Andy Wang was quoted in a Forbes article by Kelly Anne Smith, Forbes Advisor Staff.
How To Spot Bad Money Advice On TikTok— And Where To Look Instead
From learning the shuffle dance to 60-second comedy skits, you can find video content for nearly anything on TikTok—including how to manage your finances.
As one of the most popular apps on earth, TikTok has become a compendium of money management tips. The hashtag #personalfinance currently clocks in at 4.2 billion views while #personalfinancetips has 30.3 million views.
Unfortunately, billions of views doesn’t add up to good advice.
Andrew Wang, financial advisor and managing partner at Runnymede Capital Management in Mendham, NJ, adds that users should also be thinking about what type of stocks are being recommended to them (Wang has his own small TikTok account where he occasionally posts videos of him singing and speaking about general personal finance concepts).
“You have to think about who’s actually benefiting from the advice: You or the creator?” Wang says. “If it’s a penny stock with very little trading volume, that just becomes a potential vehicle for pump and dump, which is illegal. Those are some red flags that should be going off.”