ATLANTA — On social media, there’s been a rise of so-called “finfluencers.” They’re financial influencers who are offering quick tips and information.
Channel 2 consumer investigator Justin Gray said he started to see them in his social feed too, and you can’t help but want to hear the tips.
Some of the advice is solid, but there are other things said as fact where if you research it carefully yourself, you find may not be the best advice.
Tess Waresmith is a financial educator who offers group courses and online coaching.
“I started sharing these lessons and I just realized so many amazing and talented people have so many limiting beliefs, and shame around money,” Waresmith said.
Waresmith has about 75,000 followers on Instagram where she shares her most vulnerable moments with money, and with education that’s non-judgmental and in plain English in a way that a normal person can understand is so valuable.
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A study from the financial industry regulatory authority found 60% of younger investors use social media as a source of investment information compared to 35% of those between 35 to 54, and only 8% of those 55 and older.
But Chuck Zodda, chief investment officer with the Armstrong Advisory Group, said users have to be aware of the algorithms that come into play when scrolling through their social media feeds.
“You could start off watching something that might have legitimately good advice for you, but very quickly end up in an area where there are different financial scams and threats to your finances actually being promoted as if they’re legitimate financial advice,” Zodda said.
With finfluencers appealing to a wide audience, not every financial tip can be tailored to your situation.
Some red flags Zodda to look out for are someone offering you guaranteed returns, posts about get rich quick schemes, or anyone pressuring you to put money into something right away.
“There’s never anything out there that is truly, you know, the once in a lifetime opportunity that will never come again. There’s always another chance to figure out how to improve your finances,” Zodda said.
Most importantly, even Waresmith says be careful what you consume. Even if you think you are following a reputable finfluencer, do your own due diligence and research before making any money moves.
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