One woman has advice to help even the least enthusiastic among us with their financial worries. Given the fact that the economy was a top concern in this years election, its no surprise many have tuned in.
TikTok user Marin Scoggin (@marinscogg) laid out her advice in a viral video that has racked up over 1.8 million views and thousands of comments.
“I’m not rich, by any means,” Scoggin explained. “But I just learned how to be smart with my money.”
She then offered up tips for viewers who don’t “want to die poor.”
Financial tips so you don’t “die poor”
Scoggin’s first instruction was very straightforward—get a UFB Direct account. UFB Direct is a branchless, online-only division of Axos Bank. The bank offers 2.00% APY in your checking account, which the website claims is “25x the national average.” UFB Direct is also ranked #4 by consumeradvocate.org for offering the best High Yield Savings Account.
“You apply for it, it takes five seconds, it’s done,” she explained.
Additionally, the woman urged those with savings to put it into a High Yield Savings Account.
“If it’s sitting in your checking account, you’re losing money,” she said.
She also recommended other important financial tools and apps including YNAB for budgeting, and Acorns for investing. She swore by her Acorns account, which rounds up purchases and then invests the remaining change.
Scoggin made sure to remind her viewers that she is not the most financially savvy while dishing out the advice.
“I hate this as much as you guys,” she said while doling out the advice. “I want you to know this is not my thing.”
The TikToker also urged viewers to get a Roth IRA investment account.
“I looked into so many Roth IRAs and this one was the easiest,” she said about Acorns.
She even provided a breakdown of how the app invests users’ money and said her financial advisor cosigned it.
“She said, ‘All of these things and the percentages that they invest into these stocks are exactly what I recommend,'” Scoggin recounted.
Financial advice on TikTok
TikTok is a popular avenue for finance experts (and novices) to offer up advice.
One woman went viral after sharing how to send credit dispute letters to car companies. Viewers also had strong reactions after a “doomsday prepper” offered tips on how to survive a banking system collapse. Other users have offered insights on everything from making used car purchases, to dealing with high water bills.
Viewers respond
In the comments section, many commended Scoggin for understanding her audience.
“’Don’t get bored’ right after I opened the comments to zone out,” one user wrote about how tedious videos about financial advice can be.
“This is how I always need to be talked to,” another commented.
@marinscogg My financial advisor told me this and im telling u for free im so fr lock in #greenscreen ♬ original sound – Marin Scoggin
Many also cosigned Scoggin’s financial tips.
“Acorns has saved me more than once in hardships. Had enough in one year to take out when I lost my job,” one person said.
The Daily Dot reached out to UFB Direct, Acorns, YNAB, and Marin Scoggin via email.
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The post ‘Get a UFB direct… You apply for it. Takes 5 seconds. It’s done’: Woman says you should always get a high-yield savings account. Is that true? appeared first on The Daily Dot.