THE RISE OF €˜FINFLUENCERS€™: ARE TIKTOK MONEY GURUS LEGIT OR SCAMS?

The Rise of ‘Finfluencers’: Are TikTok Money Gurus Legit or Scams?

A couple of years ago, I was doomscrolling TikTok at 2 a.m. (because who hasn’t been there?) when I stumbled across this guy in a flashy suit, standing in front of a Lamborghini, promising I could “quit my 9-to-5 in just 30 days” if I followed his investing “hacks.” My broke college student self perked up. I mean, who doesn’t want to sip coffee in their pajamas while money magically piles up? But then he started talking about crypto, day trading, and some sketchy-sounding “system” that felt like it was one step away from a pyramid scheme. I didn’t bite, but I couldn’t stop wondering: are these TikTok money gurus—finfluencers, as they’re called—actually legit, or are they just modern-day snake oil salesmen?

Let’s back up. The term “finfluencer” is short for “financial influencer,” and it’s exploded alongside TikTok’s rise. These folks post bite-sized videos about budgeting, investing, or “getting rich quick.” Some are dropping tips on Roth IRAs or how to save for a house. Others? They’re hyping up crypto coins with names like DogeMoonRocket or telling you to YOLO your life savings into a single stock. It’s a mixed bag, and that’s putting it mildly.

In my experience, scrolling through TikTok’s #MoneyTok or #FinanceTips feels like walking through a digital carnival. There’s bright lights, loud promises, and a vague sense that someone’s trying to pick your pocket. One minute, you’re learning how to set up a high-yield savings account (actually useful!). The next, some guy’s telling you to drop $5,000 on his “exclusive trading course” that’ll “guarantee” you millions. Spoiler: if they’re promising guaranteed millions, they’re probably not selling advice—they’re selling hope.

Here’s the thing, though. Not all finfluencers are out to scam you. Some are legit. I’ve come across a few who break down complicated stuff—like compound interest or 401(k) matching—in ways that don’t make my eyes glaze over. For example, there’s this one creator, @MoneyWithMaggie, who uses skits to explain budgeting. She’s like, “Imagine your paycheck is a pizza. Don’t eat it all in one night!” It’s cheesy (pun intended), but it sticks. Then there’s folks like @TheFrugalInvestor, who shares how he paid off $20,000 in debt by cutting small expenses, like skipping overpriced lattes. These creators feel real. They’re not flexing private jets or promising you’ll be a billionaire by Tuesday. They’re just… normal people who’ve figured some stuff out.

But then there’s the dark side. I might be wrong, but it feels like for every helpful finfluencer, there’s ten more who are, at best, clueless—or, at worst, straight-up grifters. Take the crypto bros. They’ll hype up some random token, say it’s “going to the moon,” and conveniently leave out that they’re getting paid to promote it. (Yeah, that’s a thing—check the fine print in their bios for “#ad” or “#sponsored.”) Or the day-trading gurus who show off their “wins” but never mention the losses. Fun fact: studies, like one from the University of California in 2021, show that most day traders lose money—about 80% of them. Yet these finfluencers make it sound like you’re one trade away from buying a yacht.

And don’t get me started on the courses. I once clicked on a link from a finfluencer’s video (curiosity, not cash—promise). It led to a $999 “masterclass” that was basically a rehash of free YouTube tutorials. Honestly, I wasn’t sure whether to laugh or cry. The worst part? These courses often target people who are desperate—folks drowning in debt or dreaming of financial freedom. It’s like preying on someone’s hope, and that’s what makes my blood boil.

So, how do you tell the good from the bad? I’m no expert, but I’ve noticed a few red flags. If they’re promising “easy money” or “secrets the banks don’t want you to know,” run. Real financial advice isn’t sexy—it’s boring, like “save 10% of your income” or “diversify your portfolio.” Also, check their credentials. Are they a certified financial planner (CFP)? Or just some dude with a ring light and a dream? And always, *always* follow the money. If they’re pushing a product, course, or crypto coin, chances are they’re profiting off your clicks.

The tricky part is, TikTok’s algorithm doesn’t care about truth. It rewards flashy, bold claims because they get views. That’s why the sketchy finfluencers often drown out the good ones. It’s like trying to find a healthy meal in a fast-food joint—possible, but you’ve gotta dig.

I’ll be real: I still watch MoneyTok sometimes. It’s entertaining, and every now and then, I learn something useful. But I’ve learned to take it with a grain of salt. Or, like, a whole salt shaker. The best advice I’ve ever gotten wasn’t from a 60-second video—it was from my dad, who sat me down and said, “Don’t spend what you don’t have, and don’t trust anyone who says wealth is easy.” Boring? Maybe. But it’s kept me out of trouble.

So, are finfluencers legit or scams? Some are genuinely trying to help, sharing tips that can set you on a better path. Others are just chasing clout or your cash. The truth is, no one’s going to hand you financial freedom in a TikTok video. It’s on you to do the homework, ask the hard questions, and maybe skip that $7 latte once in a while. What do you think—have you ever been tempted by a finfluencer’s pitch, or do you just keep scrolling? 😃