Young people should beware of financial influencers on TikTok and YouTube. These supposedly successful money coaches, crypto bosses and dropship gurus claim that anyone can become rich if they follow their lead. But savings platform Raisin warns not to fall for their fancy sales pitches.
The wealth that these ‘influencers’ show in their videos is also usually apparent. “Their cars are rented, their clothes are from AliExpress and the swimming pool you see belongs to a hotel,” says Raisin.
Very expensive courses
“In this way they try to lure you to their very expensive courses of a few thousand euros, without guarantee of success. Many of these companies are also called pyramid schemes, where you take a course and then give a course to someone else who does the same,” the savings account provider explains.
Week of money
In the context of Money Week, Raisin warns that young people should be wary if they are advised by finfluencers to “invest all their savings in crypto coins.” Raisin also thinks the frequently heard tip on TikTok and YouTube to take out a higher student loan so that one can start their own dropshipping company is unwise. “This can lead to financial stress and difficulty repaying the loan, especially if the dropshipping business is not successful.”
According to Raisin, the claim of influencers that there is no point in studying or working for a boss also makes no sense. “For many Dutch people, studying is an important part of building a successful career,” the savings platform emphasizes. “And a stable 9 to 5 job does provide a reliable source of income.”