Growing a Following on Personal Finance TikTok
On this episode of Financially Naked: Stories from The Financial Gym, our host is Emily Egan, PR Manager, and she is joined by John Eringman aka @JohnEFinance, to discuss John’s success on personal finances TikTok.
Podcast Notes
TikTok has been around since about 2017, and it is the seventh most popular social media platform, right behind Instagram.
The average TikTok user spends about 45 minutes a day on the platform, which is longer than the average of 37 minutes people spend on Facebook.
More than 14 million educational videos were published on TikTok in 2019, and some of those viral education videos can be attributed to John Eringman, aka JohnEFinance. John has over 800,000 followers on TikTok.
When John first started posting videos on TikTok, most of the videos posted by others were dancing and lip syncing videos, but there is so much versatility with that platform.
John saw the trend toward educational videos on a variety of topics, and he started posting finance videos. By being consistent with posting, he was able to grow his following. He is trying to help people learn more about finances.
John tried blogging, but people don’t read blogs as much as they used to. He looked into YouTube, but that takes a team and he is only one person. He went toward TikTok, because they are short videos and it doesn’t take long to edit. It is more actionable that a blog or YouTube video.
The first TikTok he posted was on December 15, 2019. At the time he was working a normal nine-to-five job. He started posting three videos a week, then four a week. Now he is posting five to six a week.
John never expected that he would still be doing this a year later, but his one regret is not starting earlier. If you have an important message to share, get out there and share it.
The videos that resonate with his audience the most are the ones that have actionable tips.
In addition to being consistent, be yourself, be honest, and be transparent with people. John now has over 250 videos on TikTok.
John graduated college with a degree in finance, but he didn’t always know he wanted to teach personal finance. His first semester he didn’t have a major, and he challenged himself to be self-aware to figure out what he wanted to do with his life.
Eventually, he decided he wanted to be an entrepreneur. He picked finance as a major, because he thought he wanted to own a small business. John graduated college with a bachelor’s in finance, but he was never required to take a personal finance course. He knew there was a missing link and he learned through college that he had a passion for personal finance.
John is frequently asked questions about how to get started. He is also asked how he learned the information. He is mostly self taught.
Podcasts are how John learned the most. He has learned a lot from blogs and YouTube as well.
John’s number one rule is to automate as much as possible, including investing and payments.
Live within your means. Instead of trying to impress people, be comfortable with yourself. Spend less than you earn.
One DM John received was from a man who wanted to buy a new car. John tried to understand his finances and he recommended prioritizing his student loans first. A few weeks later, the follower said he paid off his student loans instead of buying a car and his credit score increased by 50 points. He is now debt free.
John is personally moving toward financial independence. He wants to spend time with his kids as they are growing up, and he is considering his future. Also, the more we help people, the more they will help other people.
John is most active on TikTok, and he can be found there and on Instagram @johnefinance. His website is www.JohnEFinance.com
Resources Mentioned
Podcasts: ChooseFI, Bigger Pockets Money, Financially Naked