The hot new place for personal finance tips? TikTok – CBS News

TikTok, the Chinese-owned social media app best known for its young users and viral dance videos, is rapidly emerging as a forum for a different kind of moves: What to do with your money.

Search for #personalfinance and you’ll find that videos associated with the hashtag have been viewed 4.3 billion times, while #personalfinancetips content has 33 million views. The proliferation of money talk on TikTok, which has about 1 billion monthly users, points to a swelling audience eager for help on how to handle their money. 

Just ask Tori Dunlap, a money and career coach who is better known on the app as @herfirst100k. Dunlap, who focuses on helping women take control of their financial lives, joined TikTok last July and has since amassed 1.6 million followers. 

“It proved to me that people on TikTok needed this financial advice. I didn’t think Gen Z would care, but they do a lot. It proves it’s needed in a nonjudgmental, nonshaming way,” she told CBS MoneyWatch. 

Dunlap, 26, often addresses topics that include why it’s smart to start investing early in life, how to pay off debt, and tips for job interviewing. The investing and personal finance fields can seem impenetrable “and one reason why women don’t have financial equality and we’re left behind is because we haven’t been taught these things. Our aim is to translate it into English for everybody, especially women,” Dunlap said.

Nicole Victoria, who runs the @nobudgetbabe account with more than half a million followers also wants to empower women in particular to get confident about their finances.

Nicole Victoria, who runs the @nobudgetbabe account on TikTok, is helping her more than 500,000 followers — many of them young women — take control of their finances.

Courtesy of Nicole Victoria


“When it comes to personal finance for women, they’re told to stop shopping and spending money on Starbucks. And when it comes to advice to men, they’re taught how to invest,” Victoria said. “I want people to know that cutting costs is only one piece of it and that you don’t have to give up everything you love to get ahead financially.”

Large follower counts can also open up new revenue streams for the most popular TikTokers. 

Nick Meyer, or @nicktalksmoney, is a 25-year-old certified financial planner with more than half a millions followers on TikTok. He produces educational videos on money and the stock market — on top of his day job as a tax adviser at a small Minnesota-based accounting firm. 

TikTok pays him a nominal sum per video view, which is enough money for “about two weeks of …….

Source: https://www.cbsnews.com/news/tiktok-personal-finance-tips/

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