Exploring the Social Media Finance Bubble
You know how when you read old history books you notice this weird pastime of previous generations, like Pet Rock in the 70s? Well, I think what this generation’s pastime will be is the endless scrolling on social media. It does, however, expose you to more weird content, but today we’re only gonna focus on bad financial advice on social media.
1. If you can’t buy it twice, don’t buy it
Does this sound reasonable? It’s a stringent money-saving tactic, but not practical at all. Sometimes you don’t really need to buy it twice. Whether it’s a car or a house, just one is enough. Even for the little things, just because you can’t afford to have two pairs of boots, doesn’t mean you shouldn’t even get one.
2. Never get a debit card
The reasoning behind this is weird. It’s that if your card got stolen or cyberattacked then you would lose all your money. That’s why this advice guides you to get a credit card instead. Except that, credit is not easy to manage for everyone. So, it’s not a one-size-fits-all all kind of situation. It’s actually damaging if you think credit is the only way to go.
3. Get rich quick
We all want it to be true, but if something looks too good to be true, it usually is. There are no quick fixes to being broke. There’s no such thing as easy money, even passive income takes time. If someone is promising you a “quick fix”, do your own research and make sure it’s not a pyramid scheme.
4. One investment strategy for all
Investment is risky when you don’t understand it. Just because someone invested in stock X and got a little bit richer, doesn’t mean the same will work for you. All investments become risky when you’re clueless.
5. YOLO!
It’s true that you only live once, but how about we make it a good one?! While you should have fun and amazing life experiencesat if you want, but it shouldn’t be on the expense of your financial wellbeing. One overseas trip could be fun but won’t be anymore when you can afford food.
Overall, a lot of things can go viral on the internet. Dance, food recipes, fashion trends, lifestyles, and financial advice, that doesn’t mean you need to change your life over a tweet or a 30-second video. Take everything you see online with a grain of salt.
So, what's the takeaway from all this? The internet is like a giant, never-ending carnival - full of exciting attractions and wild rides, but also some pretty questionable advice booths. When it comes to your hard-earned cash, it’s best to keep your wits about you. Sure, that flashy financial tip might look tempting, but remember, not everything that glitters is gold. Stick to advice from trusted sources, do your homework, and maybe think twice before following that next viral money-saving hack. After all, your future self will thank you for making smart, informed decisions today!