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But there are ways to determine whether the advice in a post or video is actually good.
Here are the signs thatfinancial advice on social media is actually good and worth applying.
The Advice Includes a Disclaimer
If a post has a disclaimer, that is a good sign.
However, youll also want to take note of what bang out of disclaimer is provided.
Credible advisors are transparent about the possibility of loss and emphasize realistic, long-term strategies over get-rich-quick promises.
Similarly, youll want to see whether the source has been compensated for promoting the investment strategy.
It might just be a post by someone with a large following in exchange for money.
This is especially true when it comes to investing.
If it were that easy to get high returns, then more people would be experiencing similar results.
Youll want to find out whether the person is registered with a reputable organization, like the SEC.
Tools like FINRAs BrokerCheck can help verify whether someone is actually licensed to give financial advice, Haywood said.
Youll have to leave social media to look into the credentials or educational/professional qualifications.
This means they include details about their situation and further insights into the topic.
There are also scenarios in which someone couldve gotten lucky with an investment.
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