What TikTok’s Black Finance Gurus Are Teaching Us—And Where They Miss the Mark – Essence

If you’re like me, TikTok has been a blessing and a curse. A blessing, in a sense that I have access to a Google-like search engine at the pulse of my fingertips, while also accessing a plethora of information and resources from creators sharing like-minded content. A curse, because unfortunately, I’ve fallen victim to impulse spending (TikTok Shop has gotten me on more than one occasion!) and misinformation.

One of my particular favorite sides of TikTok is the world of personal finance. As I’m personally dedicated to building wealth for myself (and future generations) and have embarked on my own money journey, it’s become a go-to source for quick tips, easy-to-digest money advice, and sometimes, a whole lot of myths. 

For Black women, especially millennials, social media finance gurus can offer a refreshing take on everything from budgeting to investing, in a way that’s relatable and easy to digest. But in an era where information can spread like wildfire, it’s important to separate the solid advice from the misleading myths. Let’s be honest — personal finance isn’t one-size-fits-all, and while some TikTok creators are getting it right, others are, well, getting it wrong.

So, let’s break down what some of these TikTok finance experts are nailing and what they might need to rethink. The goal? To empower us with the knowledge and tools we need to make better financial decisions while acknowledging the unique financial experiences Black women face.

What They’re Getting Right

Financial literacy in plain English.

One of the most impactful aspects of TikTok finance gurus is their ability to take complex financial concepts and break them down into relatable, digestible content. Creators like Delyanne Barros, known as @delyannethemoneycoach, have gained a large following for their easy-to-understand videos on topics like investing, retirement planning, and building generational wealth. With over 300k followers, Delyanne’s content is particularly empowering for Black women looking to take control of their financial futures.

The beauty of this is that it meets Black women where we are — no jargon, no judgment, just straightforward advice. This kind of accessible content is crucial because, for many of us, learning about financial health didn’t happen at home or in school. And when we enter the workforce or start our own businesses, we’re often already behind in building generational wealth. So, seeing relatable creators normalize conversations around money is a big win.

The importance of multiple income streams.

Another area where many TikTok finance experts are spot on is their emphasis on diversifying income streams. Tiffany James, the founder of Modern Blk Girl, has built a platform encouraging Black women to explore various income sources, such as investing in stocks, side hustles, and entrepreneurship. She stresses the importance of economic empowerment for Black women, particularly in combating the racial wealth gap. 

James also stress how crucial it is for Black women to take control of their financial future. Whether it’s through entrepreneurship, investing in stocks, or building passive income through real estate, diversifying income can help cushion the blow of economic challenges. For a community historically excluded from wealth-building opportunities, this advice hits home.

Calling out debt stigma.

Let’s face it: debt has long been a taboo topic, especially in the Black community. Many of us grew up hearing horror stories about credit cards and loans, so we steered clear, only to later find out we had to build credit to succeed financially. TikTok finance experts like Tiffany Aliche, aka The Budgetnista, are helping to reshape that narrative by breaking down the difference between “good” debt (like student loans or a mortgage) and “bad” debt (high-interest credit card debt).

Creators like her are doing the hard work of eliminating the stigma around debt by teaching us that it’s not necessarily something to fear but something to manage wisely. They’re encouraging Black women to understand their financial situation and make informed choices about debt, credit repair, and wealth building without shame.

What They’re Getting Wrong

While there’s a lot to love about the content coming from these TikTok finance gurus, it’s not all golden advice. Some of the myths that have taken hold on the platform can lead people down risky financial paths.

The “cut everything” mentality.

One common theme in some TikTok finance advice is the extreme focus on cutting out all unnecessary expenses. Yes, budgeting is critical, but let’s be real: no one wants to live a life devoid of enjoyment. Some creators advise cutting out your morning coffee or eliminating all forms of entertainment, but this doesn’t align with how we should be living our lives — particularly as Black women who deserve joy, relaxation, and self-care, too.

Personal finance is about balance. You don’t have to forgo every small luxury to save money. What works better is prioritizing spending in areas that matter most to you while still building your financial future. It’s perfectly okay to treat yourself while making smart financial moves — life’s too short to cut out all joy.

Get rich quick schemes.

If it sounds too good to be true, it probably is. TikTok has a habit of turning ordinary advice into “get rich quick” promises. Some TikTok finance creators suggest investing in high-risk stocks or cryptocurrencies as an easy way to double your money overnight. While the appeal of instant wealth is understandable, it’s dangerous to gamble with money you can’t afford to lose. Let’s be clear: building wealth is a marathon, not a sprint.

Creators who promote these schemes often leave out important disclaimers about the risk involved. It’s essential to remember that every financial decision should be tailored to your own circumstances, and no investment is guaranteed to make you rich quickly. The focus should be on long-term growth and making informed, cautious decisions.

Blanket advice for everyone.

One of the more frustrating myths perpetuated on TikTok is the idea that one-size-fits-all financial advice works for everyone. It doesn’t. Black women face unique financial challenges — from the pay gap to student loan debt — and cookie-cutter solutions just won’t cut it. Carmen Perez, known as Make Real Cents, does an excellent job of speaking to the specific needs of Black women, reminding us that our financial strategies need to account for the systemic inequalities we face.

For example, blanket advice on investing or home buying may not be realistic for someone with significant student loan debt or lower access to generational wealth. It’s important to understand your financial situation and create a personalized plan that works for you, rather than following generic advice that doesn’t take your circumstances into account.

The Takeaway

TikTok and social media in general, have undeniably brought a lot of attention to personal finance, and for Black women, that’s a good thing. We need more voices that speak directly to our experiences, offering advice that’s practical, empowering, and relevant. However, it’s crucial to be discerning about what advice we follow and ensure we’re applying it to our own unique financial journeys.

As we continue navigating our finances in a world that wasn’t designed with us in mind, it’s clear that we’re rewriting the rules. The key is taking the best advice TikTok has to offer — like the importance of financial literacy and diversifying income — while steering clear of myths that can lead us astray. At the end of the day, we’ve got the tools and the power to build the futures we deserve.