Yahoo Finance Influencers are hawking dubious financial advice — and getting rich doing so
Welcome to Tuesday, readers. I'm your host, Jordan Parker Erb. Today we're talking about a trend that, if you spend much time on social media, you've probably already noticed: A new era of get-rich-quick schemes has arrived.
On TikTok and YouTube, "passive income" side-hustles have skyrocketed in popularity. Influencers are promoting gigs that promise to help you make money while you sleep — but are much harder than creators are letting on.
Below, I'm giving you a look at the new guard of influencers who claim that "making $10,000+ a month is not that hard."
Let's dive in.
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1. Influencers are luring followers with deceptive promises of side-hustle riches. On TikTok and YouTube, influencers are getting rich while spreading dubious financial advice for how to make money fast — and failing to give viewers a full picture of the risks involved.
These creators are touting eye-popping incomes of their own. On TikTok, one video with over 15 million views claims that "making $10,000+ a month is not that hard."
Followers can make hundreds — if not thousands — of dollars in passive income by renting out property, day-trading, or dropshipping, influencers say. But in most cases, the risks associated with the side-hustles they promote are hidden or barely referenced.
Instead, creators sell courses that promise to teach people how earn money through passive income — helping them get rich while selling the dream of easy cash.
These financial influencers are drawing in a lot of young people: A recent survey found that 34% of Gen Z consumers obtain financial advice from TikTok, while only 24% of this age group seek advice from financial advisors.
Inside the rise of side-hustle hucksters.
In other news:
2. Wall Street is skeptical about Netflix's new ad-supported tier. After months of subscriber losses, the streamer is under pressure to prove its new Basic with Ads subscription can stop the bleeding. With Netflix reporting earnings today, here's what analysts are looking out for.
3. Microsoft quietly laid off under 1,000 employees. According to people close to the company, cuts are widespread — affecting the Xbox division, the Strategic Missions and Technology org, and more. Get the details here.
4. A tech CEO sparked controversy after calling overemployment a "new form of theft and deception." In a now-viral LinkedIn Post, the CEO said the company had fired two engineers who were secretly working two full-time jobs simultaneously, saying "this isn't some fun new social trend." Here's what else the CEO said.
5. These biotech VCs are reshaping the industry's future. New investors are joining the ranks of biotech venture capitalists every day, and bringing new ideas with them. From firms like Andreessen Horowitz and Axial VC, we identified more than a dozen investors who are writing biotech's next chapter. Meet 16 up-and-coming VCs here.
6. In a 6,000 word memo, Binance's CEO explained his management style. Changpeng Zhao, the CEO and founder of the world's biggest cryptocurrency exchange, outlined his principles for running the company, including why he doesn't verbally compliment workers. Read eight other takeaways from his memo.
7. The world's second-richest man sold his jet after people began tracking it on Twitter. Bernard Arnault, the CEO of Louis Vuitton, is just the latest billionaire to express concern over jet-tracking on social media. Now, he says, he rents the private jets instead.
8. Mark Zuckerberg is taking aim at the green and blue bubbles of Apple's iMessage. Google bashed Apple on this topic earlier this year. Now, Zuckerberg has slammed iMessage — and says WhatsApp is "far more priavte and secure." Here's the latest.
Odds and ends:
9. Jeep just revealed its first all-electric SUV. The Jeep Avenger is one of four battery-powered SUVs the company has promised will arrive by 2025. Check out the Jeep Avenger.
10. A startup is building rentable 3D-printed homes in Southern California. The built-to-rent prefabricated homes are made with recycled plastics, and will pop up at three sites throughout Southern California. See what they'll look like.
What we're watching today:
Netflix, Goldman Sachs, and others are reporting earnings. Keep up with earnings here.
Actor Kevin Hart and tennis player Serena Williams will speak at the TechCrunch Disrupt event this week.
Adobe MAX, The Creativity Conference, is happening through Oct. 20.
Lenovo Tech World is being held virtually today.
Today is the 100th anniversary of the BBC.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.)
Read the original article on Business Insider
