Saving money has always been a must. Many financial experts and stock market professionals have published thousands of books and articles to help people get richer. Now, they seem to have moved to a new playing field: the internet.
The rise of finance influencers started on TikTok. These people tirelessly preach money-saving tips and stock market secrets. However, despite their popularity, people continue to attach a negative stigma to these TikTok influencers.
So, should we listen to them? Do they belong in influencer marketing campaigns?
Keep reading for our take!
Reasons to Be Skeptical
False information runs rampant on the Internet, and some finfluencers (as they’ve become known) are perpetrators of it. Here are some red flags:
Hackers and Scams
The rise of cryptocurrency and online banking led to the creation of hundreds of financial social media platforms. Not everything in the App Store is legit and safe, leaving users at the mercy of hackers and scammers. But how could this happen in the first place?
Fake finfluencers used their platforms to falsely promote financial apps through instantaneous rewards. Dubious claims such as “Sign up now to get $$$” and “Get 10,000 Bitcoin by cashing in the money” are tactics used to fool people into participating in such scams.
Questionable Qualifications
Another reason some people are adamantly against finance influencers is their lack of expertise and qualifications. Anyone online can attach convincing titles like “CEO,” “Entrepreneur,” or “Financial Expert” to their name.
Don’t be fooled by finfluencers who don’t have real credentials—giving out financial advice without proper education is illegal!
Celebrities Aren’t Financial Experts
Influencers have become celebrities, but being rich and social media famous does not qualify someone to give financial advice. They offer “hacks” to curb inconvenience but leave you with severe consequences, such as lower credit scores and empty pockets.
“Pump and dump” crypto scams are perhaps the worst examples of influencers giving out terrible, self-serving advice. Unfortunately, the few bad apples out there put a dent in the reputation of the entire community.
Signs of Trustworthy Finfluencers (H2)
On the bright side, there are personal finance influencers fighting scams providing correct information to enhance everyone’s financial literacy. Content creators in this niche should be:
- Law-Abiding Citizens: they should abide by money and consumer protection laws, ensuring no illegal actions are made.
- Financially Stable: All personal finance influencers should have a good standing in their credit scores, client reviews, and reputation to prove trustworthiness.
- Transparent: A finfluencer shouldn’t hide all details from their followers and clients. Transparency is key!
- Willing To Admit Mistakes: You should never take advice from someone unwilling to own up to a mistake—influencers are no exception!
5 Finance Influencers Worth Following (H2)
With all that being said, these are the best personal finance influencers to follow online if you’re interested in learning more about money. They use their platforms to teach and prevent people from scams and risky investments.
1. Tiffany Aliche | @thebudgetnista
Tiffany Aliche has helped millions of women to save, manage, and pay off debts.
As a former teacher with a Master’s degree in Education, Tiffany contributed to passing The Budgetnista Law (A1414) in 2019. This law made financial education mandatory for middle school students to help prepare them for adulthood.
Her New York Times Bestseller, Get Good With Money, has become a canonical book in the library of essential finance literature.
2. Tori Dunlap | @herfirst100k
Have you heard how Tori Dunlap saved $100K before her 25th birthday?
It was a milestone for her; she documented her experience through blogs and attracted thousands of readers. After achieving her lofty goal, Tori quit her day job to pursue her calling of helping people improve their financial literacy.
Tori’s TikTok account has amassed over 2 million followers, all excited to learn more about saving money from someone who’s done it in spades. Follow her saving and money management tips to get your bank account growing!
