Not too long ago, I discovered a Twitter account that looks at some of the cringy financial Tik Tok advice out there. It’s a lot of the things you would have seen (and still see) on YouTube and Instagram. Young, mostly white, mostly male influencers peddling crypto, NFTs, options trading, and various other get-rich-quick schemes. They have extremely high-risk tolerances and look down on everyone for not doing the same things they’re doing. They get “it.” And if you don’t get it, well, then you’re just stupid.
I have a pretty large dislike for these types of influencers. To be fair, I am getting older, so it’s possible I’m just a crotchety old guy now, but I also don’t think I’ve reached that “get off my lawn” phase of life yet. Even if I was still in my 20s, I’d still get probably get annoyed at a lot of these people.
I think my beef really comes from their lack of humility. I know, they have a shtick they have to put out there. Maybe they aren’t like that in real life. But that type of persona – the I’ve discovered the secret and you’re stupid if you don’t follow me – just rubs me the wrong way.
Of course, there are people out there who are giving good, financial advice – telling people to do things like increase their income, save more money, invest wisely, and do all of these things over the long haul. I don’t have a beef with any of those Tik Tokers. That’s the right way to do things. Slow and steady. Building a habit. Enjoying the journey along the way.
The thing I’ve noticed with these cringy get-rich-quick Tik Tok influencers is that they’re all about making big bets. Go all-in on crypto. Or put it all on NFTs. Or go big on something else. Desperate people are looking for ways out. So when someone with so much confidence tells them there is a way out -and a way to get out quickly – they jump on it. Some will make it too. Some won’t. Whether or not it works out, I think is beyond the point.
Here’s my philosophy on pretty much anything in life. Everything takes time. Things don’t usually move fast. But if you can give yourself enough time, you’re almost assured to see good things start to happen.
And – I think this is important – if you’re going to make big bets (which is all fine and good), at least bet on yourself first before you bet on someone else.
I’m Not Against Big Bets
I’m not against making big bets. Of course, I don’t have the ludicrous, hyper-risk tolerance of these Tik Tok influencers (putting their life savings into the latest crypto or meme stock or NFT is not for me). But I’ve made big bets in my life too.
Perhaps the biggest bet I ever made from a money perspective was quitting my job 3 years ago to see what I could do with this whole blogging and writing thing. It’s had its ups and downs. I’m probably never going to make as much as I could have made if I stuck it out as a lawyer.
But here’s the thing. While I didn’t necessarily know what I was doing when I made this bet on myself, I at least went into it knowing that I wasn’t doing anything that was going to make me rich overnight (or make me rich ever).
It took time. I’m never going to write a post telling you how you can start a blog and make tons of money on it starting tomorrow. Things just don’t work that way. I bet big on myself, but I gave myself years before I was even in a position to try to make a real go of it.
We All Bet On Ourselves Already
The interesting thing about big bets is that we all do it. When you get married or have kids or go to school, you’re making a huge bet that you’ve found the right partner or that you can handle kids or that you’re studying something that you want to do. These are all-in decisions we make. Some of them let you take back your decision, but it’s going to cost you. Some you can’t take back at all
Education and career choices are probably where we make our most obvious financial bets. I spent $87,000 and three years of my life to go to law school. It gave me a five-year career and I earned enough to save a good amount of money and pay off my loans. But ultimately, this big bet didn’t go the way I thought it would. It was a mistake, a sunk cost for me to learn who I was and what drove me.
My wife made an even bigger bet on her education. When you add up her tuition and the opportunity costs of her education, she ended up spending over $800,000 and 8 years of her life to get into her career. Not to mention she bought a practice after she graduated.
These are big bets we made. Huge, risky bets even. But if we were going to bet big, we at least bet on ourselves. Isn’t that what we should be doing?
We Need To Be Patient – And Have Some Humility Too
The get-rich-quick influencers might have real things they’re peddling. Maybe they truly believe that they’re helping people by giving them this secret information that they know (all you have to do is buy their course or join their premium membership Discord channel).
But most of the time, these influencers are looking for views and attention. And to do that, they need to tell you that what they’re doing is easy, that you can do it quickly, and that they know for sure they are right and everyone else who tells you otherwise is wrong. You’re not going to get a lot of attention telling people to save money, invest slowly, and be patient. And you’re definitely not going to get a lot of attention if you tell people that you don’t know what’s going to happen in the future.
I don’t know how you can get rich overnight. I know nothing about crypto or NFTs or meme stocks or options trading or whatever other fancy finance things some Tik Toker makes a video about. Maybe I’m just one of those people that don’t get it. But that’s the truth. I don’t know everything.
The only thing I do know is that if you give yourself time, most of the time, you’ll probably do okay. And yes, you should make huge, crazy bets. But bet on yourself first.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on October 31, 2022. As long as you get your account opened before October 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($350) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fifth Third Bank ($250) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
- Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
- One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- Upgrade Bank. Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Note that it’s now scheduled to end on October 31, 2022.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Big Fake it till you make it energy out of those accounts. I’ve stopped looking at Finance twitter for that reason. Insufferable at best, dangerous at worst.
I’m 60+ and appreciate all of your articles, particularly the ones that offer life-lessons and guidance for the younger crowd. Many have no appreciation of the opportunities they have at this point in time, nor do they recognize it isn’t guaranteed to continue.
Well said!
Ughhh I refuse to get on Tiktok. It is scary from what I can see, what’s circulating around there, in terms of news/advice.
Why does it Matter that they’re mostly white?