🙃 The get-rich-quick scheme that wasn’t

Plus, good money advice for children — and their parents.
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Ellevest
What the Elle logo

IT’S NO GLITCH

How a viral TikTok trend got people to commit check fraud

Bad financial advice can ruin your life. At best, it can lose you some money. At worst, it can totally bankrupt you — or even get you in trouble with the law.

We saw this latter scenario play out all over the internet last week when a viral “infinite money glitch” encouraged TikTok users to basically commit check fraud. The glitch? Write yourself a large check, deposit the nonexistent money into your account, and then quickly withdraw the cash.

Now, those users may face fraud charges.

The “infinite money glitch” didn’t expose a flaw in the banking system, as those users thought. It exposed a failure of financial literacy.

From “financial experts” who tell you that your only barrier to homebuying is your latte budget to amateur day traders encouraging you to dump all your money into a single stock, bad financial advice on the internet is diffuse. Separating the good advice from the bad advice is difficult — there are plenty of people parading themselves as experts who have no credentials whatsoever. So, here are two lessons we can take away from this fraudulent TikTok trend.

One, it’s important to talk about money early and often. (With everyone in your life.)

And two, anyone selling you a get-rich-quick scheme is selling you snake oil. There are no guaranteed get-rich-quick schemes. At Ellevest, we believe the best way to build wealth is by investing regularly and working with a financial planner on a strategy that helps you hit your goals. We designed our financial planning packages to help you not only build wealth, but also build the life you want.

Get started today — your initial consultation with an Ellevest CFP® pro is on us.

Book your complimentary call
 

“Financial planning is about delivering a client into freedom. Every person has a dream of freedom, and they ought to be living it. And that goes for people who don’t have any money, people who are in debt, as well as people who have lots of money.”

— George Kinder, the father of the “life planning” movement, a branch of financial advice that connects a person’s finances to their dreams, goals, and values. That’s how we practice it at Ellevest. If you’re ready to find your own version of freedom, book a complimentary 15-minute consultation with an Ellevest financial expert.

 
 
 

Get to ‘em before TikTok does

Kids form their money habits by age 7. Here’s how to start talking to the kids (or really, anyone) in your life about money ASAP.

Start ‘em young >

Text that reads, “September 2024 Monthly Market Insights”
 

AI, Fed policy, and August volatility

August was a historically volatile month. Why? Ellevest VP of Private Wealth Investments Ankur Patel breaks it down.

Read September Market Insights >

 

Zoom in to this week’s events

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Tweet by Matt Bellassai that reads, “Been making coffee at home instead of getting starbucks for two months which according to economists should’ve made me a billionaire by now so what is happening.”
 

Our reading log

This newsletter was brought to you while practicing the Electric Slide. Forward it to your friends who binge-watched “The Perfect Couple” over the weekend.

DISCLOSURES
 
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
© 2024 Ellevest, Inc. All Rights Reserved.
All opinions and views expressed by Ellevest are current as of the date of this writing, are for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.
Information was obtained from third-party sources, which we believe to be reliable but are not guaranteed for accuracy or completeness.
The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities, and should not be considered specific legal, investment, or tax advice.
The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.
Investing entails risk, including the possible loss of principal, and past performance is not predictive of future results.
Ellevest, Inc. is a SEC registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Ellevest fees and additional information can be found at www.ellevest.com.
 
 
 

Older messages

✅ Your fall money to-do list is here

Thursday, September 5, 2024

Plus, do you have to buy a home to build wealth? ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏

💡 What is “money dysmorphia”?

Thursday, August 29, 2024

Plus, a workshop giveaway and the big headline of summer 2024. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

😵‍💫 The “M-word”

Thursday, August 22, 2024

How women are using their financial power to demand the world act like menopause exists. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌

🔥 Not “fine for now”

Tuesday, August 20, 2024

Plus, mini-retirements, sexy menopause, and how to find the right financial planner. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏

🥇 When “gender parity” isn’t enough

Thursday, August 8, 2024

Plus, volatile markets and menopause in the workplace. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏

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