Damian Stancombe doesn’t have enough twitter followers- follow him – he’s always got a contrarian view and like my good friend David Harris – isn’t afraid to share it. Here he is commenting on my recently published blog on the value of Ellie Kimes saving regulatly into her self-employed pension pot.
Ellie needs to be more Tori https://t.co/QRssgf6jdZ
— Eudaimonia Man (@DamianStancombe) January 23, 2022
I’m not sure how seriously Damian wants me to take him. I did take a look at Tori’s strategy.
Speaking on her TikTok page herfirst100k, Tori said: “I’m financially independent, which means I never have to work a day in my life if I don’t want to.
Her first 100k TikTok feed tells me and her other followers that you can be financially independent of work at 26 if you are Tori Dunlap. With the best will to Ellie – she’s no Tori Dunlap (and she probably wouldn’t want to be).
But that doesn’t make Tori a good person to follow. She clearly knows her stuff and is leading people away from speculation into smart tactics like negotiating salary increases, running businesses on the side (side hustling) and investing today – not tomorrow.
And she maxxes out here Roth IRA (US for personal pension) every year.
What’s more, she has an independent platform and doesn’t have to listen to the likes of me, John Ralfe, Guy Opperman and Steve Webb gabbing on about how we should be engaging the Tik-Tok generation.
Influencers like Tori don’t get much airtime in the UK because they get stomped on by the FCA. The FCA were busy stomping on influencers last week , investigating the consumer journey into high-risk investments – specifically crypto-currency
But Tori isn’t making her money from scamming , she’s making her money advertising products to her 2 million Tik Tok followers. Here is how she does it.
@herfirst100k click + if you believe in pay transparency!! #contentcreators #salarynegotiation #moneytoks #manifestingtips #socialmediatips #igcaptions ♬ Rumors (feat. Cardi B) – Lizzo
This degree of enthusiasm and transparency is not something I think the FCA have a way of thinking about. What if Tori were to start delivering that style of delivery to promote pensions in the UK (think about it).
If we want more people to invest like Ellie (hopefully a bit more next year Ellie) then we may need some homegrown Tori Dunlaps. (Oh and Tori’s 2m followers don’t put her close to the top influencers).
As it is, the world of Tik- Tok and Instagram does not include many financial services promotions. But firms like Pension Bee and Penfold are getting there (albeit a little less assertively)
@greatinvestments Reply to @createinghyt #pension #pensioner #sipp #isa #howtoinvest ♬ original sound – Alpesh Patel
@frugallyfun Pensions are awesome, I rate Penfold – tell them i sent you 👍 #foryoupage #personalfinanceuk #personalfinance #personalfinancetips #ukmoney ♬ Pieces (Solo Piano Version) – Danilo Stankovic
@theswimwearstartup 3 things I’m INVESTING in for 2021 🔐💸 #investinyourself #pension #penfold #2021 #selfdevelopment #moneymindset ♬ Money (amended) – Cardi B
None of these Tik-Toks should give the FCA any problems, they are advocating sensible behavior and would pass any financial promotions test.
Creators (influencers) like Cazza are out there giving out information on everything from buy to let to the Lifetime Allowanace
A new world – a new way
But there are other less benign influencers out there
@krish.kara Make 500,000% Interest #fyp #cryptok #bitcoin #coinbase #staking #money #altcointok #cryptoforbeginners #investing #passiveincome ♬ Bloody Samaritan (Cover ver) – BabyC
Sorting out the get rich quick squad from the Tori Dunlaps and Cazzasisn’t easy for the FCA and it isn’t easy for impressionable youngsters.
We are looking to bring 18-22 year olds within the scope of auto-enrolment. If we do, then we are going to find they are going to get a whole lot more interested in what goes on with money they don’t get to spend.
Which is why I’m taking Damian seriously!