TikTok’s latest viral “money hack” duped some into thinking they’d found a real-life cheat code straight out of a video game. Over the weekend, users claimed Chase bank was allowing immediate withdrawals from deposited checks—even if those checks were fake. The so-called glitch led to a flurry of ATM withdrawals, with people writing themselves massive checks and cashing in before Chase caught on. Chase quickly shut down the party, stating, “Depositing a fraudulent check and withdrawing the funds is fraud, plain and simple.” They didn’t specify how much money was lost or the consequences for those who cashed in on the glitch.
Now, TikTok is filled with clips of people who got greedy, showing off account balances deep in the red. Personal finance expert Kimberly Palmer called it what it is: old-school check fraud. It’s nothing new, just more visible thanks to social media. Banks have been battling these scams for years, whether it’s check kiting, check alteration, or the classic fake check scam. Bottom line: shortcuts that sound too good to be true, like cashing fake checks, are just scams dressed up as life hacks. And if you try to outsmart a bank, you’ll probably end up paying the price.
For many 20-somethings, the allure of a fast financial fix is hard to resist. We’re a generation that craves instant gratification—whether it’s next-day delivery, streaming the latest shows, or seeing our food arrive at the touch of a button. So, it’s no surprise that when something like the Chase “glitch” pops up on TikTok, it catches fire. But these shortcuts often come with a high price tag. They’re not financial freedom—they’re financial traps.
The reality is, there are no cheat codes for managing money in real life. If you want to live the life you’ve always dreamed of—traveling, being generous, or pursuing your passions—you need to make financial literacy a priority now, not later. Because while scams and “hacks” might promise quick cash, the real power comes from understanding your finances and making intentional choices that support your goals.
If you’re in your 20s, you’re likely juggling a lot—your career, friendships, adventures, and maybe a few spontaneous travel plans. But one of the most crucial things you should add to your list is financial literacy. Yes, it might sound boring compared to booking that last-minute flight to Europe or splurging on concert tickets, but understanding how to manage your money now will open more doors in the long run than any quick financial fix ever could.
Financial literacy isn’t just about budgeting or saving money—it’s about making informed decisions that align with your values and life goals. It’s the key to living the life you want without constantly stressing about your bank balance. And let’s face it, nothing kills the vibe of a fun, adventurous lifestyle faster than a pile of debt or financial uncertainty.
Many young adults enter the workforce with little to no education on managing money, relying on trial and error or advice from peers who may be just as clueless. A 2022 study from the National Financial Educators Council found that financial illiteracy cost Americans an average of $1,389 in 2021. For 20-somethings, those costs can add up quickly and derail your financial goals before you even get started.
Failing to prioritize financial literacy can lead to missed opportunities, like not investing early, accumulating unnecessary debt, or falling victim to get-rich-quick schemes that promise easy money. Learning the basics now can save you from the costly mistakes that many make when they wait too long to get their financial act together.
1. Understand Your Money Personality: Are you a saver, a spender, or somewhere in between? Knowing your tendencies can help you set realistic goals and find a balance that works for you. If you love treating yourself, work that into your budget so you can enjoy your lifestyle without guilt or overspending.
2. Set Clear Financial Goals: Whether it’s saving for a down payment, starting an emergency fund, or paying off student loans, having specific goals will give you direction and motivation. Write them down, set deadlines, and track your progress.
3. Learn to Budget (Without the Boring Spreadsheets): Budgeting doesn’t have to be tedious. Use apps like Mint, YNAB (You Need A Budget), or EveryDollar that make tracking your spending easy and even fun. Think of your budget as a tool that helps you say “yes” to the things you really care about.
4. Start Saving and Investing Early: The earlier you start, the more time your money has to grow. Take advantage of compound interest by starting with whatever you can—whether it’s $10 a week or $100. Apps like Robinhood, Acorns, and Wealthfront make investing accessible, even if you don’t have a lot to start with. Look into employer-sponsored retirement accounts like 401(k)s or IRAs; many employers offer matching contributions, which is essentially free money.
5. Educate Yourself with Resources That Speak to You: Not into dry financial textbooks? No problem. There are plenty of resources that make learning about money engaging. Check out podcasts like “The Financial Diet” or “Millennial Money,” and follow Instagram accounts like @the.brokegeneration for tips that are easy to digest and relevant to your life stage.
6. Don’t Shy Away From Talking About Money: It’s easy to feel like you’re the only one who doesn’t have it all figured out, but the truth is, many people are in the same boat. Talk to your friends, your parents, or a mentor about your financial questions or struggles. The more we normalize these conversations, the more we can learn from each other.
7. Be Wary of Financial “Hacks” That Seem Too Good to Be True: From TikTok videos promising easy wealth to sketchy investment schemes, there are countless ways to get led astray. If it sounds too good to be true, it probably is. Always do your research, and don’t make decisions based on social media hype.
8. Give Generously, but Wisely: If generosity is important to you, make room for it in your financial plan. This could mean setting aside a certain percentage of your income for charitable donations or being intentional about where your money goes so that it aligns with your values.
Mastering your money doesn’t mean giving up on fun or adventure—it means making your financial life work for you, not against you. By investing time and effort into financial literacy now, you’re setting yourself up for a life of freedom, choice, and stability. And who doesn’t want that? So, while the allure of quick fixes and viral “money hacks” may be tempting, remember that true financial success doesn’t come from shortcuts. It comes from being informed, intentional and proactive about your money today, so you can live the life you want tomorrow.
