Ramit Sethi calls out TikTok influencers pushing whole life insurance as investment schemes. He argues people want to believe in quick riches badly enough that they ignore the scam, then vanish when it fails instead of reconsidering their approach.
you're watching some scammer on TikTok in front of a whiteboard wearing Under Armour shirt saying, hey everybody, here's a cool whole life investment alternative that can make you a lot of money. Stop it. Why do you love to be scammed? Do you know how many people say to me, Ramit Sethi, that can't be true? Why would you talk about index investing? You're obviously trying to make money off us. There's this alternative investment. I'm over here trying to give you free advice for investing your money in low-cost index funds. But a lot of you want to be scammed. A lot of you want the get rich quick material. And then when it doesn't work, I never hear from you again. You simply vanish and disappear, never realizing that your desire to make money quick was just a get-rich-quick need.
