Would you really trust your financial future to a lip sync star on TikTok? You wouldn't ask your car mechanic to cut your hair - so why follow financial advice from a social influencer?
Over 20 million Americans actually admit they take financial advice from Social Media Influencers. KTRH money man Pat Shinn says..."Social Influencers --- they are not in the financial services industry. Kim Kardashian got in trouble for promoting Cryptocurrency. She did not disclose that she was being paid heftily for her commentary!"
Shinn has another question: "What do Kim Kardashian, Actor William Devane and Life Coach Tony Robbins have in common? At one time or another each of them have given out financial advice - while none of them is a financial professional!"
Social media's good for fashion and dancing and make-up tutorials and learning how to change out a breaker in your house's breaker box --- but Shinn says to leave your financial future to the experts. "The Gold Standard for financial advice is called a Registered Investment Advisor. S/he is legally required to look out for each of their client's best interest."
Shinn reminds you that these influencers make commissions off their endorsements, not your financial success!
That leads us to the poll question this morning.