As a financial coach and therapist, I'm pretty active on social media. My feed is filled with personal finance "hacks" to help you earn cash quick for this holiday season. Some of the advice is good -- but some tips can be risky or in some cases, illegal.  

I've seen Instagram reels encourage followers to blindly invest in certain stocks. And earlier this year, I saw TikTok reels about this Chase Bank "hack" to get free money. Chase Bank suffered a system-wide glitch which let people write fake checks to themselves, deposit them via ATMs and withdraw the money right away. That wasn't a "money hack." It was bad advice that promoted check fraud, a felony.

Most bad money advice on social media isn't this extreme, but some hacks are even scams that aren't worth the time or investment. it can still be dangerous and a financial setback. Before you start trusting social media money advice from influencers -- not experts -- in hopes of having extra cash for holiday sales, stop. I'm here to help you spot the "tips" that can quickly turn your holidays sour.

Read more: Money Anxiety? Here's the Expert Advice I Followed to Get Smart With My Finances

Always do your research

Don't make a big financial decision based on a 30-second TikTok video. Instead, take time to research the topic and ask questions. 

For instance, a simple Google search about the Chase glitch would have brought up news articles explaining that this "money hack" was actually check fraud. 

Look for credentials 

TikTok and Instagram can be helpful, but they're mainly sources of entertainment. Financial advice can be redundant and boring, which is why social media influencers may be inclined to "make it interesting" by giving risky advice. 

I recommend looking for a certified financial planner, financial coach, accountant or certified public accountant. You may choose to follow them on social media instead of influencers to make sure the advice you're getting isn't risky. 

Run from "free money"

If something feels too good to be true, it probably is. An influencer sharing a way to make "free money" is probably trying to sell you an investment opportunity or multi-level marketing scheme that may be encouraging you to try something illegal.

The legitimate ways you can make money are generally slow -- earning interest on your savings, growing your 401(k) or making passive income.

Read more: Watch Out for These Devious Banking Scams

Consider the risks, not just the reward

As a financial therapist, I've seen how stress impacts my clients' decisions. When you're facing debt or stacks of bills you can't pay, you're more likely to focus on the "reward" part of financial advice rather than the risks. 

I encourage my clients to tap into their intuition and pay attention to the emotional side of their financial choices. Journaling is a great way to do this. 

You can start by making a pros and cons list. Jot down the benefits, risks and even questions you may have before making your next move. Then, research answers to those questions or meet with an accredited financial expert to learn more.

There's no shortcut to fast cash

There's no secret way to get rich overnight, but there are proven steps you can follow. Live below your means, build an emergency fund, manage your debt well and make sound investments that you feel confident about. While not all social media financial advice is bad, stay cautious when you're following online money advice. 

If you're looking for fast cash to put more toward the holidays, think about celebrating the season differently and putting less strain on your wallet. Consider low-cost gifts that are still meaningful or playing a holiday gifting game to buy gifts for one or two people with a set spending limit. 

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