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Financial illiteracy can be costly. According to the National Financial Educators Council, it cost Americans $352 billion collectively in 2021 alone. Turning to personal finance influencers is one way to increase your financial knowledge. Not all are alike, so it pays to know which ones are worth your time.
Key Takeways
- Personal finance influencers share tips and strategies on how to manage money, typically through social media platforms and/or a blog or website.
- Personal finance influencers may or may not have professional certifications or backgrounds in money management; some teach others about money based purely on their own experiences.
- Before following personal finance influencers, it’s important to consider their qualifications and background.
- Money tips shared by personal finance influencers shouldn’t be considered a substitute for advice from a professional financial advisor unless the influencer is one.
What Is a Personal Finance Influencer?
A social media influencer is someone who has established credibility in a specific industry or niche and uses social media to promote themselves. They build a devoted audience and following by sharing content through social media channels, such as TikTok, YouTube, Instagram, and Facebook. They may also have a podcast or blog. A personal finance influencer is a social media influencer who specializes in sharing tips about finances and money.
The rise of the personal finance influencer can be attributed in part to the growing use of social media for accessing money advice. For example, here’s where Gen Z and millennial investors look for money tips, according to Morning Consult:
- Facebook—33{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}
- Instagram—32{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}
- Reddit—29{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}
- Twitter (for money hacks)—27{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}
Personal finance influencers can earn money by sharing their financial knowledge in a number of ways, including monetizing a YouTube channel, sharing sponsored posts, selling digital products, or courses and affiliate marketing.
The Federal Trade Commission (FTC) requires social media influencers and affiliate marketers to disclose affiliate relationships or sponsorships in which they may be paid to recommend a specific brand or product.
Top Personal Finance Influencers to Follow
Getting financial advice online via social media can be dicey, as there are always scammers waiting to trick people into handing over their money. So which personal finance influencers are legitimate and worthy of a follow? Here are 10 noteworthy names to know in the personal finance space.
Humphrey Yang, @HumphreyTalks
- Follow on—TikTok, YouTube, and Instagram
- Tips on—Investing, taxes, and money basics
Humphrey Yang is a former financial advisor turned content creator and personal finance influencer. He has 2.7 million followers on TikTok, and one of his most popular videos, with over seven million views, breaks down the difference between the short- and long-term capital gains tax rates.
Delyanne Barros, @DelyanneTheMoneyCoach
- Follow on—Instagram, TikTok, and Twitter
- Tips on—Investing
Delyanne Barros is a personal finance influencer who writes a blog called “Delyanne the Money Coach.” Previously an attorney, she’s now a self-made millionaire, and her content focuses on teaching everyday investors how to master the stock market.
Dasha Kennedy, @TheBrokeBlackGirl
- Follow on—Instagram, Facebook, and Twitter
- Tips on—Debt, building wealth, and financial independence
Dasha Kennedy is a personal finance influencer and activist who’s on a mission to help women become financially empowered. She leverages her own personal experiences with money to provide advice that’s practical, useful, and realistic.
Nick Loper, @nloper
- Follow on—Twitter and Instagram
- Tips on—Side hustles, creating passive income, and financial independence
Nick Loper used to work a nine-to-five job, but then he learned the secret to making money without one. He shares his best tips for creating additional income streams through side hustles and online businesses via social media, a blog called “Side Hustle Nation,” and “The Side Hustle Show” podcast.
Side hustle earnings of $600 or more from a single source have to be reported as income on your annual tax return.
Tiffany Aliche, @thebudgetnista
- Follow on—Instagram, Twitter, YouTube, and Facebook
- Tips on—Budgeting and money management
Tiffany Aliche is the founder of “The Budgetnista” blog and the author of the book Get Good with Money. She also co-hosts “The Brown Ambition” podcast with Mandi Woodruff-Santos. Aliche’s focus is on women and money, and she’s helped more than one million women worldwide to expand their financial know-how.
Chelsea Fagan, @thefinancialdiet
- Follow on—Instagram, Twitter, and YouTube
- Tips on—Spending, saving, debt, budgeting, and money management
Chelsea Fagan founded “The Financial Diet” blog in 2014 as a personal finance blog. She’s since grown it into a company dedicated to helping women feel more confident when it comes to managing their finances. Her Instagram account has close to one million followers and offers plenty of practical tips for improving your financial life.
Jeremy Schneider, @PersonalFinanceClub
- Follow on—Instagram and TikTok
- Tips on—Investing
Jeremy Schneider offers his followers a crash course in investing basics. His approach to content is largely visual; he explains complex investing topics with easy-to-read infographics. This could be a great place to start if you’re new to investing and need some help building a solid foundation.
Tip
Before taking a personal finance influencer’s words to heart, consider their background and authority on the topic they’re discussing or offering advice on.
Daniella Flores, @iliketodabble
- Follow on—Instagram, Twitter, Facebook, and YouTube
- Tips on—Side hustles, making money, saving money, and budgeting
Daniella Flores started the “I Like to Dabble” blog in 2017 to document her experiments with various side hustles and ways of making money on the side. She and her wife, Alexandra, were able to pay off $40,000, and Daniella is now an active voice in promoting financial health and independence for members of the LGBTQ+ community.
Anthony O’Neal, @anthonyoneal
- Follow on—Instagram, Twitter, and YouTube
- Tips on—Debt and money management
Anthony O’Neal is a best-selling author and speaker, and he’s also garnered a sizable YouTube following by sharing financial advice for students. One of his main focuses is on how to get out of debt so you can live your best life financially.
Anjie and RJ Muhammed, @richbyintention
- Follow on—Instagram
- Tips on—Managing money and building wealth as a couple
Anjie and RJ Muhammad are a married couple who understand how important it is to be able to manage money as a team, especially when building wealth is the goal. They’ve paid off over $100,000 in student loan debt together and use their experiences to help other couples manage money with fewer arguments.
Who Are Personal Finance Influencers?
Personal finance influencers are people who use social media platforms and websites to offer tips about money. In terms of success, they’re typically gauged by the size of their following and the visibility of their brand. Some of the top influencers have audiences that number in the millions.
How Do You Become a Personal Finance Influencer?
Becoming a personal finance influencer starts with identifying a target audience and understanding which problems they might need help with solving. From there you can create a content plan that speaks to those needs and build your following across different social media platforms.
Are Personal Finance Influencers Legit?
Many are legitimate in that they’re drawing on their own experiences or relying on their professional expertise to share money tips. There are, however, some who lack credibility and authority, so it’s important to do your research when deciding whom to follow.
Is It Legal to Give Financial Advice on Social Media?
Anyone can share financial advice on social media, but it’s important to understand how that can potentially create legal issues. For example, if you’re an influencer who recommends a specific banking product for which you are also an affiliate, you have to disclose that relationship to your audience. Otherwise, you could land in hot water with the FTC.
The Bottom Line
Following personal finance influencers can be a useful way to get advice about money, but it’s important to consider the source. Many influencers specifically note that their tips should not be considered a substitute for professional financial advice. If you’re struggling with how to make a budget or need some insight into how to develop a retirement strategy, you may want to consider meeting with a certified credit counselor or a financial advisor.
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