An influencer shared a theory about how he thinks millionaires view and use their money to build more wealth, but it led to pushback from viewers who felt it was impractical advice for most.
On December 14, a TikToker who goes by Taylor Money posted a video with an on-screen caption that read, "Millionaires do 1 thing different."
In the video, he told his followers he believed "rich people" did something "completely differently than middle-class people and poor people," and said the approach had nothing to do with a person's bank balance or how much they were spending.
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The theory is that richer people tend to view money as a way to build even more wealth, rather than a means to a different end.
By contrast, he said lower-income people view money as a way to pay the bills, and the middle class as a way to build credit so they can take out loans to buy high-ticket items like houses and cars.
"That's not the function of money," Taylor said. "Rich people know the function of money is expansion. It's to use your money that you make to make more money."
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Taylor then encouraged viewers to see their money "as a vehicle for your own expansion" and suggested opportunities to make even more would come their way as a result.
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@taylor_money_ Multi millionaires do this daily #Rich #MoneyTalk #RealEstate #Abundance I first saw this concept on TikTok by a guy with a curly white beard and hair… it was a repost and they didnt say who he is… and i cant find him online… so i havent credited him. If you know who he is, pls comment his name so i can guve him credit 👊
♬ original sound - Taylor Money
Taylor said he had first heard the theory from another creator, but he did not leave a link or username, and Business Insider was unable to find the video he was referencing.
Taylor's clip, however, blew up with 2.4 million views and over 2,840 comments. While some people — including other self-described financial gurus and millionnaires — agreed with his take, many pointed out the flaw in the theory. They said they had little to no money after paying their basic bills, so using money to make money was only possible for those with expendable income.
Others questioned how they were supposed to use their money to make more, even if they did have a small amount to play around with.
"Sure u can turn 100k into more. But can you turn $50 into more?" one viewer questioned in a popular comment that received over 400 likes.
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Laura Davis, a financial advisor based in Atlanta, Georgia, stitched the video and echoed the criticism, saying it was an unhelpful narrative to promote.
"This idea that you can just change your mindset is low-key shaming poor people and middle-class people, and even upper-middle-class people, into thinking there's something wrong with them and that's why they're not there yet," she said.
Many financial planners advise saving and investing as one of the best ways to build wealth, but people's ability to do so can vary. A survey conducted by Intuit Credit Karma in November 2023 found that just over half of Americans estimate they have less than $2,000 in their savings, while 22% have no savings at all.
Personal finance is a booming area on TikTok, but not all the advice you can find there is backed by experts. Erin Lowry, a financial advisor and author of the "Broke Millennial" series, previously told Business Insider that viewers of such videos should fact-check the information they're getting before making any decisions about their finances based on a TikTok video.
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Taylor did not immediately respond to Business Insider's request for comment.
