Latest news with #FinTok
Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
Under the finfluence
Opinion Alyssa Davies knows when a social media post has struck a chord with her tens of thousands of followers: the DMs (direct messages) pour in. 'Every week, people pour their hearts out over what they're going through financially,' says the 34-year-old financial influencer (or finfluencer), who has been writing about money for a decade on her blog Mixed Up Money. Davies finds she blogs less these days and posts more on multiple social media platforms, including TikTok, though her wheelhouse is Instagram, where she posts short videos about personal experiences with life and money. Her first-person narrative about money challenges and successes are what draws followers. It's not a unique formula and the insights can be quite banal (like allowing yourself some treat spending occasionally, even when you're trying to stick to a budget). Yet the intimacy of these financial insights are why hundreds if not thousands of finfluencers are captivating potentially millions of Canadian consumers. A recent survey of 1,000 Canadians by Tangerine Bank — looking only at TikTok (or 'FinTok,' the hashtag for users seeking financial advice) — point to finfluencers' growing impact, finding nearly nine in 10 using the platform believe it improved their financial literacy. In following finfluencers, 61 per cent note their posts helped them build at least $500 more wealth. The report ('#FinTok: the good, bad and straight-up wrong') found while the experience is mostly good, nearly one in four report following bad advice — most often related to investing. Among those individuals, more than 40 per cent lost more than $500. The report also illustrates how a new generation of consumers and investors are getting financial advice much like they consume other goods and services — for better and for worse, says Lora Paglia, chief operating officer at Tangerine. 'People want everything at their fingertips … from food deliveries to financial advice,' he says. '(Yet) not all advice is created equal and everyone has a unique financial situation.' Cautions aside, social media platforms — from TikTok to YouTube to Reddit to Instagram — are catching on because young consumers, especially, can learn about an intimidating topic in an approachable way, he adds. Finfluencers put the 'personal' in personal finance, and regulators like the Ontario Securities Commission are trying to understand their full impact. It recently published a report called 'Social Media and Retail Investing: the Rise of Finfluencers,' surveying 655 investors. Among its findings are 91 per cent of respondents are active social media users. Notably, 35 per cent of those respondents state making financial decisions based on finfluencer content. That more than one-third of Canadian investors could be following advice from largely unregulated financial content providers is concerning, says Meera Paleja, head of research and behavioural insights at the OSC. 'Their level of knowledge can vary greatly.' Finfluencers range from social media-savvy licensed advisers to those with no professional background in finance at all. Theresa Ebden, vice-president of the investor office at the OSC, notes the latter group can further be distinguished into two sub-groups: those posting content about money and investing who aren't being paid to promote a product; and those who are paid by a third party to promote a financial product. The latter group is of most concern to regulators, she adds. What's more, the OSC has reason to be concerned, given the findings of the second part of its study. It involved experiments with investors to determine finfluencers' impact and found respondents exposed to finfluencers' advice were more than three times as likely to purchase an investment mentioned in posts than those who were not exposed. 'Just seeing an investment talked about on social media dramatically increases the chance people will purchase it,' Paleja says. In the real world, the OSC is seeing the potential impacts, receiving more complaints about finfluencers — though most involve cryptocurrency, Ebden says. In contrast, at FAIR Canada (Canadian Foundation for the Advancement of Investor Rights), complaints about finfluencers have yet to arise. That doesn't mean it isn't a concern, says Jean-Paul Bureaud, executive director of FAIR Canada. 'The research (including the Tangerine study) generally shows that investors following finfluencers may be losing small amounts … so maybe they don't feel it's worth reporting.' Yet he can see how it can be potentially problematic, given finfluencers' unique and growing appeal. 'People like feeling part of a community, having peer-to-peer interactions and learning from others who have been through the same challenges.' Like any other financial literacy resource, finfluencer content can be 'a double-edged sword,' with the dangerous edge being those paid to promote products that may not be in consumers' best interest, Bureaud adds. The OSC study, however, did find potential solutions to better protect consumers. 'The greatest impact in the experiment was inoculation,' says Paleja. Like vaccines introducing a harmless piece of a virus to an immune system to recognize and fight off the real virus in the future, inoculation for investors involves introducing 'a weakened form of the misinformation they might encounter' on social media, she explains. Davies, who is completing her master's degree in financial psychology, offers some inoculation of her own, noting content consumers should be skeptical of any advice encountered online and they need to further confirm its veracity elsewhere before applying it to their own lives. Wednesdays A weekly dispatch from the head of the Free Press newsroom. Indeed, most followers she engages with don't blindly follow finfluencers. Rather, they see them as an entry point to learning more about subject matter they find intimidating, giving them confidence to learn more so they can make better money decisions. 'It's not about giving people perfect advice,' Davies says. 'It's really about helping them feel less alone on their financial journey.' Joel Schlesinger is a Winnipeg-based freelance journalist joelschles@
Yahoo
7 days ago
- Business
- Yahoo
How Gen Zers Are Preparing for a Recession: Will It Work?
Growing up during the aftermath of the 2008 financial crisis, only to graduate into a pandemic and now face inflation and housing instability, Gen Z is hyper-aware that a recession could be around the corner. Try This: Find Out: Though most Gen Zers are still relatively early in their careers or just starting to figure out adulthood, they're already thinking about how to protect themselves financially. Here's how Gen Z is preparing for a recession, and whether it'd be enough to weather the storm. The no-buy challenge is trending on social media, and it's exactly what it sounds like: a list of things you can't spend money on for some time. It can be things like skincare products, daily coffees from Starbucks, or Netflix subscriptions. The fact that no-buy lists are trending is a sign that Gen Zers are actually getting serious about tracking expenses to prepare for a recession. Many #FinTok influencers are also teaching their followers to use budgeting apps like YNAB or spreadsheets to keep themselves accountable. This is a pretty noticeable shift, especially compared to the 'YOLO' mindset that many Gen Zers were following a few years ago. See More: Apart from spending, another big part of Gen Z's recession prep is learning how to earn more money. Search 'how to make money' on TikTok or Instagram, and you'll fall into a rabbit hole of Gen Zers breaking down their side hustles. Some are using AI to monetize their YouTube channels, and others are making money off of Amazon affiliates and TikTok shops. Many aren't stopping at just one stream of income either. They're building multiple, so if one slows down, another can pick up the slack. In other words, Gen Zers are learning skills that will serve them well no matter what the economy looks like. And instead of relying on a single job or paycheck, they're building job security by having a side hustle (sometimes multiple). Not long ago, living at home in your 20s was something people tried to avoid (or at least avoid talking about). It felt like a sign you hadn't figured things out yet. But now, many Gen Zers are openly sharing what it's like to live at home, showing their routines, how much they're saving, and why it's worth it. There's way less shame around it, most likely because of how ridiculous rent prices are in big cities and how difficult it is to find jobs for some fresh grads. By staying at home for a bit, that extra money they save can go toward paying off debt or building an emergency fund. And if a recession hits, having lower living expenses can take a ton of pressure off. Gen Zers are doing a lot of the right things, like spending mindfully, building high-income skills, and diversifying income. That said, even the best financial habits can't fully shield anyone from the bigger forces at play. Rent prices are climbing faster than wages in many cities, and homeownership is still out of reach for most young adults in their 20s and early 30s. On top of all that, student loan payments are back, Trump's tariffs are causing market turbulence, and inflation is still lingering. So even though Gen Zers are prepared and proactive, many factors outside their control could make it harder for their financial plans to fully pan out. Having solid money habits is still important, though. It might not guarantee complete financial security. But it does give Gen Zers a stronger foundation and a better shot at weathering whatever storm comes next. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years 10 Cars That Outlast the Average Vehicle This article originally appeared on How Gen Zers Are Preparing for a Recession: Will It Work? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Ramit Sethi became a millionaire in his 20s. Here's his ‘dead' simple advice for those hoping to do the same
With TikTok tutorials, Reddit threads, and self-proclaimed gurus crowding social media feeds, Gen Z is getting a crash course in how to build wealth fast — or so they think. From day trading tips to flashy claims about retiring a millionaire by 40, the platforms are flooded with promises of financial freedom. FinTok might be touting all the tactics of buying low, selling high and watching the stock market all day, but personal finance expert Ramit Sethi says most of it is overkill. The host of the Netflix series How to Get Rich became a self-made millionaire in his 20s. Warren Buffett, one of the most successful investors in history, wasn't even that young when he made his first million. Sethi's advice is 'actually not complicated,' he told Fortune magazine. The key? Make investing seem easy and feel confident while doing it. 'My advice is, think of another part of life where you are really confident… Like if you open up your closet, you can see a simple, great outfit. That's the same way that money works.' So what exactly does Sethi mean? Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) ##Rise of the 'dead investors' How does investing become as effortless as choosing a great fit? By setting it and forgetting it, Sethi says. Carrying the ghoulish slang of 'dead investors,' these wealth builders are actually passive investors who leave their money untouched for long periods of time. These are the people who buy diversified index or target-date funds and automate their contributions, then forget about it for years. No day trading. No spreadsheets. And no stress tied to timing the market and the potential for emotional and poor decision-making, not to mention all those buying and selling fees. Passive investors, on the other hand, benefit from diverse portfolios that spread out risk over time, growing wealth steadily and relatively stress-free. Research backs it up: A University of California study found that investors with higher portfolio turnover significantly underperformed the market, lagging by as much as 6.5% annually due to the 'frictional' costs of frequent trading, such as taxes and fees. Sethi himself adopts the buy-and-hold strategy. 'What I do is I create a vision, I put my money [aside], I set it up to go automatically where it needs to go, and then I get the hell out of the spreadsheet.' The sooner you invest, Sethi says, the more time your money has to grow through compound interest. 'Time is one of the most powerful allies to live a rich life and grow your investments,' Sethi told Fortune. He doesn't hide the fact that he was privileged enough to have a father who emphasized the importance of financial security and who helped Sethi set up an investment account where he put small amounts of money from his job as a teen. Even just $50 a month, when started young, can go a long way with compounded interest. Read more: BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis But if Sethi is telling Gen Z to start small, avoid meme stocks and not get swept up in complicated investment strategies, where should they put their cash? The answer may be boring, but that's the point: Sethi recommends target date funds, a mutual fund tied to your desired retirement age. The strategy, he says, is 'literally easier than brushing your teeth.' 'You pick that fund, you automatically set your account up to send money every month, and it invests for you, and that's it. You certainly do not have to pick stocks. You just set it up once and forget it.' Let's say you want to retire around 2060. You select the fund you would like tied to that estimated retirement year — numerous such target-date options exist at firms like Vanguard, T. Rowe Price, and Fidelity, and many 401(k) plans offer them — and then the fund begins to invest. It starts aggressive but then shifts to more conservative allocations as you approach 2060. This is known as the 'glide path' strategy. The best part: The fund does all the shifting and rebalancing of itself over time, meaning you don't have to do any adjustments or monitor the fund — exactly what Sethi recommends. 'Timing the market is for suckers. The best thing you can do is treat your investments like a Thanksgiving dinner. Put the turkey in the oven, close it and let it cook for the next 30 years.' His advice to young investors racing to 'buy the dip?' Slow down. Building wealth isn't a sprint. 'For the Gen Z people who feel so proud, 'I bought the dip bro,' you might want to consider actually bolstering up your emergency fund,' Sethi recommends. 'That money might be a little bit more valuable right now sitting in a high-yield savings account, just in case you get laid off five months from now.' Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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Yahoo
11-05-2025
- Business
- Yahoo
4 Finance Influencers on TikTok that Actually Give Good Advice
Financial literacy is a skill that very few can master, let alone teach on a public platform. As social media platforms become increasingly flooded with misinformation, it's hard to know who or what to trust, particularly when it comes to money. Read More: Find Out: That being said, there are a few TikTok influencers in the financial space who are dubbed as 'finfluencers' who know what they are talking about when it comes to money management, some even being recognized by apps like Chime as the experts on 'FinTok.' Looking to social media for money advice and tips? Here are four finance influencers on TikTok who actually give good advice. 'TikTok isn't where I learned finance — but it's where a surprising number of people are learning it right now,' described Kraig Kleeman the founder and CEO of The New Workforce. Kleeman admitted that the financial advice landscape on TikTok can feel like the Wild West, but creators like Vivian Tu — who labels herself on the platform as an 'ex-Wall Streeter Helping you get rich' — offer truly valuable content that can help people take control of their money. 'I have a lot of respect for creators like Vivian Tu for her clear myth-busting content regarding everyday money issues,' Kleeman said. Beyond TikTok, Mady Mills is best known for being a financial influencer and an on-air host for Yahoo Finance, adding to her clout and credibility. 'Mady's ability to break down complex financial concepts for her audience into easily understandable insights show that she is worth her salt as a financial influencer,' said Aaron Razon, a personal finance expert at Couponsnake. 'Not only are her contents informative and empowering, but they also help her audience make informed financial decisions, as well as make it possible for them to stay up to date with market trends and economic developments,' Razon stated. Discover Next: Chelsea Fagan's message of fiscal responsibility is designed for young women, especially ones who are looking to improve their overall understanding of money and finances for themselves. Razon pointed out that Fagan, 'Creates content that emphasizes the importance of budgeting and saving, financial literacy, lifestyle and finance, and investing and debt management.' The lessons that Fagan offers on her TikTok channel help empower young women with clear, uncomplicated tools and resources to help young women take control of their financial lives. Josh Brown is a registered investment advisor, as well as the co-host of the Compound and Friends Podcast, making him a notable finance expert by bringing years of credentialed experience to his TikTok videos. According to Razon, Brown's resume and track record proves 'that he knows what he is saying and that it is safe to take both himself and his advice seriously, especially when it comes to investing and financial planning.' More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines Sources: Chime, 'Chime Declares 2024 as 'The Year of #FinTok' Kraig Kleeman, The New Workforce Aaron Razon, Couponsnake This article originally appeared on 4 Finance Influencers on TikTok that Actually Give Good Advice
Yahoo
11-05-2025
- Business
- Yahoo
4 Finance Influencers on TikTok that Actually Give Good Advice
Financial literacy is a skill that very few can master, let alone teach on a public platform. As social media platforms become increasingly flooded with misinformation, it's hard to know who or what to trust, particularly when it comes to money. Read More: Find Out: That being said, there are a few TikTok influencers in the financial space who are dubbed as 'finfluencers' who know what they are talking about when it comes to money management, some even being recognized by apps like Chime as the experts on 'FinTok.' Looking to social media for money advice and tips? Here are four finance influencers on TikTok who actually give good advice. 'TikTok isn't where I learned finance — but it's where a surprising number of people are learning it right now,' described Kraig Kleeman the founder and CEO of The New Workforce. Kleeman admitted that the financial advice landscape on TikTok can feel like the Wild West, but creators like Vivian Tu — who labels herself on the platform as an 'ex-Wall Streeter Helping you get rich' — offer truly valuable content that can help people take control of their money. 'I have a lot of respect for creators like Vivian Tu for her clear myth-busting content regarding everyday money issues,' Kleeman said. Beyond TikTok, Mady Mills is best known for being a financial influencer and an on-air host for Yahoo Finance, adding to her clout and credibility. 'Mady's ability to break down complex financial concepts for her audience into easily understandable insights show that she is worth her salt as a financial influencer,' said Aaron Razon, a personal finance expert at Couponsnake. 'Not only are her contents informative and empowering, but they also help her audience make informed financial decisions, as well as make it possible for them to stay up to date with market trends and economic developments,' Razon stated. Discover Next: Chelsea Fagan's message of fiscal responsibility is designed for young women, especially ones who are looking to improve their overall understanding of money and finances for themselves. Razon pointed out that Fagan, 'Creates content that emphasizes the importance of budgeting and saving, financial literacy, lifestyle and finance, and investing and debt management.' The lessons that Fagan offers on her TikTok channel help empower young women with clear, uncomplicated tools and resources to help young women take control of their financial lives. Josh Brown is a registered investment advisor, as well as the co-host of the Compound and Friends Podcast, making him a notable finance expert by bringing years of credentialed experience to his TikTok videos. According to Razon, Brown's resume and track record proves 'that he knows what he is saying and that it is safe to take both himself and his advice seriously, especially when it comes to investing and financial planning.' More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines Sources: Chime, 'Chime Declares 2024 as 'The Year of #FinTok' Kraig Kleeman, The New Workforce Aaron Razon, Couponsnake This article originally appeared on 4 Finance Influencers on TikTok that Actually Give Good Advice Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
