This Is the Worst Money Advice on the Internet

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money.

two people look at a cell phone together

Klaus Vedfelt/Getty Images

Here’s what: How to wade through the swamp of internet money advice

Spend any time on TikTok, Reddit, YouTube, or other

social platforms

and you’re sure to come across money advice of one stripe or another. Plenty of qualified professionals share solid advice on their popular channels, like Tiffany “The Budgetnista” Aliche and Soledad Fernández Paulino of Wealth Para Todos. But there are also plenty of “tips” you should ignore, ignore, ignore — or at least question.

I recently spoke to Anne Lester about how to identify bad internet money advice. Lester is the former head of retirement solutions at JPMorgan, where she worked for nearly three decades, and founder of the Aspen Leadership Forum on Retirement Savings; she left JPMorgan to focus on helping Gen Z and millennials save more for retirement and invest well. Given that almost 40% of Gen Zers say they learn about money from social media, Lester is working overtime to ensure young people start their retirement…

Read complete post here:
Source link