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Should We Trust Personal Finance Influencers? 

Leira Lacuata
Written By
Leira Lacuata
Published On
May 01, 2024
From left to right: Tori Dunlap, Humphrey Yang, and Vivian Tu

Saving money has always been a must. Many financial experts and stock market professionals have published thousands of books and articles to help people get richer. Now, they seem to have moved to a new playing field: the internet.

The rise of finance influencers started on TikTok. These people tirelessly preach money-saving tips and stock market secrets. However, despite their popularity, people continue to attach a negative stigma to these TikTok influencers. 

So, should we listen to them? Do they belong in influencer marketing campaigns

Keep reading for our take! 

Reasons to Be Skeptical 

False information runs rampant on the Internet, and some finfluencers (as they’ve become known) are perpetrators of it. Here are some red flags:

Hackers and Scams 

The rise of cryptocurrency and online banking led to the creation of hundreds of financial social media platforms. Not everything in the App Store is legit and safe, leaving users at the mercy of hackers and scammers. But how could this happen in the first place?

Fake finfluencers used their platforms to falsely promote financial apps through instantaneous rewards. Dubious claims such as “Sign up now to get $$$” and “Get 10,000 Bitcoin by cashing in the money” are tactics used to fool people into participating in such scams. 

Questionable Qualifications 

Another reason some people are adamantly against finance influencers is their lack of expertise and qualifications. Anyone online can attach convincing titles like “CEO,” “Entrepreneur,” or “Financial Expert” to their name. 

Don’t be fooled by finfluencers who don’t have real credentials—giving out financial advice without proper education is illegal! 

Celebrities Aren’t Financial Experts 

Influencers have become celebrities, but being rich and social media famous does not qualify someone to give financial advice. They offer “hacks” to curb inconvenience but leave you with severe consequences, such as lower credit scores and empty pockets. 

Pump and dump” crypto scams are perhaps the worst examples of influencers giving out terrible, self-serving advice. Unfortunately, the few bad apples out there put a dent in the reputation of the entire community. 

Signs of Trustworthy Finfluencers (H2)

On the bright side, there are personal finance influencers fighting scams providing correct information to enhance everyone’s financial literacy. Content creators in this niche should be: 

  • Law-Abiding Citizens: they should abide by money and consumer protection laws, ensuring no illegal actions are made.
  • Financially Stable: All personal finance influencers should have a good standing in their credit scores, client reviews, and reputation to prove trustworthiness.
  • Transparent: A finfluencer shouldn’t hide all details from their followers and clients. Transparency is key! 
  • Willing To Admit Mistakes: You should never take advice from someone unwilling to own up to a mistake—influencers are no exception! 

5 Finance Influencers Worth Following (H2)

With all that being said, these are the best personal finance influencers to follow online if you’re interested in learning more about money. They use their platforms to teach and prevent people from scams and risky investments. 

1. Tiffany Aliche | @thebudgetnista 

Tiffany Aliche has helped millions of women to save, manage, and pay off debts. 

As a former teacher with a Master’s degree in Education, Tiffany contributed to passing The Budgetnista Law (A1414) in 2019. This law made financial education mandatory for middle school students to help prepare them for adulthood. 

Her New York Times Bestseller, Get Good With Money, has become a canonical book in the library of essential finance literature.

 

View this post on Instagram

 

A post shared by Tiffany Aliche (@thebudgetnista)

Source: Instagram

2. Tori Dunlap | @herfirst100k 

Have you heard how Tori Dunlap saved $100K before her 25th birthday? 

It was a milestone for her; she documented her experience through blogs and attracted thousands of readers. After achieving her lofty goal, Tori quit her day job to pursue her calling of helping people improve their financial literacy

Tori’s TikTok account has amassed over 2 million followers, all excited to learn more about saving money from someone who’s done it in spades. Follow her saving and money management tips to get your bank account growing!

 

Source: Instagram

3. Humphrey Yang | @humphreytalks  

Humphrey Yang works as a financial advisor for Merrill Lynch—safe to say he knows the ins and outs of money. In 2019, he posted a cost and revenue breakdown for Hydro Flask on TikTok that garnered serious interest. 

Since then, this e-commerce geek has continued to post content related to cost breakdowns of lifestyle items such as grocery lists, cars, and travelling. Follow him for an in-depth look at building wealth and spending money wisely. 

 

 

View this post on Instagram

 

A post shared by Humphrey Yang (@humphreytalks)

Source: Instagram

4. Vivian Tu | @yourrichbff 

Vivan Tu is your financial bestie who will never let you down! As a child of immigrant parents, she learned how to budget at a young age. Vivian’s career led her to become a trader for JP Morgan, where she gained invaluable experience. 

When the pandemic hit in 2020, Vivian took it as a chance to share her financial literacy through TikTok. Her expansive and helpful money knowledge attracted millions of followers, making her one of the most followed finfluencers on the app. 

 

Source: Instagram

5. Jim Chuong | @jimchuong 

Canadian finance influencers significantly contribute to the ‘FinTok’ sphere by providing the public with relatable and nifty monetary advice. Jim Chuong is a stock investor and multi-million dollar real estate investor leading the pack. 

His content details his adventure in achieving financial independence, obtaining excellent credit scores through residential investment, and much more. Following him will lead you to a treasure trove of fiscal guidance

 

View this post on Instagram

 

A post shared by H H Chuong (@jim.chuong)

Source: Instagram

Invest in the Top Finance Influencers for Your Next Marketing Campaign (H2)

Finfluencers who share their knowledge on all things money to help others become successful are absolutely worth our time. If you want to achieve financial freedom as a brand, you should probably start investing in what they have to offer. 

Consider The Influence Agency your advisor on financial influencers. We’ll help you build campaigns centered around the best to ensure you achieve the kind of exponential social media growth that would have otherwise seemed impossible. 

Contact us today to start working with fininfluencers!

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Leira Lacuata

Leira Lacuata is a Content Writer at The Influence Agency with a penchant for creating mood-specific music playlists, discovering song samples and collecting vinyl records. You'll find her lifting heavy weights at a gym while rapping Tyler the Creator and Kendrick Lamar's songs word for word in her free time.
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