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Uploaded:2021-05-11
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In this episode, Chelsea dissects various pieces of money advice that have gone viral on TikTok, Reddit, or other platforms, and how they range from unhelpful to downright dangerous.

Short squeeze: https://www.investopedia.com/terms/s/shortsqueeze.asp#:~:text=What%20Is%20a%20Short%20Squeeze,pressure%20on%20the%20stock's%20price
https://www.disnat.com/en/learning/trading-basics/stock-basics/what-causes-stock-prices-to-change#:~:text=If%20more%20people%20want%20to,and%20the%20price%20would%20fall

Lack of disclaimers on stock advice: https://www.techradar.com/news/tiktok-influencers-exposing-millions-to-misleading-stock-tips-and-financial-advice

TikToks referenced:

https://www.tiktok.com/@justhomesgroup?referer_url=https%3A%2F%2Fwww.vox.com%2F&referer_video_id=6907256262279318790
https://www.tiktok.com/@justhomesgroup/video/6907256262279318790?referer_url=https%3A%2F%2Fwww.vox.com%2F&referer_video_id=6907256262279318790&is_copy_url=0&is_from_webapp=v1&sender_device=pc&sender_web_id=6919527603696354822
https://www.tiktok.com/@iamcurtisray/video/6890646356289965318
https://www.tiktok.com/@ceowatchlist/video/6903696044417207558?lang=en

IRS on business expenses: https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses

S corporations: https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations
https://bench.co/blog/operations/s-corporation/

Fidelity on debt: https://www.fidelity.com/spire/investing-paying-off-debt

Living off debt: https://www.bloomberg.com/news/articles/2020-12-04/viral-tiktok-videos-with-personal-finance-advice-may-not-be-the-most-trustworthy

Credit card interest: https://www.creditkarma.com/credit-cards/i/how-does-credit-card-interest-work

Being your own boss: https://www.forbes.com/sites/carolinecastrillon/2019/01/22/five-signs-its-time-to-be-your-own-boss/?sh=4a5a9fc42a2a

Self employment stress: https://academicworks.cuny.edu/cgi/viewcontent.cgi?article=1277&context=gc_pubs

FIRE subreddit: https://www.reddit.com/r/financialindependence/

FIRE during COVID: https://www.forbes.com/sites/jrose/2020/05/19/did-coronavirus-destroy-the-fire-early-retirement-movement/?sh=3f683d0b555d

Watch more of The Financial Diet hosted by Chelsea Fagan here: https://www.youtube.com/playlist?list=PLD30V46E07RR99cC0gCjKUbt-BKoDUcnc

The Financial Diet site: http://www.thefinancialdiet.com

Facebook: https://www.facebook.com/thefinancialdiet
Twitter: https://twitter.com/TFDiet
Instagram: https://www.instagram.com/thefinancialdiet/?hl=en
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