With the rise of hits like Squid Game and a new surge of personal finance "social media influencers", personal finance is getting more attention than ever before. The combined effects of being stuck inside for the past year and a half as well as financial difficulties has led a whole group of people to start talking about personal finance more than ever.
This sounds like a great thing. Personal finance is arguably the most important lesson that no one ever learns in school. Growing up in the American school system is the same as growing up without any guidance in the world of personal finance. Kids are taught that the mitochondria is the powerhouse of the cell but they never learn how to minimize their tax liabilities or boost their credit scores. One of these lessons is arguably more important than the other.
Personal finance has seen a new burst of interest from many during the past twelve months as many individuals are taking their financial futures into their own hands. Unfortunately, this also leads to a lot of new misinformation that is spreading more quickly than ever before.
One of the fastest growing social media apps is Tik Tok. On Tik Tok, there is a fast growing personal finance community that has quickly grabbed millions of views. Unfortunately, there is not any need or seemingly want for accurate and fact based knowledge on the app. Social proof has led millions of people to start following the advice of many new "fintok" or financial Tik Tok influencers.
This is also partly due to the fact that many people are simply sick of the "suits on Wall St" and think that the game is already rigged against them. Many people are now putting their faith and their wallets behind the words of many social media influencers that are big in the personal finance spaces.
With this new popularity, a whole array of scams and fake guru's have popped up to take advantage of the naive. Whether it is cryptocurrencies or short squeezes, there seems to be a scammer in every corner of social media now. It is now more important than ever before to fact check and validate information. The scary part is how quickly information is able to spread now.
New trends pop out of nowhere daily and a viral video or post is able to reach millions of individuals. While it is always a good thing that personal finance is getting more attention, make sure to sort through the bad information and don't take financial advice from random people even if they do flaunt the number of followers or subscribers they have.
With that being said, there is also a huge amount of amazing information being added everywhere constantly. This means that there are more resources than ever before to educate and improve your financial literacy.