FRESNO, Calif. (KFSN) — They’re known as “finfluencers” — financially savvy content creators catching your attention while you scroll, dishing out advice on everything from savings to stocks.
“The access to information, TikTok, Instagram, all of these videos out there, you can find a solution for whatever personal finance topic that you’re looking for,” says Whelan Financial Chief Investment Officer, Taylor Whelan.
While hashtags including #fintok and #financialfreedom inspire younger generations to take control of their financial future, it’s essential to remember that financial advice isn’t one-size-fits-all.
“What is difficult is to figure out which one of these strategies applies to you, and what’s the right one for you at the time that you’re looking at,” Whelan said.
Whelan says before taking the leap on a TikTok tip, talk to someone qualified to give out financial advice.
The earlier you do it, the better.
“When you’re in your 20s and you have your first and second job, it is crucial that people start, but typically that’s the hardest time to start because there’s not a lot of extra cash,” Whelan said.
Take advantage of company match incentives.
“Most of these companies put money in when you put money in, so there’s something called a ‘match’ inside of a 401k or most retirement plans,” Whelan said.
Whelan says making those decisions early will help you out down the road.
“It’s really about the growth of your money over time,” he said. “The more time you have, the more it can grow for you.”
When watching finfluencers on social media, remember this isn’t personalized advice.
These reels can serve as inspiration, but make sure to check credentials and look for relevant experience in their background.
Most importantly, don’t base your financial decisions on testimonials or so-called success stories.
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