Which bits of advice are legitimate, and which are bunk? Experts weigh in on the worst investment advice they’ve seen on TikTok and other social media.
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1. ‘The FIRE movement is for everyone’ FIRE stands for “financial independence, retire early,” and given how the movement has spread on social media, the acronym is apt.
2. ‘Forget about 401s and IRAs’ There’s a thought out there that boring, long-established wealth-building strategies, such as funding retirement accounts like 401s and IRAs, are outdated. He said acolytes of the strategy argue that precious metals IRAs better protect your money from things like inflation, global supply shortages or a collapse of the financial markets.“The long-term history and performance of gold and silver do not indicate that they are a rewarding asset class,” he said. “There are short-term periods that they might outperform the S&P 500, but over the long term, they don’t make sense to own, especially exclusively or overweight in a portfolio.
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