Here’s What Barbara Corcoran Thinks About Getting Money Advice on TikTok
Written by
Terence Loose
Edited by
Zuri Anderson
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When you read this headline, you almost certainly thought this piece would be a litany of why famed finance expert and Shark Tank star Barbara Corcoran thinks getting money advice from TikTokers is a terrible idea.
But you’d be wrong.Â
Recently, during an appearance on musician and TV and radio personality Bobby Bones’ show, Corcoran, perhaps surprisingly, endorsed young people getting financial advice on TikTok. Well, maybe “endorsed” is a bit strong.
GOBankingRates discusses The Shark Tanker’s true feelings about people getting money advice on the popular social media app.
Corcoran’s Take on TikTok Money Advice
“They’re getting their news through TikTok, all of it, so you might as well get used to it,” Corcoran said.
She did warn, however, that it’s not easy to know who to trust on TikTok, so hopefully parents have instilled some good judgement in their kids.Â
But perhaps it’s not so surprising that Corcoran didn’t vilify TikTok, after all, since she has a presence on the app — with over a million followers. Through TikTok, she gives financial and life advice, as well as posting fun and silly videos.Â
And if young people, especially young women, are looking to TikTok for entrepreneurial inspiration, they could do worse than Corcoran.
Why Corcoran Is a Great Source for TikTok Money Advice
A self-made multi-millionaire, Corcoran, who grew up in a two-bedroom apartment with her mother and nine (yes, nine) siblings, is famous for having 20 jobs by the time she was 23. Then, she found inspiration, borrowed $1,000, quit her waitressing job, and started a real estate business in New York.
Through hard work and determination, Corcoran turned The Corcoran Group into one of New York City’s most successful real estate enterprises. In 2001 she sold it for $66 million, establishing herself as a bona fide rags-to-riches story.
Corcoran did anything but retire, however. She kept working, kept investing and built her net worth to a reported $100 million. She credits her grit, determination and use of rejection to inspire her. Then came 2009, the year she landed a role on iconic show “Shark Tank,” and the rest is history.
In addition to not taking no for an answer, Corcoran is famously bullish on real estate investment. In fact, through her TikTok account, she said, “Buying real estate is a slow way to get very rich.”
Her advice is to buy real estate and not worry about the price, if the property is good. In fact, when asked what her golden rule concerning real estate is, she said, “I would say that I’m always willing to overspend — be the highest bidder — on any property that’s good because those are always the properties that make the most money.”
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