rate. Some do commissions too — just like in affiliate marketing and collaborations. Another way is through product promotion or displaying ads on their content.

Do influencers pay for followers? ›

Influencers and companies often buy followers to boost their credibility, thinking that users are more likely to follow an account with 20,000 followers than 200. But you're not fooling anyone, and the users you are hoping to attract will run the other way.

What did Taylor on TikTok do? ›

17 arrest, the TikToker—who shares kids Indy, 5, and Ocean, 2, with her ex—was later charged with one count of felony aggravated assault, two counts of felony domestic violence in the presence of a child causing injury, one count of misdemeanor child abuse and one count of misdemeanor criminal mischief.

Who is the Taylor guy on TikTok? ›

Taylor Brice LeJeune, known to fans on social media as food influencer Waffler69, died on Jan. 11 after suffering a "presumed heart attack," his brother Clay confirmed on TikTok. The content creator was 33.

Who is the guy who bought Taylor Swift? ›

"For years I asked, pleaded for a chance to own my work. Instead I was given an opportunity to sign back up to Big Machine Records and 'earn' one album back at a time, one for every new one I turned in. [...] I learned about Scooter Braun's purchase of my masters as it was announced to the world.

Is it illegal to give bad financial advice? ›

Personal Civil Liability

A person could sue you for damages if you offered advice illegally and then: the portfolio halved in a market crash. the portfolio was lost to a lawsuit because your advice left the investments more open to creditors.

Is it worth paying for financial advice? ›

If you are comfortable that you can make these decisions for yourself, financial advice probably won't be worth it for you. If not, then while it may seem counterintuitive to spend money now to grow your money, a good financial adviser could enable you to: Fulfil your financial goals. Reduce your tax bill.

How much is $1 dollar per 1,000 views on TikTok? ›

How much does TikTok pay per 1,000 views? According to top creators, TikTok pays contributors between $0.02 and $0.04 per 1,000 views through its Creator Fund program.

Does TikTok pay you for likes? ›

Does TikTok pay for likes? TikTok does not directly pay you for the likes you receive on your videos. However, if your videos have a million likes, you can get the attention of brands and sponsors, which can help you earn money.

How much does 10 million views on TikTok pay? ›

And, a popular video with 10 million views can earn between $200 and $400 from the Creators Fund. If you don't use any other strategies, you can earn up to $50 per million views. So if your video gets 10 million views on TikTok, you'll earn about $500.

How much is 1 million TikTok coins worth? ›

How much is 1 million coins on TikTok? 1 Million coins on TikTok is around $18k.

Is 1 million views on TikTok viral? ›

If your video reaches one million views, it is considered medium viral (which will certainly earn you a healthy flow of new followers while boosting your status on the platform). And, if you get five million views within a three to seven-day period—you will officially become a viral TikTok sensation.

Do influencers pay taxes? ›

Influencers pay taxes just like everyone else. Being self-employed makes things different than working for a traditional 9-5 that issues a W2 each year. There are different tax codes, forms and deductions that apply.

How many followers do you need on TikTok to be an influencer? ›

You must have at least 10,000 followers. You must have at least 10,000 video views in the last 30 days. You must have an account that fits with the TikTok Community Guidelines and Terms of Service.

Do you pay influencers before or after? ›

Once you have decided how you are going to pay your influencer, you must then decide whether you are going to compensate them before or after the campaign has been completed. This decision is entirely up to the brand but data suggests that influencers prefer to be paid upfront for their content.

How can you tell if someone bought followers? ›

Instagram or TikTok accounts with many followers and very low engagement rates likely have a bunch of fake followers. Calculate engagement rates for an account by dividing the total number of likes and comments by the total number of followers. Use these numbers as a benchmark for checking follower engagement.

How do you know if an influencer has fake followers? ›

The first and most obvious tactic is to visit the follower's page. Many fake followers have just a couple of posts (often none at all) and don't appear to be very active. Fake followers usually don't use pictures of real people in their profile pic or posts.

How can you tell if someone has fake followers? ›

How to Spot Fake Instagram Followers
  1. A significantly unbalanced ratio between the number of followers and the number of accounts followed. ...
  2. Very limited profile information.
  3. The account has little to no posts of their own.
  4. An unusually low or high engagement rate.
  5. Generic comments and posts.

What is MomTok? ›

One online community of people, known collectively as "Mormon MomTok", has people utterly obsessed. "MomTok" is the nickname given to the thousands of US mothers who have found fame on the popular social media app, and within it, there is another subgroup of Mormon mum bloggers.

Who is the Mormon mom on TikTok? ›

Taylor Frankie Paul is resuming her regularly scheduled TikTok content. After the popular Mormon mommy TikToker was arrested for alleged domestic violence last month in Utah, Paul, 28, made her return to the platform on Saturday with boyfriend Dakota Mortensen in a video documenting their morning routine.

How old are Taylor and Sophia on TikTok? ›

That would make Hill around 21 years old and Watts 20 years old.

What is the drama with Taylor from TikTok? ›

Utah police arrest Taylor Frankie Paul on charges of assault and domestic violence. On Friday, February 17, 2023, officers with the Herriman City Police Department in Utah responded to a domestic violence incident report that led to the arrest of the Mormon TikToker.

What does Taylor from Dude Dad do? ›

He posts sketches, pranks, vlogs, music parodies, and more on a regular basis. He also has a TV show on he Magnolia Network called Super Dad that follows along with him as he helps other dads create amazing backyard projects for their kids. Taylor and His wife Heidi have 3 children and live in Colorado.

What happened to Taylor Holder TikTok? ›

How did TikTok star Tayler Holder injure himself? Taylor Holder sustained a broken nose, shoulder, and ribs following what looked like a dirt bike accident, though that is still left to speculation. Two hours before posting an image of his broken nose, Holder was seen showing off some of his dirt bike skills.

How did Taylor lose her Masters? ›

The masters were acquired when Scooter bought Taylor's former label, Big Machine records. The acquisition does not allow Taylor the creative freedom of owning her own songs.

Who is Taylor Swift husband? ›

He received another BA, in acting, from the Royal Central School of Speech and Drama (2015).
Joe Alwyn
BornJoseph Matthew Alwyn 21 February 1991 Royal Tunbridge Wells, Kent, England
Other namesWilliam Bowery
5 more rows

Does Taylor Swift have a master's degree? ›

An honorary degree is a degree—usually a doctorate like the one Tay just got—that's given to someone who didn't go to that school or didn't complete a similar level of education required to receive the degree. (So, no, Taylor never went to or studied at NYU.)

How much does TikTok pay for 1 million followers? ›

How much money does 1 million TikTok followers make? TikTok creators with 1 million followers or more can expect to make an average of $1,500 per post for branded content. One creator, Jenn Leach, reported earning $88 for 1.6 million views, which works out to 6 cents per 1,000 views.

How much money is 500k views on TikTok? ›

How much money is 500k views on TikTok? TikTok pays approximately $15 for 500,000 views.

Do TikTok influencers make a lot of money? ›

How Much Does TikTok Pay Per Sponsorship? According to Forbes, a TikToker can earn between $100,000 and $250,000 for a branded video, with superstars earning as much as $500,000 per post.

Who is the richest TikTok influencers? ›

Here are 8 of the richest TikTok influencers, ranked by net worth as reported by Celebrity Net Worth and other sources.
  • Will Smith.
  • Charli D'Amelio.
  • Addison Rae.
  • Dixie D'Amelio.
  • Kimberly Loaiza.
  • Spencer Polanco Knight.
  • Zach King.
  • Bella Porch.
Jan 26, 2023

How much does 2 million followers on TikTok pay? ›

An influencer with around 2 million followers might make between $9 – $38 per day. Perhaps it's best not to quit the day job after all! Subscribe to our newsletter for the latest updates on Esports, Gaming and more.

How much does TikTok pay for 1,500 followers? ›

These are then converted to diamonds before being deposited as real money in your account. Further, TikTok pays you if your account holds more than 1500 followers for live shows. Therefore, you can expect to earn around $100 for every 10,000 followers on live shows.

How much does TikTok pay monthly? ›

According to reports from top influencers, TikTok pays around $0.02 and $0.04 for every 1,000 views. These are reports based on payments received through the TikTok Creator Fund. This is a program that TikTok introduced in 2021 in a bid to compensate content creators for creating content on the platform.

How much is 10 million views on TikTok worth? ›

How much does TikTok pay for 10 million views on a video? Since TikTok pays 2-4 cents for every 1000 views, you can make around $400 with 10 million views on TikTok through the creator's fund.

How much is 20 million views worth on TikTok? ›

When comparing the promotional post earnings to the Creator Fund payouts, it was found that influencers earn 500 times more for branded content. For sponsored posts, creators charge between $0.01 to $0.02 per view, which means that creators can expect to earn between $10,000 to $20,000 per million views.

Do you get paid on TikTok live for likes? ›

A lot of people assume that they can earn money on TikTok through likes. However, it is not true. The TikTok likes do have a role in getting paid, but – views and followers – play a more significant role. TikTok pays its creators through the TikTok Creators Fund.

How much does TikTok pay per view? ›

Luckily, a number of the program's top creators have publicized the amounts they've earned through the program. The consensus is that the TikTok Creator Fund pays between 2 and 4 cents for every 1,000 views, which adds up to only $20 to $40 dollars for a million views.

Who is the richest girl on TikTok? ›

1. Charlie D'Amelio. The 18-year-old takes the crown with TikTok's largest following. Charlie D'Amelio rose to fame with her dance clips and has since secured some impressive brand partnerships, ranging from Invisalign, Morphe cosmetics, Dunkin' Donuts, and her own Hulu Series, The D'Amelio Show.

Who is the highest-paid influencer? ›

20 Highest-Paid Instagram Influencers
  1. Cristiano Ronaldo (@cristiano) Number of Followers: 545 M. ...
  2. Leo Messi (@leomessi) Number of Followers: 427 M. ...
  3. Kylie Jenner (@kyliejenner) ...
  4. Selena Gomez (@selenagomez) ...
  5. Dwayne Johson (@therock) ...
  6. Ariana Grande (@arianagrande) ...
  7. Kim Kardashian (@kimkardashian) ...
  8. Beyonce Knowles (@beyonce)
Mar 15, 2023


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