If you are following financial influencers on social media, you might want to reconsider. While they may seem like they’re helping, they could be doing more harm than good. Financial influencers are just that: influencers, which means they are getting paid by brands to give you this advice. Although not all are bad, many are mainly concerned with their own finances, not yours. If you are struggling with unexpected expenses and influencers are only digging you deeper, use Credello’s tool to compare personal loan rates so you can get the money you need as soon as possible.
Here’s why you should unfollow financial influencers on social media:
- They’re often giving bad advice.
Financial influencers are often giving out bad advice that can lead people astray. If you’re looking for financial advice, it’s better to get it from a certified financial planner or another expert, rather than from someone who is just trying to sell you something.
- They’re not always transparent about their finances.
Many financial influencers are not transparent about their finances, which makes it difficult to know whether or not they’re qualified to give financial advice. If someone is not transparent about their finances, it’s a good idea to be skeptical of the advice they’re giving.
- They often promote products that aren’t in your best interest.
Financial influencers often promote products that are not in your best interest. For example, they may promote investment products with high fees or credit cards with high interest rates. Before you take any financial advice from an influencer, make sure you do your own research to determine whether or not the product is right for you.
- They’re often more interested in making money than helping you grow yours.
Financial influencers are often more interested in making money for themselves than helping you grow your money. For example, they may promote products that pay them high commissions, even if there are better options available. If an influencer is always talking about making money, be wary of the financial advice they’re giving.
- They’re often more concerned with their image than with helping you improve your financial well-being.
Financial influencers are often more concerned with their image and their brand than they are with helping you improve your financial well-being. This means that they’re more likely to promote products and services that make them look good, rather than products and services that will actually help you improve your financial situation.
The bottom line
If you’re looking for financial advice, it’s important to be skeptical of financial influencers. While they may seem like they’re helping, they could actually be doing more harm than good. It’s a good idea to get your financial advice from a certified financial planner or another expert, rather than from an influencer.