Society has come a long way from the time of beepers to cryptocurrencies like Bitcoin.
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Technological advancements and changes in pop culture have revolutionized the way people now build wealth. And while some of the older methods are still in use today, the impact of social media, trends and tech can’t be understated.
Here’s a closer look at how aspects of pop culture influence you to build wealth over the years.
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Impact of Social Media
Pop culture encompasses a wide variety of things, ranging from media and entertainment to public icons and influencers.
And throughout the years, pop culture been transmitted through different mediums. Back in the day, this was radio and television. Today, it’s often found on social media — from X to Facebook (Meta) to TikTok.
“Unlike previous generations, digital savvy consumers have unparalleled access to financial information and wealth-building strategies, thanks to social media and platforms like YouTube, Reddit and Substack, both from institutions and regular people who share their insights and personal journey,” said Quynh Mai, a Gen Z and culture expert as well as the CEO of Qulture.
Thanks to social media, people can now educate themselves on the ins and outs of building wealth. They no longer have to go through the traditional gatekeepers. This gives them more access to the resources they need compared to many who came before.
Increased Exposure To Trends
Thanks to technological advancements and the affluence of social media platforms, people today are more exposed to current trends than ever before — and on a much broader scale. Since much of it is digital, access to the information you need, much of which comes from these trends, is at your fingertips.
Take investment trends, which have gained quite a bit of exposure through pop culture exposure, as an example.
“The rise of non-fungible tokens serves as a recent example,” said Alec Kellzi, a certified public accountant (CPA) at IRS Extension.
NFTs are prominent in many industries, including entertainment and art. Their popularity and the increased exposure to them has created opportunities for wealth-building in the digital realm.
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Building Upon Innovation and Recent Trends
Thanks to pop culture, new technologies have become increasingly profitable for individual investors looking to generate wealth. This is just as true of social media platforms like Facebook as it is of alternative investment classes like crypto.
Along with this, many people take a look at recent trends and transform them into new ways of building even greater wealth over time — though sometimes with mixed results.
Take Bitcoin for example.
“When Bitcoin became popular, many people wanted to understand cryptocurrency and invest in digital assets,” said Vincent Cerniglia, principal and vice president at Noreast Capital Corporation. “My company saw an influx of clients interested in equipment financing to purchase Bitcoin mining rigs.”
And then there was Shark Tank, a show geared toward helping budding entrepreneurs show off their inventions or ideas and potentially gain the funding they need to succeed.
“Shark Tank increased interest in angel investing and entrepreneurship,” said Cerniglia. “After the show premiered, we saw more aspiring business owners developing innovative products and seeking financing.”
You can even see this phenomenon when it comes to older forms of media that are either regaining popularity or have simply become cultural staples.
“Trends in music, TV and movies can drive interest in related businesses,” continued Cerniglia. “For instance, after Breaking Bad aired, many wanted to invest in car washes and laundromats. By identifying pop culture influences, you can find opportunities.”
Importance of Role Models
It’s hard to talk about the pop culture zeitgeist without mentioning modern day influencers and their impact on the way people build wealth.
So many people achieve financial success by watching, listening to, speaking with and learning from the experts. Having immediate, ongoing access to these experts has played a major role in entrepreneurship, investing and other means of building wealth.
As influencers and educators like Scott Galloway, Tori Dunlap, Humphrey Yang and Tiffany Aliche all share their own financial journeys and successes, they also serve to inspire those just starting out or looking for a change.
“One of the most notable trends is the rise of financial influencers who focus on minimizing spending and maximizing savings,” said Mai. “[These influencers] have built substantial followings by teaching audiences the keys to building wealth, effectively shaving years off of their financial journeys.”
Many of these influencers also spend their time breaking down simply to complex financial concepts that others can use on their own journeys. Not only that, but continuous or frequent exposure to these narratives has helped people become financially successful — in their own ways.
Learning To Navigate
Influencers and technological advancements have had a major impact on the ways people build wealth, but there are two sides to every coin.
“While there are influencers advocating for prudent financial practices, an equal number promote consumerism and spending,” warned Mai.
On the one hand, this has forced people to learn how to navigate contradictory information. On the other, it’s also made people more wary of advertising and other schemes that won’t actually help them financially.
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This article originally appeared on GOBankingRates.com: 5 Ways Pop Culture Influences How You Build Wealth