Investment Analyst Reacts to Finance TikToks - Part 7

Diving back into to the world of TikToks to see what knowledge we can gleam.

My name's Richard Coffin, I'm an investment analyst with my Chartered Financial Analyst and Certified Financial Planner designations, registered with the Ontario Securities Commission as a portfolio manager.

DISCLAIMER:
This channel is for education purposes only and is not affiliated with any financial institution, although Richard does work as an employee for an investment manager. Richard Coffin does not provide recommendations on The Plain Bagel - those looking for investment advice should seek out a registered professional. Richard is not responsible for investment actions taken by viewers

[ThePlainBagel]

Quick Correction: in the first tax TikTok, I mention needing to be incorporated to deduct expenses. This was a mistake - I meant to say you generally need to be self-employed, which doesn't require incorporating (you can deduct expenses as a sole proprietor). Apologies for the slip up.

[KoboldAdvocate]

How to grow a portfolio from 500 dollars to 4.7 million dollars:
1. Put 500 dollars into an account
2. Put another 4.7 million into that account

[samuelbrown]

Stability is a result of our economy's struggles with uncertainty, housing issues, foreclosures, global volatility, and the pandemic's consequences. To restore stability and promote growth, all sectors must respond quickly to concerns about growing inflation, slow growth, and trade disruptions

[dylanschang]

“Just pick the best individual stocks bro” is the same as saying “just bet on the correct number on the roulette wheel”

[robby]

"Everything is tax deductible until you get audited" - The Money Guy

[Russell_Nash]

I love that last "advice"
1. Be given $300/month from parents.
2. Invest it in something that pays 10% a month.
OH!!!! so all I have to do is receive free money and invest it into something that provides unbelievable amounts of returns. OF

[alesssandrocolcerasa]

11:25 Yeah, why does no one copy the queen of england's investment strategy of being born into the royal family? We're clearly all thinking too small

[williamcloutier]

As a CPA, I often come across the "spending to save taxes" idea, which is a bit stupid if the "spending" is discretionary. Spending 80% of a dollar to save 20% of it. Want to improve your bottom line? Don't spend if you don't have to.

[Nixitur]

Cardone really just said "yeah, just get $300 allowance a month as a 14 year old, easy" and didn't even blink, what a ridiculous person.

[timelston]

I suspect Kawasaki realized he could make more money selling fear than investment knowledge. He checked in his integrity and went all in on grift.

[badluck]

Robert Kiyosaki has been using his fame from "Rich Dad, Poor Dad" to sell bad and unethical financial advice for decades.

[JeredtheShy]

The most important thing to understand about an influencer teaching you anything is that they can just lie. Tax guy can be telling you one thing while doing something else. "$4million portfolio" woman can have a negative net worth and her entire portfolio is just a faked up picture. They can just lie, and if they're ever caught out they can act like YOU are the stupid one because they're "just telling stories" or whatever. They can lie and lie and lie with no consequences, so they do.

[neuvocastezero]

The camera glance after "...to millions of dollars!" was worth the whole viewing.

[BharathAithalQC]

Grant forgot the fact that Goldman Sachs needed Buffett to save their arse in 2008.

[christophernoneya]

I love how social media is convinced "writing taxes off" applies to anything regardless of how tangential it is to your business, and they often act like its free money when the stuff they talk about would result in maybe 100$ back at the end of the year if they're lucky

[smjaiteh]

Brian Rose and Grant Cardone in the same Tiktok feels like someone needs to summon Coffeezilla from the Vatican for an exorcism.

[evenbe]

The hero we wanted and needed. These videos is a wiff of fresh air in an otherwise thick moisty fog which is the finance space. I've been active in it for over 6 years now and the amount of bs i've witnessed over that period... In other words, your harsh reality content is very much appreciated and puts a smile on me face. Keep it up my favorite pastry👊

[MarztheStoic]

Bro if these are the people who are giving financial advice we're cooked. My favorite quote from Charlie munger - If we sell horse manure we don't pretend it's the cure for cancer.

[appalachiabrauchfrau]

Oh man, imagine you call your landlord to come out and fix your AC or take a look at the water heater and a fifteen year old in a Fortnite shirt shows up at your doorstep. I am *cackling*.

[DAG_]

The phrase "everybody is an idiot except for me" is the motto of the day. I consider myself lucky for having low enough self esteem that I've always invested with caution and an approach of learning, balanced with distrust of any single person or group. If you care about your money, treat it with care!