Looking for some personal finance inspiration? Social media is a great place to find it! There are tons of personal finance influencers on the platform, and they can teach you a lot about how to manage your money. However, not all of these influencers are going to offer great advice. Some of them might be trying to scam you, while others might just be giving bad advice. Here’s 11 signs that you should watch out for when looking for personal finance advice on social media.
They Will Tell You to Join Their Course
A lot of these scammers will try to sell you on a course that they are running. They will promise you that this course will teach you everything you need to know about personal finance and how to make a lot of money. However, most of these courses are just a waste of money. You can find all of the information that they are teaching in these courses for free online. If an influencer is trying to sell you a course, you should be wary.
They Will Have a Lot of Testimonials
Scammers will often have testimonials from people who have supposedly taken their course and made a lot of money. However, these testimonials could often be fake or they may have even purchased. If an influencer has a lot of testimonials, especially in a short amount of time, be careful.
They Promise Quick and Easy Money
One of the biggest red flags is when an influencer promises quick and easy money. There is no such thing as quick and easy money. Anyone who tells you otherwise is probably trying to scam you.
They Use a Lot of Hype and Emotional Language
Another sign to watch out for is when an influencer uses a lot of hype and emotional language in their videos. They will often use phrases like “make money fast” or “get rich quick”. These are all red flags.
They Have a Lot of Ads and Promotions
If an influencer has a lot of ads and promotions in their videos, it is probably because they are trying to make money by selling you products or services from affiliates that are not necessarily in your best interest.
They Are Not Transparent
An influencer who is not transparent about their own finances is probably not someone you should be taking advice from. They may claim to be rich or have a lot of money, but they are not willing to show you any proof. This is a major red flag.
They Only Talk About the Good Stuff
If an influencer only ever talks about the good stuff, they are probably not being honest with you. Everyone has ups and downs with their finances, and a good influencer will be open and honest about both the good and the bad. If an influencer is only ever talking about the good, they are probably hiding something.
They Record Their Videos showing a Fake Success
This is another major red flag. If an influencer is recording their videos in a mansion or other setting that shows they have made a lot of money, they are probably not being honest with you. It is important to remember that most people are not overnight successes. It takes years of hard work and dedication to make a lot of money.
They Tell You to Join Limited Time Webinars
These webinars are usually a waste of time and are just a sales pitch for the influencer’s course. If an influencer is telling you to join one of these webinars, it is probably a scam.
They Have a Lot of Followers but No Engagement
If an influencer has a lot of followers but no engagement, it is probably because they have bought their followers. This is not a good sign. It is important to remember that quality is more important than quantity when it comes to followers.
They Are Constantly Asking For Money
If an influencer is constantly asking for money, they are probably a scammer. They may try to sell you on their course or ask for donations. Either way, if an influencer is constantly asking for money, it is a red flag.
There are plenty of other sources of information out there, and you don’t want to waste your time or money on a scammer. Do your research and only take advice from people who are real authorities with acutal expertise, experience, and trustworthiness.
Josh is the owner and lead writer at Daily Wisely. His career has taken him from finance to blogging, and now shares his insights with readers of Daily Wisely.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh has over 15 years of experience on Wall Street, and currently shares his financial expertise in investing, wealth management, markets, taxes, real estate, and personal finance on his other website, Top Dollar Investor.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business.