Financial illiteracy can be costly. According to the National Council of Financial Educators, in 2021 alone it cost Americans a combined $352 billion. And according to the 2022 Investopedia Financial Literacy Survey, 57% of American adults invest, but only 1 in 3 say they have advanced investment knowledge. Turning to personal finance influencers is one way to increase your financial knowledge. Not all are the same, so it pays to know which ones are worth it.
- Personal finance influencers share money management tips and strategies, usually 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 solely 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 should not be considered a substitute for the advice of 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 continue to share 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 finance and money advice.
The rise of personal finance influencers can be attributed in part to the growing use of social media to access money advice. For example, this is where Gen Z and millennial investors seek money advice, according to Morning Consult:
- Instagram – 32%
- reddit – 29%
- Twitter (for money hacks) – 27%
Personal finance influencers can earn money by sharing their financial knowledge in a variety 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 through social media can be risky, as there are always scammers waiting to trick people into handing over their money. So which personal finance influencers are legit and worth following? Here are 10 notable 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 more than seven million views, breaks down the difference between short-term 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.” Formerly a lawyer, she is now a self-made millionaire, and her content focuses on teaching everyday investors how to dominate the stock market.
Dasha Kennedy, @TheBrokeBlackGirl
- Follow on: Instagram, Facebook and Twitter
- Tips on: Debt, Wealth Building, and Financial Independence
Dasha Kennedy is a personal finance influencer and activist on a mission to help women become financially empowered. She draws on her own personal experiences with money to provide practical, helpful and down-to-earth advice.
Nick Loper, @nloper
- Follow on – Twitter and Instagram
- Tips on: side hustle, creating passive income and financial independence
Nick Loper used to have a nine to five job, but then he learned the secret to making money without one. He shares his top tips for creating additional income streams through side business and online businesses through social media, a blog called “Side Hustle Nation” and “The Side Hustle Show” podcast.
Secondary earnings of $600 or more from a single source must 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 blog “The Budgetnista” and author of the book be 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 has helped over a million women around the world expand her financial literacy.
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. Since then, she has 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 a million followers and offers many practical tips to improve her financial life.
Jeremy Schneider, @PersonalFinanceClub
- Follow on – Instagram and TikTok
- Tips on – Investing
Jeremy Schneider offers his followers a crash course in investment basics. His content approach is largely visual; he explains complex investment topics with easy-to-read infographics. This could be a great place to start if you’re new to investing and need help building a solid foundation.
Before taking the words of a personal finance influencer seriously, consider their experience and authority on the topic they’re discussing or offering advice.
Daniella Flores, @iliketodabble
- Follow on: Instagram, Twitter, Facebook and YouTube
- Tips on: side hustle, making money, saving money and budgeting
Daniella Flores started the blog “I Like to Dabble” in 2017 to document her experiments with various hustles and ways to make money. She and her wife, Alexandra, were able to pay $40,000 and now Daniella is 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 who also gained a huge following on YouTube by sharing financial tips for students. One of his main focuses is how to get out of debt so that he can live his 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. Together they have paid off more than $100,000 in student loan debt and use their experiences to help other couples manage money with less arguing.
Who are the personal finance influencers?
Personal finance influencers are people who use social media platforms and websites to offer money advice. In terms of success, they are typically measured by the size of their following and the visibility of their brand. Some of the top influencers have audiences numbering in the millions.
How do you become a personal finance influencer?
Becoming a personal finance influencer starts with identifying a target audience and understanding the problems they might need help solving. From there, you can create a content plan that addresses those needs and grow your following on different social media platforms.
Are Personal Finance Influencers Legitimate?
Many are legitimate because they draw on their own experiences or rely on their professional expertise to share money advice. However, there are some that lack credibility and authority, so it’s important to do your research before deciding who to follow.
Is it legal to give financial advice on social networks?
Anyone can share financial advice on social media, but it’s important to understand how that can lead to legal issues. For example, if you are an influencer recommending a specific banking product that you are also an affiliate of, you should disclose that relationship to your audience. Otherwise, you could land yourself in hot water with the FTC.
The bottom line
Following personal finance influencers can be a helpful way to get money advice, but it’s important to be aware of the source. Many influencers specifically point out that their advice should not be considered a substitute for professional financial advice. If you’re having difficulty budgeting or need information on developing a retirement strategy, you may want to consider meeting with a certified credit counselor or financial advisor.