If you’re looking for financial advice, should you turn to TikTok? Maybe…but there’s a few things to keep in mind before following the advice of what are known as “finfluencers.”
Finfluencers are people on social media who give out financial advice and tips, and some are more worthy of you to follow than others.
Fin-fluencers in social media marketing is a new trend.
History of Finfluencers
Fin-fluencers are a recent phenomenon, but their popularity is increasing quickly through the well-known social media site Tik-Tok.
Mostly associated with quirky and funny videos or even music and life-shorts, the platform has become a host to viable financial advice through these finance gurus.
As people become more and more interested in knowing more about trading and investing, the result shows in the views, likes, followers, and income that these fin-fluencers have accumulated that there is a tremendous need for those who can provide financial recommendations and counsel.
In 2016, Daniella Kupersmith, the CEO of the Canadian wealth management company WealthSimple.com, invented the word “fin-fluence.”
She asserts that it’s critical to make a distinction between conventional financial consultants and those offering financial advice online.
Traditional financial consultants deal directly with their clients and base their compensation on the number of assets they are managing.
Online financial advisors employ digital technologies to guide investors in making better investment decisions rather than meeting with customers in person.
While both kinds of advisors are qualified professionals, according to Kupersmith, they meet various needs.
While online financial counselors concentrate on daily decision-making, traditional financial advisors typically focus on long-term planning.
Pros and cons of following finfluencers for financial advice
On the plus side, finfluencers often make financial advice much more accessible and digestible. By using humor, memes, and catchy songs, they can make understanding complex investment strategies or budgeting tips easier for the everyday person to understand. They can also be great for helping younger people learn about investing or how to save money on a tight budget.
But there are some drawbacks that come with relying on finfluencers. Oftentimes, they don’t have a financial background and credentials to back up their advice, so you should always do your own research before taking a finfluencer’s advice at face value. Additionally, many of these influencers are focused on more “get rich quick” schemes rather than providing long-term advice, so it’s important to make sure your financial goals are aligned with what they’re saying. (After all, Kim K recently had to pay over $1.2c million in a crypto pump and dump scandal.)
In the end, finfluencers can be a great way to get started in finance and help you learn some of the basics. But before taking any of their advice seriously, make sure to do plenty of your own research first!
So What Does a Finfluencer Actually Do?
Through social media platforms, a fin-fluencer informs and directs consumers. This includes telling personal finance tales, responding to inquiries, and offering advice.
Which Tik-Tok Finfluencers Are the Most Popular?
Here is our top list.
Erika Kullberg
9,000,000 are following.
According to TikTok Money Calculator, Erika Kullberg, 32, a former corporate attorney living in New York City, holds the top spot with 9 million TikTok followers and has the potential to make an average of $6878 for every sponsored post.
This means that she only needs to produce two sponsored videos every month in order to earn the typical salary of a corporate lawyer in New York City.
Users can find advice in Kullberg’s TikTok videos on retail, investing, employment, and legal topics.
With 74.8 million views as of August 2022, her most-watched video demonstrates how to use the two-year warranty offered by Nike to get free shoe replacements.
Mark Tilbury
7,100,000 people follow.
The second-most well-liked financial influencer on TikTok is a 53-year-old English businessman named Mark Tilbury. Mark may make an estimated $5725 for each sponsored post with his 7.1 million followers.
This implies that after publishing 171 sponsored films, or 14 videos a month for a year on TikTok alone, he might possibly have made $1,000,000 from them.
He has the greatest interaction rate of anyone in the top 10, 2.18 percent, and his TikTok videos receive an average of 154,650 likes.
Tilbury provides advice and explanations about how to negotiate, invest, and save money in order to become a millionaire.
Duke Alexander Moore
3,400,000 are following.
Duke Tax, whose true name is Duke Alexander Moore, is the third most well-liked financial TikToker.
He could make a projected $2656 per sponsored video based on his 3.4 million followers, audience, and niche.
In his videos, Moore teaches his fans about personal finance advice and taxes for creatives and business owners.
With over 10.6 million views, his most-watched video summarizes President Biden’s stimulus plan and explains how to claim the checks and report this on a tax return.
Brandon Schlichter
3,400,000 are following.
The fourth most well-liked financial influencer on TikTok is 36-year-old Circleville, Ohio, resident Brandon Schlichter, also known as Investment Joy.
Schlichter has 3.4 million followers and can make about $2578 for every sponsored TikTok video.
He earns about $195,044 monthly from his businesses, which represents just over 1% of his monthly income. His current net worth exceeds $9.75 million.
On his TikTok account, Schlichter educates his followers about finances and discusses his rental homes and businesses, investing tips, and other entrepreneurial endeavors.
His most-watched video, which has received over 45.1 million views, displays how much money his laundromat made in a single day.
Humphrey Yang
3,300,000 are following.
The fifth most well-liked TikTok finance content creator is 34-year-old Humphrey Yang, based in the San Francisco Bay Area of California.
Yang may make an estimated $2578 for each sponsored video thanks to his 3.3 million followers.
Yang, a former investment banker, utilizes TikTok to give straightforward advice on personal finance, money management, and investing.
According to his financial master sheet, he invests between $320,000 and $480,000 monthly in Vanguard, Robinhood, Coinbase Pro, WeBull, Fidelity, Public, and Wealthfront.
Tat Londono
2,700,000 people follow.
Canadian resident Tatiana Londono, who resides in Montreal, is the sixth most popular financial TikTok influencer. She may make an estimated $2110 for every post thanks to her 2.7 million followers.
Her TikTok posts offer advice on starting a business, buying a house, and investing.
Her most well-liked video, which has received over 17 million views, illustrates three well-paying careers you may pursue without a college degree (electrician, plumber, and real estate photographer).
Londono is a real estate investor, coach, and the star of Property Shop on HGTV, a reality series that was made in response to the opening of her real estate business.
Preston Seo
2,300,000 people follow.
Preston Seo, also known as The Legacy Investing Show, is the seventh-most popular financial TikTok creator. Seo has 2.3 million followers and could make $1797 from each sponsored video. He earns more than $19,000 every month from his three residences.
By talking about investing, real estate, and personal finance, The Legacy Investing Show teaches viewers how to reach “financial freedom” with a concentration on Airbnb rentals.
Seo’s most popular video, which has received over 39.9 million views, features his preferred stock trading site, Public.
Tori Dunlap
2,200,000 are following.
With more than 2.2 million followers on her TikTok account, 27-year-old Tori Dunlap is the platform’s sixth most well-liked financial influencer.
Dunlap may potentially earn $1719 for each sponsored post. Her most well-liked video, which has over 6.1 million views, explains how and why investing is crucial.
The channel run by Dunlap offers free investing and personal finance advice. She has approximately 2,000 postings on TikTok, making her the most active creator in the top 10.
Tori left her position as a corporate marketer and started her TikTok channel in an effort to empower other women and challenge sexism. She identifies herself as a feminist in finance.
John Liang
2,000,000 are following.
On TikTok’s list of financial influencers, John Liang is ranked ninth. He might make an estimated $1562 for each sponsored video based on his 2 million TikTok followers.
Liang is a real estate investor who posts advice on his YouTube channel regarding credit cards, retail, jobs, and money-making.
With over 15 million views, his most famous video illustrates the cheap production costs of luxury brand goods and how much markup is added.
Vivian Tu
1,800,000 are following.
The list of the top 10 financial influencers on TikTok is completed by Vivian Tu, a.k.a. Your Rich BFF. With 1.8 million followers, she has the potential to make $1327 from each sponsored video.
Ex-Wall Street trader Tu utilizes her TikTok platform to provide advice on investing in equities, cryptocurrencies, and daily financial savings.
Over 9.1 million people have watched her most popular video, which details what to do if you win the lotto.
Tu began spreading knowledge about personal finance after realizing that most people, including those working in the financial industry, didn’t know anything about it.
Alternatives to following finfluencers and scrolling for financial advice: get a money coach
Do you find yourself constantly scrolling through social media, searching for financial hacks from the ‘experts’? Have you been taking advice from people who don’t really know what they’re talking about? If so, it’s time to consider a money coach. A money coach can help you get real with your finances—and even better, no more relying on the questionable advice of influencers!
A money coach can help you make an actionable plan tailored to your lifestyle and goals. They will consider the individual complexities of your financial situation, helping you explore areas where you could be doing better. With a money coach in your corner, you won’t blindly follow influencers’ advice. You’ll have a qualified expert guiding you towards making better financial decisions and achieving your money goals.
Your money coach can also help you stay motivated—something that’s hard to do when relying on influencer advice alone. With real accountability, you can set yourself up for success by implementing practices to ensure your long-term financial stability.
If you’re tired of the same old influencers dishing out the same advice, it might be time to consider getting a money coach. With their help, you can make real progress towards your money goals without worrying about questionable advice from people without experience in the field. Stop relying on influencers and start investing in yourself—it’s the most surefire way to achieve financial freedom!
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