According to Tori Dunlap, who goes by the username @herfirst100k on TikTok, she is on track to eventually retire with $6m - a feat that she allegedly will have been able to achieve by investing.
“I will have over $6m by the time I retire and I’m only 26,” Dunlap said in the viral video uploaded last week, which has since been viewed more than 4.3m times. “Let’s talk.”
In the video, Dunlap explains that she is an “investment expert” before addressing two “myths” about investing that she hears all the time.
The first myth, according to Dunlap, is that “investing is just for rich people,” with the 26-year-old telling her followers: “How do you think you get rich? You start investing.
“Saving your money is not going to do it, you have to allow your money to work harder for you by investing it in the stock market.”
According to Dunlap, the other myth she often hears is that you have to have a lot of money to invest, with the money expert revealing that that is “also not true” and that the time you dedicate to investing is actually more important.
“Time is more important than money when you’re investing,” she explained, adding that it is “more important” that you get started now with the money you have, whether it be $50 or $100, because you will benefit from “this lovely thing called compound interest”.
Compound interest is the interest that you earn on your original investment, as well as the interest that your money earns.
While encouraging her viewers to invest, Dunlap also claimed that investing in the stock market is the “best form of protest for women”.
“Investing, growing our wealth, being able to have financial agency, is our best form of protest,” she added.
Ultimately, Dunlap said that she will be able to retire with $6m because she did the “heavy lifting” early, by investing $100,000.
“I will grow my wealth over time and allow it to grow for me for the next 30, 40 years,” she added.
In the comments, some people have agreed with Dunlap’s advice, with a few users revealing that they also invested small amounts of money early on and have since grown significant savings.
However, many others pointed out that Dunlap was privileged to have $100,000 to invest early on, with BuzzFeed noting: “Her background in finance began early, when her parents ensured her of a solid financial education and foundation, something that she acknowledges is a privilege and she is grateful for.”
“Who has $100,000 when they are 26? It does sound like you need to be wealthy to invest,” one person commented.
Another said: “Yeah but… starting with $100 isn’t going to yield even close to the results that $100k would. Better than nothing? Yes. But not comparable.”
While Dunlap’s experience may not be relatable for most people, she does hope that her account, which is dedicated to informing TikTok users about investments, managing their money, and making the field inclusive, will help people make educated decisions.
“For women, we’re dealing with not only the wage gap, but the investing gap. Compared to men, we’re waiting longer to invest or not investing at all,” Dunlap told BuzzFeed. “The number one reason women don’t get started is fear, and my account and work is all about giving them actionable advice and guidance so they feel less alone and scared.”
As for the best way to get started in investing, Dunlap revealed in her comments that it is by opening an IRA.
However, she also acknowledged in response to one comment that investing shouldn’t be considered until an individual has saved enough money for an “emergency fund”.
In response to one viewer who wrote: “I was told not to invest until I have a minimum of six months of bills in savings. I feel like I’m wasting time that money could be growing,” Dunlap said: “I’d agree with that. You need an emergency fund (at least three months) before you start.”