Don't take money advice from just anyone — reasonable guidance, right? Yet, young people do just that, and it can cause problems.
A 2023 WallStreetZen survey showed that 76 percent of Gen Zers say they learned about personal finance from YouTube or TikTok.
According to the Swiss Finance Institute, this is not exactly optimal. The group, quoted in Money, analyzed the performance of 29,000 Twitter finance influencers and found that 56 percent of them provided such poor advice that it led to worse investing returns.
Not all online advice is bad, but at least check the credentials of the influencer. The best bet for advice might come from a CFP, or certified financial planner, a CPA, or certified public accountant, or a CFA, a chartered financial analyst. Investment advisors have a Series 66 license.
