5 Best Money Tips From Top ‘Finfluencers’
5 Best Money Tips From Top ‘Finfluencers’
32% of Americans Trust Social Media for Financial Advice: 5 Best Money Tips From Top ‘Finfluencers’
Cynthia Measom Mon, May 29,
According to a recent GOBankingRates survey of more than 1,000 Americans, 32% trust social media for money advice. If you’re not familiar with financial influencers — aka “finfluencers” — they are people who are typically not licensed investment advisors, but are able to influence their audience to take their financial advice or buy a product or service they promote on social media.
“Finfluencers” often find their influential power in the entertainment value they serve up to viewers along with their money tips. While there’s plenty of bad money advice on social media, there are also some solid suggestions coming from these TikTok and YouTube stars. Here are five best money tips from top “finfluencers” on social media — plus, additional insight from a certified financial planner.
Make Slow and Steady Progress Toward Your Emergency Fund
Taylor Price, also known as @pricelesstay on TikTok, is dedicated to helping Gen Z increase their financial IQ.
In a video posted to her YouTube channel, “8 Easy Steps To Get Your Emergency Fund Started,” Price says the amount needed for an emergency fund is not one-size-fits-all, but agrees that the “ideal” emergency fund is what many experts recommend — three to six months’ worth of expenses. If saving that amount seems overwhelming, Price recommends putting 10% of each paycheck aside to start building your emergency fund.
Divide Your Mortgage Payment in Half and Pay Biweekly
According to his LinkedIn profile, financial influencer Milan Singh has over 5 million combined followers across Instagram, TikTok and YouTube. In his Instagram video, “How To Save on Home,” Singh says you can make 26 biweekly payments on your mortgage instead of 12 monthly payments per year to pay off your mortgage early. The extra money will go toward the principal and save you thousands.
Jay Zigmont, Ph.D., CFP, founder of Childfree Wealth, said, “Using biweekly, or even weekly, payments for your mortgage is a good idea as long as there is no additional charge for that service. It evens out your budget and will help pay off your mortgage quicker. I do biweekly payments on my personal mortgage.”
Add Your Teen to Your Credit Card as an Authorized User
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