Stretch your Dollar: Think twice before following financial advice found on social media

Stretch Your Dollar

(WTNH) — Social media can be helpful in a lot of ways. But if it’s financial advice you’re looking for, be cautious of what you see as you scroll. We are stretching your dollar with tips for protecting your money.

Financial Consultant John Caserta said, “Studies have shown that gen-Zers and Millenials are really turning to social media for their financial advice.”

Caserta says it’s important to question what you see, given not everything on social media is monitored or vetted as truth before it’s posted.

“A popular video going around is one that claims if you have an S corporation, which is a real thing, that you don’t have to pay taxes. You can just write about everything. There are so many things that are wrong with that one I don’t think we have time to get into that.”

But it doesn’t mean you shouldn’t take notice. Caserta says it’s worthwhile to make a note of the information, then ask a professional. The information may be correct, or it could result in a learning opportunity.

“It’s not all bad. Anything that sparks conversation and gets you to ask questions.”

And if it’s money you’re interested in, you should consider the source. Follow reputable financial institutions and news sources. Oftentimes, they’ll share helpful tips on their social media accounts.

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