Nowadays, it feels like you can find anything on Tik Tok.
What about financial advice?
Of course, you can find that too.
Jordan Belfort, the inspiration for The Wolf of Wall Street, recently answered the following question on Tik Tok.
What’s the best advice to a 25-year old that is working a 9–5, making 60k a year?
His advice was every bit as unorthodox as you would expect.
Jordan Belfort’s Advice
His advice was for the kid to quit his job. He outlined several reasons for his line of thinking.
- You must think bigger
- You’re never going to get rich working for someone else on a salary
- You will die poor the “traditional way”
- You must develop a side hustle
Belfort’s unorthodox advice is interesting for several reasons.
First of all, telling someone to think bigger is generally great advice. Most of us would do well to aim higher most of the time.
Calling a $60,000 per year job a dead-end is much more controversial.
According to the Burea of Labor Statistics, the mean wage in 2020 was $56,310. A 25-year-old making more than average doesn’t necessarily sound like a dead-end job. A lot of people would love to have a job like that at 25.
He did finish off with another great piece of advice, though. Suggesting that people develop a second source of income is a great piece of advice. If 2020 taught us anything, it’s that we never know what the future will bring. Developing multiple streams of income greatly improves your financial security.
Many wise financial minds believe wholeheartedly in multiple sources of income.
Warren Buffett, considered by many to be one of the greatest investors of all time, has this to say about income streams.
“If you don’t find a way to make money while you sleep, you will work until you die.” -Warren Buffett
Disclaimer: This article is not intended to be financial advice. This article is simply offering commentary on a trending Tik Tok. Please visit a financial expert if you require financial advice.