Life Insurance as an Investment? We Fact-Check the TikTok Trend

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 6 November 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn why life insurance isn't a substitute for a 401(k) and how to spot reliable financial advice on social media. Is life insurance a better investment than a 401(k) for retirement? How can I tell if financial advice from TikTok influencers is reliable? Hosts Tess Vigeland and Anna Helhoski dive deep into the latest viral finance advice circulating on TikTok. With influencers claiming that life insurance is a better investment than a 401(k), investing Nerd Alana Benson joins the show to break down the facts. She explains the critical differences between life insurance policies and retirement accounts like 401(k)s, debunks false claims from influencers, and highlights hidden fees and conflicts of interest that you may miss when seeing financial trends in your social media feed. In addition to the TikTok trend, Tess and Anna cover some of the latest money headlines, including the GDP growth report for Q3, the October jobs report, and upcoming decisions from the Federal Reserve on interest rates. Here are NerdWallet's top picks for whole life insurance policies: https://www.nerdwallet.com/article/insurance/find-best-whole-life-insurance Anxious about the election? Find our special series on how presidential policy could impact your finances at https://nerdwallet.com/podcast In this episode, the Nerds discuss: life insurance vs 401k, TikTok finfluencers, life insurance investment, 401k vs life insurance investing, personal finance tips, retirement planning, social media influencers in finance, financial advice on TikTok, life insurance pros and cons, 401k benefits, how to choose life insurance, spotting bad financial advice, avoiding bad financial advice, financial mistakes to avoid, is life insurance a good investment, TikTok finance myths, financial advice for millennials, and whole life insurance. 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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0:27.7	slash setup welcome to nerd wallets smart money podcast i'm tess vigland in for sean piles and i Welcome to NerdWallet's Smart Money Podcast.
0:39.2	I'm Tess Vigland in Frischon Piles.
0:41.4	And I'm Anna Hilhouski.
0:42.9	And this is our weekly Money News Roundup, where we break down the latest in the world of finance to help you be smarter with your money.
0:49.4	We'll go deep into a single topic, then leave you with the latest money headlines.
0:53.0	But, Anna, before we get
0:54.8	started, I want listeners to know that we are not ignoring the elephant and donkey in the room
1:01.6	today. That's right. There was a big election last night, and we may or may not have final results,
1:07.4	but you won't hear them here because we're taping this on the Tuesday morning of
1:10.8	Election Day. Yes, so we are indeed aware of a big news item in the headlines today. We're not
1:17.4	ignoring it. We just didn't have all the information at the time of taping. I would imagine we'll talk
1:22.8	about it on next week's episode. In the meantime, in case you missed it, we actually ran a four-episode special
1:29.3	series last month on how the presidential election could affect your finances. So we'll put links to
1:35.1	those episodes in today's show notes in case you're feeling anxious about the results,
1:39.2	and you can get an idea for what to expect, or visit nerdwollot.com slash podcast and you can find the episodes
1:45.8	near the top of the page. With that, today we're talking about influencers and the sometimes
1:51.7	not so great advice they give. Yeah, this falls under the category of don't believe everything you
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