Money / Financial Planning
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Though a strongly recommended investment, not everyone can afford a financial advisor. To help build up and fill out one’s knowledge on personal finance, consumers frequently turn to social media. According to a new survey from GOBankingRates, 31.58% have turned to social media in the past year to seek out money advice.
Here, we explore the best social media platforms to visit for money advice, according to finance experts.
It’s critical to remember that none of these platforms replace the need for professional financial advisors. Always use caution and take what you read with a grain of salt. It’s also wise to consider the source behind the information that is being generated.
“What are their motivations? What are their incentives? And how are they benefiting, financially or otherwise, from this content?” asked Eric Blattner, CFA, CFP, CIMA, EA, partner and wealth advisor at Divvi Wealth Management. “Few people are sharing content out of the goodness of their hearts, and even those that are may not have the backgrounds or credibility you’d want from someone giving financial advice.”
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It is also important to know how to determine good versus bad advice. Here are some tips, courtesy of Kendall Meade, CFP at SoFi:
- Leverage content from people who are actually financial professionals and in most cases have credentials or a track record of helping people.
- Not every piece of content from a financial professional is good advice, but at least they have some level of compliance oversight.
- Investigate the background of the person giving advice. At a bare minimum you should review their affiliations, licenses and disclosures. You can leverage FINRA BrokerCheck to see what licenses they hold, what company they are affiliated with, and even if they have been in trouble with regulators.
- You can also look at their experience. Experience is not the only thing that matters. There is a certain level of professionalism and perspective that comes from working with clients and experiencing different market cycles.
- When you look at their affiliations, consider whether that comes with a conflict of interest on the topic they are discussing.
- Always do your own research on any topic you learn. Social media is a great place to get introduced to topics, but you want to do your own digging after. Keep in mind the old saying, “If it sounds too good to be true it usually is.”
- Steer away from specific recommendations.
Now let’s look at the best social media platforms for personal finance advice.
With its deep-dive approach and expert contributors, Quora shines as a top platform to learn and ask about personal finance matters.
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“Sign in, select the topics you want to see in your newsfeed, such as personal finance, and then join the various groups on the platform,” said Raymond Quisumbing, registered financial planner at BizReport. “Once you are in, feel free to post your questions and other relevant details in the group so that the various group experts can weigh in on your situation. On Quora, you get to see the credentials and experience of other members, as indicated below the names.”
Twitter has been going through some upheaval since it was acquired by Elon Musk, but it can still be an excellent hub for getting information and tips on personal finance.
“It’s super easy to find people in a niche talking about economics and finance,” said Will Guiding, creator of spot price.pro. “Twitter also has the Trending feature, allowing people to see what’s trending at the moment in Business and see what’s most popular in the finance category of tweets. Very fast, very quick and very current. It’s also super easy to reach out to people and create connections.”
Most frequently used as a networking platform for employees, managers and prospective hires, LinkedIn is known as a place to talk jobs. But it’s also a place to learn about finance because thought leaders in the space share there.
“The best social media for money advice as the audiences are professionals and financial organizations that post valuable and informative content,” said Wayne Mui, finance and accounting professional at WealthyPayoff. “Utilize LinkedIn by following professional leaders and organizations, joining groups you are interested in learning more about, and engaging by commenting on posts and asking questions.”
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If you want to get down (and potentially dirty) into the world of personal finance, head on over to Reddit, where people tend to not hold back on their opinions.
“Reddit is a popular platform with various communities dedicated to personal finance and investing,” said Sarah Connelly, finance expert at Cashfloat. “Subreddits like r/personalfinance and r/investing provide a wealth of information, advice and discussions on financial topics. To use Reddit effectively, start by exploring these subreddits and reading posts and comments from experienced users. Remember to verify information from reliable sources and be cautious of potential misinformation.”
TikTok has been exploding in growth in the personal finance community, especially among Gen Z users. According to recent data from Vericast, a martech company, 34% of Gen Z consumers obtain financial advice from TikTok compared to 24% who turn to a financial advisor.
“TikTok is a bit of a double-edged sword, but overall can be a great starting point for financial concepts if you follow up with your own research and contact a financial professional before making any major financial moves,” said Colin Palfrey, CMO at Crediful. “The platform allows for visual and verbal context around financial concepts, and links in bio can help you determine if the content creator is a licensed professional, a well-learned person or a scam artist.”
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Facebook, one of the OG social media platforms, may not have the steam it once had, but it’s still a great place to connect with others about finance topics. Facebook groups in particular are ideal hubs.
“Facebook Groups dedicated to personal finance and money matters can provide a supportive community where members can seek advice and share experiences,” said Marcus Phillips, founder and managing director at Mortgages. “By joining groups such as Financial Independence, Retire Early (FIRE), Debt-Free Community, or Budgeting and Saving Tips, individuals can connect with like-minded individuals, ask questions and gain insights into various financial topics. However, as with any online community, it’s important to exercise caution and verify the credibility of the information shared.”
As a favorite destination for video content, YouTube is highly revered as a diverse place to get financial advice from a range of influencers and experts.
“YouTube has a huge library of finance creators who have been building their catalogs of information for years now,” said Scott Nelson, CEO of MoneyNerd. “As the platform allows for both short-form and long-form videos, finance concepts and money ideas are explained in concise and detailed formats, depending on what you are looking for.”
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YouTube is also very search-friendly —more so than other social media platforms.
“The great thing about using YouTube for money matters is that it is easy to use the search function to find the exact information you need (unlike platforms like TikTok and Twitter that rely on algorithms), and there is bound to be at least one video out there that discusses your money problem,” Nelson said.
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