There is so no shortage of information regarding finances and debts on the internet. In addition to that, there is plenty of misinformation. Consequently, it’s not surprising that so many people get confused. A recent GOBankingRates study found that people are open to getting advice from established financial influencers.
About the Results
Around 30% of the population is willing to take advice from famous money influencers. Also, 50% of the respondents have already done so. The other half might consider it in the future, depending on the influencer.
That being said, however, a lot of people still ask friends and relatives for tips. This, obviously, is not necessarily the best option for the average person. Not everyone can be friends with Lori Greiner or cousins with Mark Cuban.
After all, the biggest names in finance are famous for a reason. They know what they are doing when it comes to money. Like them or not, these influencers understand the complexities of economics and investments. Furthermore, they have the ability to break those complexities down to simple terms.
Tips from Financial Influencers
So, what do the most famous money moguls have to say? What advice, exactly, do they have to offer? Here are some of their words of wisdom, as reported by GOBankingRates:
Unfortunately, we all encounter rude people on occasion, and the finance industry is no different. “Don’t let business get personal” the entrepreneur and inventor warns. Simply, “shrug it off”, she explains. Play nice to “get what you need”.
Afterwards, “laugh your way to the bank!”
In short, remove your emotions as best you can from money and business.
The crypto investor advises people to invest in “Bear Market Innovators”. As an example, the current state of the crypto market resembles the internet’s “early days”. Any “hangers-on” will either wash away or find a way to innovate and survive.
It is this type of innovation created during the bear market that is worth investing in.
Regardless of whether it’s crypto, money, or business, true innovators will find success.
Avoid making the mistake of having “analysis paralysis”. The” financial feminist” influencer warns of the dangers of stalling. Indeed, it is important to be careful, but some people are overly cautious. Consequently, Dunlap explains, such individuals never get around to “pulling the trigger”.
She further adds that “even if” it’s starting small – “just get started”! Those who are still afraid of risks should nevertheless “buy and hold”.
The billionaire businesswoman and Fidelity CEO offers – perhaps – the simplest advice. To summarize, Johnson explains that people need to be “cautious with leverage”. Essentially, we should all be careful with borrowed money during economic upturns.
Are things going well financially and economically? Even if so, it is not an excuse to “buy assets with borrowed money”.
Ultimately, the “bull market eventually stalls”, she explains.
“It always does”.
Consequently, that debt may be too much to handle. It doesn’t matter if it’s personal finances or a company’s balance sheet.
The billionaire influencer explains that this was the best advice she received growing up.
These are just a few of the top financial and money influencers. To sum it up, we should all take action, but be cautious in the process. Start out small, and remember to keep emotions in check. Also, always be on the lookout for innovators and survivors.