HOUSTON, Texas (KTRK) — Social media trends range from the ridiculous to the dangerous and often leave us scratching our heads wondering “What were they thinking?” But these days, kids are taking the time to watch Financial advice is coming to the platform.
Social media is great for giving you instant access to topics, but when it comes to financial advice, quick and easy can be a recipe for disaster.
“Not everything we see applies to our individual specific circumstances,” said Kate Langthorne of IMG Financial Group.
Langthorne adds that just as there is no one-size-fits-all formula for success, financial advice also needs to be personalized.
She says social media is great for some types of advice, like budgeting, but others, like investment strategies or how to make thousands of dollars in a short period of time, aren't typically useful to a wide audience.
Many social media stars have millions of followers, and young people can be influenced by their popularity to trust financial advice more than they should.
Also, social media stars may not have financial education and may be paid to push advice that may not be in the best interest of everyone listening.
“There's a difference between getting advertising and how qualified professionals get paid. If you have millions of followers on TikTok or are listening to it, you probably know that you're advertising. You get paid to promote things,” Langthorne said.
If you find what looks like great advice, treat it as a starting point, search online for more information, and ask experts. As with any online advice, don't follow it blindly, make sure your kids understand it too.
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