Can you actually get good, sound money advice from TikTok? In this video, I review some of the most popular TikToks there are when it comes to online business, and let you know whether they are legit or not.
I became a millionaire by the time I was 30, I was not born rich, and I am a very conservative investor. With that being said, let’s dive into money talk!
1. ‘Passive Income’ Is a Scam
The first victim goes by the username @paik4president. In his video, he focuses primarily on people who make money from being a landlord. Paik claims that instead of making passive income, landlords make “stolen income” simply because they “have a piece of paper saying they own a house”.
At first, I agreed with Paik! Being a landlord isn’t passive; you have to deal with tenants, repairs, etc. Then, he started to take a more political slant. In short, investing your money is how you become financially free — there’s no other way around it. You cannot save your way to retirement; you cannot earn your way to retirement.
In this example, investing in a property and capitalizing off the appreciation of the house is not stealing the tenant’s money. You took the risk to invest in the property and earned that sheet of paper!
If this guy ever wants to achieve financial freedom, he’s going to have to start thinking in terms of good capitalism. It’s all about investing your money, caring for your tenants, and building your wealth!
2. Workin’ At The Car Wash
In this video, @hannah_ingram shows herself emptying the various vending machines and bill collectors she has at her carwash. It is amazing how many quarters she dumped from each machine! I’m talking about bags and bags of cash and coins!
I assume that owning a carwash is pretty automated. As long as nothing breaks and all the machines are stocked up, it is a great passive business! In the video, Hannah said she makes about $1,300 a week. I’m curious to know what her overhead is and if she bought the property…