17 Huge Red Flags From Personal Finance ‘Influencers’
Wealthy people have financial advisors who only make a profit if their clients make money, but if you don’t have a $50,000 or more portfolio, you’ll probably look to the internet for advice. This is exactly what over a third of Americans do , and 60% of them actually act on what they see online. But, dude, it’s jungle.
It seems that for every TikTok or Instagram influencer offering sound financial advice, there is a scammer or dunce (or five) whose “wisdom” could bankrupt you. The problem is that it can be hard to tell them apart, especially if you’re new to all this money thinking.
So how do you spot a shadow influencer? Here are some of the biggest reports of bad, incompetent and predatory “financial agents” to watch out for. You still need to be careful to weed out all the bad actors – some of these jokes are smart – but this is a good place to start.