Fact-checking fintech

Cell phone with doodles
OCCU  -  02.22.2024

If you’re actively seeking out financial advice online, it’s likely you’ve come across videos and blogs with people espousing tips and tricks to help you make the most of your money. 

We’ve certainly seen them in our own lives. It’s a perk of the job, you could say. 

And while we appreciate new ideas and expert insights as much as the next person, before you invest your money in the next big thing, there are important things to consider: 

Look who’s talking 

There’s no official measurement of experience and education one has to reach to call themselves an “expert.” Credentials matter. Especially when it comes to financial advice.  

Are they a professional, regulated by a well-known organization or agency? Are they someone who has made good decisions and is now trying to create a community of support? Or are they just trying to sell you something. 

If it sounds too good to be true… 

It probably is. They call them get-rich-quick schemes for a reason.  

What are they selling? 

There’s nothing wrong with someone using social media to earn money responsibly. But when it comes to financial advice, first and foremost, the focus should be on helping their audience make sound decisions. If the hard sell — whether it’s their latest book, investment opportunity or sponsorship — is relentless, it could be a red flag that their intentions aren’t the best. 

Follow the money 

Influencers rely on sponsors, among other things, to make their money. The companies and organizations that support them can tell you a lot about their values and their reliability. 

There is some great advice to be found online. There are financial experts with social media channels, podcasts and websites dedicated to offering sound advice for people who seek it out. But we all know you can’t trust everything you read on the internet. Asking the right questions and doing your research will help ensure that you’re keeping your money safe.