Hack or Hoax? Spot Social Media Money Tips That Actually Work

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 2 October 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Learn to spot risky social media money “hacks” and discover safe, effective financial strategies to follow instead. Are social media money hacks reliable? Are financial influencers trustworthy? Hosts Sean Pyles and Anna Helhoski dive into the world of viral social media money hacks. They break down a recent TikTok trend that encouraged risky and illegal financial behavior, leading to disastrous consequences for some users. They highlight the dangers of following influencer advice blindly and explore how certain tried-and-true financial methods have been rebranded as trendy “hacks,” offering practical tips for distinguishing between solid financial advice and internet gimmicks. Then, Sean and Anna break down the latest money headlines, including inflation rates showing signs of cooling, a major lawsuit filed against Visa by the Department of Justice for antitrust violations, and the FTC’s settlement with Invitation Homes over unfair rental practices. Read NerdWallet’s article on how to compare two options to consolidate debt: a balance transfer credit card and a personal loan. https://www.nerdwallet.com/article/loans/personal-loans/debt-consolidation-credit-card-balance-transfer In their conversation, the Nerds discuss: money hacks, social media money hacks, viral TikTok trends, personal finance tips, budgeting methods, check fraud, cash stuffing, debt snowball method, no-spend challenges, low-spend challenges, TikTok financial advice, saving strategies, budgeting trends, money saving tips, debt repayment methods, financial literacy, viral money tips, financial trends, money management, financial influencers, saving vs spending, check kiting scam, debt avalanche method, CD ladder strategy, budgeting tips, thrift store flipping, grocery hauls, social media finance, budgeting apps, financial scams, viral finance tips, credit card rewards, personal finance trends, debt consolidation, debt repayment tips, saving challenges, smart spending, and envelope system budgeting. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
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0:27.7	slash setup welcome to nerd wallets smart money podcast i'm sean piles and i'm on a hell husky Welcome to Nerd Wallet's Smart Money podcast. I'm Sean Piles. And I'm Anna Hill Hoski. And this is our weekly
0:42.8	Money News Roundup, where we break down the latest in the world of finance to help you be smarter
0:47.2	with your money. We'll go deep into a single topic and then leave you with the latest money
0:51.4	headlines. Today we're talking about social media money hacks and trends.
0:55.7	Yep, and there's a shocking twist.
0:58.1	Your average influencer might not give the best advice about money, Sean.
1:02.5	Shocking.
1:03.6	In early September, a TikTok money hack went viral when it encouraged bank customers to do this.
1:09.1	Step one, write and deposit checks for amounts greater than your balance into your bank account.
1:14.5	Step two, withdraw the money from ATMs before the check bounced.
1:18.3	Yeah, so that two-step money hack was actually check fraud, and it didn't turn out so well
1:24.5	for people who did it.
1:25.7	The banks ended up charging accounts for the
1:27.6	stolen money or putting holds on them so people ended up with massive negative balances.
1:32.7	Don't do fraud, people. Please do not do fraud, no matter what a social media influencer tells
1:38.6	you to do. That being said, there is some decent advice out there that rebrands time-tested methods of budgeting,
1:45.7	investing, and saving. A recent nerd wallet survey conducted by the Harris poll showed how familiar
	...

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