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.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
