As a financial coach and therapist, I am quite active on social media. My feed is full of personal finance hacks to help you earn money quickly for this holiday season. Some advice is good, but some advice can be risky or, in some cases, illegal.

I’ve seen Instagram Reels encouraging followers to blindly invest in certain stocks. And earlier this year I saw TikTok videos about it The Chase Bank “hack” to get free money. Chase Bank suffered a system-wide glitch that allowed people to write fake checks to themselves, deposit them through ATMs, and withdraw the money immediately. This was not a “money hack”. This was bad advice that promoted check fraud, a crime.

The worst financial advice on social media isn’t that extreme, but some hacks are even scams it’s not worth the time or investment. it can still be dangerous and a financial setback. Before you start trusting financial advice from social media influencers – not experts – in the hopes of having some extra cash to holiday salesstop. I’m here to help you spot the “tricks” that can quickly ruin your vacation.

Learn more: Financial anxiety? Here are the expert tips I followed to manage my finances smartly

Always do your research

Don’t make a major financial decision based on a 30-second TikTok video. Instead, take the time to research the topic and ask questions.

For example, a simple Google search for the Chase problem would have brought up news articles explaining that this “money hack” was actually check fraud.

Find credentials

TikTok and Instagram can be useful, but they are primarily sources of entertainment. Financial advice can be redundant and boring, so social media influencers may be inclined to “make it interesting” by giving risky advice.

I recommend seeking out a certified financial planner, financial coach, accountant, or certified public accountant. You may choose to follow them on social media rather than influencers to ensure that the advice you receive is not risky.

Run away from “free money”

If something seems too good to be true, it probably is. An influencer sharing a way to earn “free money” is likely trying to sell you an investment opportunity or multi-level marketing scheme that might encourage you to try something illegal.

The legitimate means by which you can earning money are generally slow: earning interest on your savings, growing your 401(k) or earn passive income.

Learn more: Beware of these sneaky banking scams

Consider the risks, not just the reward

As a financial therapist, I have seen the impact of stress on my clients’ decisions. When you’re faced with debt or piles of bills you can’t pay, you’re more likely to focus on the “reward” part of financial advice rather than the risks.

I encourage my clients to tap into their intuition and pay attention to the emotional side of their financial choices. Journaling is a great way to do this.

You can start by making a list of pros and cons. Write down the benefits, risks, and even questions you might have before making your next decision. Then, research the answers to these questions or meet with a credentialed financial expert to learn more.

There is no shortcut to making money fast

There is no secret way to become rich overnight, but there are proven steps you can follow. Live below your means, build a emergency fund, manage your debt good and make some sound investments which you trust. While not all financial advice on social media is bad, be careful when following financial advice online.

If you’re looking for some quick cash to further invest in the holidays, consider celebrating the season differently and putting less strain on your wallet. Consider cheap gifts that still make sense or play a Christmas gift game to buy gifts for one or two people with a set spending limit.

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