Where you’ve got a burning financial question like how on earth to decipher your pension (that’s if you even have one) – where do you go? Or if you woke up with a panic attack realising you’ve gotta start investing and building for your future (right in the midst of a bear market – ain’t no better time like the present!) – where do you go?
Well, 79% of gen zers and millennials turn to social media for their financial stuff! From twitter to linkedin to insta to – the coolest of all – tik tok.
I don’t blame them. Getting financial advice is confusing, costly and – confusing again. Plus, there aren’t many women in our age group doing it. A friend of mine was on the hunt for a financial adviser (or “FA” since that sounds cooler) and guess what?
She found it to be like looking for a needle in a haystack. Most of the FA’s she managed to find on the internet were, yup you guessed – in their 50s and male. And white. Not much diversity but also not someone you can probably relate to!
I certainly can’t relate to someone like that nor would I feel 100% comfortable spilling my financial secrets to some middle-aged guy. Sorry. Well that’s part of the reason why I started writing to you!
To talk about my money problems, solutions and most importantly – how to take control and make you feel like you’re in the driver’s seat of your finances. Psst: here’s how to fund your future with the smallest of sums!
Make sure you’re the one in control not the other way round
No one likes to not be in control, especially over their money. And having an FA can often feel that way. Though the best ones will empower you and bring you into the decisions. Letting you make your own choices. If there’s no room for that, RUN FOR THE HILLS!
The world of financial advice is like a jungle. There’s some awesome bits out there and I’ve come across a few of those myself (funny – they’re white and middle-aged, ain’t nothing wrong with that hey! I find they have bags of experience, something I know I lack as a 20-something. But you’ve also gotta be careful of those random bugs that could sting you.
One of the things I love about the digital world we live in is the access to info at your fingertips. Investing and all things finance really, were the best-kept secret.
That only bankers held the key to. But now, all of this has been democratised. You can literally invest at the click of a button (for better or worse!) and you don’t need to be rich to do so.
You can even buy a fraction of a share for as little as £1. Finally, we’re in control. We’re not at the helm of some FA charging us sky-high fees to fund their Rover and Rolex. Nah.
You don’t need a swanky finance degree or super-high IQ to get started. Don’t let it intimidate you
Say what you want about social media (and trust me, I could go on for hours) but it’s brilliant! You no longer need a college degree in finance or bucketloads of money to get started on your journey to financial freedom.
From YouTube to Linkedin, there’s a flood of fab financial info that’s waiting for you to find it. And it’s doing us a whole lotta good. 62% of us feel empowered by their access to financial advice on social media. Knowledge = power. It’s something no one can ever take away from you. It’s all yours. Steal these 3 money moves from the top 1% to massively upgrade your finances.
Social media’s made money less of a taboo. 76% of us believe social media has made it less taboo to talk about money! It used to be this dirty word people felt embarrassed and awkward to say. It made them squirm in their seats.
But now, just scroll through Tik Tok and you’ll see tons of folk – ordinary people like you and I – opening up about their money struggles, successes and stories.
There’s a quiet revolution going on. Waging war against the money taboo! And I’m all for it! It’s what keeps me motivated to want to write about all things money for you on a regular basis.
But you’ve also gotta be careful and be on the lookout for any dodgy red flags.
Just 1 in 3 of us check the sources of financial advice we stumble across on social media. We often fall into the trap of taking someone’s word for it. Especially when they have a gazillion followers and look like they know everything. During the pandemic and crypto boom (that’s well and truly over) there were so many scams involving cryptos.
The shocking part is that even celebs were in on it. They saw those $$$ signs and they didn’t flinch. Tom Brady, Madonna and David Ortiz are just some of our famous folk who got sucked in.
A bunch celebs are being sued for promoting bored ape yacht club; Paris Hilton, Serena Williams, Snoop Dog. The list goes on. Shocking stat: in 2021, more than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms, according to the FTC.
NEVER give your details to ANYONE. Least of all your credit card deets in an insta dm. Sometimes we get caught in the moment but always stop and ask yourself: does this feel right? Is this how I would normally pay for things? Am I feeling pressured?
Another problem I’ve noticed is that many talk about ‘get-rich-quick’ schemes like retiring at 30yo. That sounds wonderful but unless you invest every penny you have and live out of a shoebox for the next 10 years (assuming you’re a 20yo!) it won’t work. Or, it’ll make you miserable.
Don’t take things for face value. Do some digging and ask yourself if this actually makes sense! You’d be surprised how often that answer is simply a big fat no.
Don’t subscribe to someone else’s version of success or perfect money goals. Follow your own. You do you. Don’t be intimidated by some twitter “money guru” with 300K followers.
They all make it sound like it’s the dream. Quitting the 9-5 bla bla bla. It sounds so cool ‘n glam till you realise without your 9-5 you’d probably have nothing and a 9-5 is a very sensible way of building wealth.
Just make sure you invest your paycheck! Read here what to do the minute you get paid.
Disclaimer: This blog is not investment or financial advice. It is my opinion only. This blog is not a personal recommendation to buy/sell any security, or to adopt any such investment strategy. Always do your own research before you commit to any investment