Pros, Cons, and Alternatives to Scrolling for Financial Advice and the top 10 TikTok Finfluencers to Follow in 2023
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.
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.
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.
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.
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!