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Watch out for 3 red flags before taking advice from a financial influencer

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Watch out for 3 red flags before taking advice from a financial influencer

Nearly 20% of college students say they look to social media most often for financial advice, a recent poll from Generation Lab and Morning Brew finds.

TikTok has emerged as one of the leading platforms for financial advice, with 34% of Gen Z saying they get their financial advice there, according to SmartAsset. The hashtag #FinTok, representing the financial TikTok community, has more than 4.5 billion views on the platform.

At its best, social media helps expose young people to advice on how to save money or climb out of a mountain of credit card debt. But these platforms can also allow for the quick spread of financial misinformation.

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When it comes to personal finances, social media has become “a blessing and a curse,” Brian Walsh, certified financial planner and head of advice and planning at SoFi, tells CNBC Make It. 

“It’s a way for younger people, and actually anyone of any age, to get exposed to financial knowledge in bite-sized pieces when they need it, which can be extremely powerful,” he says. “But the curse of social media is really that there’s no barrier to entry. And it can become really hard for people to know what’s a reliable piece of financial information versus something that, quite frankly, is going to get them in trouble.”

As social media becomes an increasingly frequent source for money advice, it’s important to be able to distinguish between sound financial guidance and a potential scam.

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3 red flags to watch out for before taking advice from a financial influencer

Before following advice from a financial influencer, Walsh recommends looking for these three warning signs to help decide whether their tips are trustworthy. 

1. Their advice sounds too good to be true

Alarm bells should go off in your mind when an influencer promotes any kind of get-rich-quick plan. “If it sounds too good to be true, it most likely is,” Walsh says.

“There are no quick fixes, overnight success stories, get-rich-quick schemes that are reputable for personal finances,” he says. “So when I see that, I say run away, because it is most likely going to be something that involves more risk than reward.”

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2. They promote extremes and absolutes

Financial influencers who “take extreme stances or speak in absolutes on financial topics” also raise red flags to Walsh, particularly when they talk about debt.

While some influencers recommend paying off all debt except your mortgage before beginning to build an emergency fund or invest, Walsh says that “not all debt outside a mortgage is created equal.”

He advocates for tackling high-interest debt such as credit cards early on, but “other debt might be pretty cost effective, i.e. student loans, and you may want to prioritize other goals ahead of an aggressive pay-down strategy.”

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“There’s so much gray area when it comes to personal finances that it’s almost a disservice to say something is always bad or always good,” he says. “The truth is somewhere in the middle.”

3. They have the same solution for every problem

Financial influencers who peddle an identical fix for every issue should also give you pause. Walsh sees this frequently when it comes to influencers who promote life insurance.

“You see people positioning life insurance as a solution to if you die, retirement savings, saving for college, emergency fund, you name it,” he says. “But it’s very unlikely that one thing is going to solve every single problem that you’ve ever faced in your personal finances.”

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Credentials to look for in a financial influencer

You’ve found a financial influencer you believe to be credible, and now you’re deciding whether or not to hit “follow.” To vet an influencer’s credentials, Walsh recommends looking to see whether or not they are financial professionals, something they’d likely include in their profile.

“Financial professionals are going to be regulated by their organization and by regulatory agencies,” he says. “So they’re going to have less leeway when it comes to saying things and they’re going to have to actually back it up.”

While social media can be helpful for finding general financial tips online, those looking for specific advice should seek a financial professional to talk to one on one.

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All financial professionals are not made equal, either — different acronyms that follow someone’s name require different financial certifications and tests, such as certified financial planner (CFP) or chartered financial analyst (CFA).

You shouldn’t rely solely on official-looking acronyms, though. The U.S. Securities and Exchange Commission recommends checking a financial professional’s background as well.

Influencer or not, you can look up a financial professional’s track record in a database such as BrokerCheck to see if they’ve run into trouble in the past. 

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If an influencer isn’t a financial professional, it’s still worth it to investigate their background online to check for any glaring complaints or red flags.

Before you make any financial decisions based on an influencer’s advice, Walsh suggests determining how the influencer makes their money.

“If they make money on selling a specific product, then chances are that’s going to be their solution and what they push, whether it’s the right thing or the wrong thing,” he says. “Not saying making money is a bad thing, but you should understand that perspective.”

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Fones 4 Africa: Where Quality Meets Affordability

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fones 4 africa

In the bustling world of technology, finding a reliable source for premium mobile phones and accessories can be a daunting task. However, fear not! Fones 4 Africa has emerged as a beacon of excellence, offering top-notch products at unbeatable prices. Let’s delve into what makes Fones 4 Africa a standout choice for tech enthusiasts.

Premium Phones at Unbeatable Prices

At Fones 4 Africa, quality meets affordability. Whether you’re eyeing the latest iPhone or a cutting-edge Samsung Galaxy, this online store has you covered. Here are some highlights:

  1. Apple iPhone 11: With prices ranging from R 6,499.00 to R 7,299.00, the iPhone 11 combines sleek design with powerful performance. Customers have rated it 3.83 out of 5 stars.
  2. Apple iPhone X: Priced between R 4,959.00 and R 5,299.00, the iPhone X boasts a stunning display and exceptional camera capabilities. Users have given it a perfect 5-star rating.
  3. Apple iPhone XS Max: For those who crave a larger screen, the XS Max (R 5,499.00 – R 6,999.00) delivers. Its 4.56 out of 5-star rating speaks volumes.
  4. Samsung Galaxy S21 Ultra: If Android is your preference, the S21 Ultra (R 8,499.00 – R 9,599.00) impresses with its camera prowess and sleek design (rated 4.7 out of 5 stars).
  5. Samsung Galaxy A70 (128GB): A budget-friendly option, the A70 (R 4,999.00 – R 5,099.00) strikes a balance between performance and price (rated 4.6 out of 5 stars).
  6. Apple iPhone XS: The XS (R 5,999.00 – R 6,399.00) continues to be a favorite among Apple enthusiasts, earning a perfect 5-star rating.

Seamless Shopping Experience

Fones 4 Africa understands the importance of convenience. Their user-friendly website allows you to shop on the go. Plus, with free shipping, you can enjoy your new gadget without any hassle.

Conclusion

In a world where technology evolves rapidly, Fones 4 Africa stands firm as a reliable partner for all your mobile needs. From premium phones to accessories, their commitment to quality and affordability is unwavering. Visit Fones.co.za today and experience excellence firsthand!

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Disclaimer: This article is based on publicly available information and reflects positive aspects of Fones 4 Africa. Individual experiences may vary, but we celebrate the brand’s dedication to customer satisfaction.

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Raya is shootout hero as Arsenal reach Champions League quarters

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Raya is shootout hero as Arsenal reach Champions League quarters

LONDON – David Raya was the hero as Arsenal beat Porto 4-2 on penalties on Tuesday to reach the Champions League quarter-finals for the first time since 2010.

The teams were locked at 1-1 on aggregate after an absorbing second leg at the Emirates but Raya saved twice in the shootout to break the hearts of the two-time champions.

The goalkeeper dived full stretch to deny Wendell and repeated the feat against Galeno, while the home side converted all four of their penalties as the decibel count soared.

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It is the first time a Champions League match has been decided by penalties since the 2016 final between Real Madrid and Atletico Madrid.

“You are very nervous, you are hoping for the best but you know that it (the shootout) is a bit of a lottery,” Arsenal manager Mikel Arteta told TNT Sports.

“So happy. It has been 14 years (without reaching quarter-finals), which is a long time for a club like Arsenal and it shows how difficult it was. We really had to dig in to find the magic moment at the end.”

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“We’ve been patient, worked so hard and a lot of people have made good decisions and showed courage in difficult moments and this is where you want to be,” he added.

Raya, on loan from Brentford, said it was a “great moment personally and collectively”.

“This means everything. You play football for these kind of things and I’m lucky to be playing for Arsenal, to be in the Champions League and to get through to the quarter-finals.”

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Trailing 1-0 from the first leg, Arteta’s Premier League leaders — with 33 goals in their past eight league games — were not at their fluent best against a disciplined Porto side.

Leandro Trossard pulled Arsenal level on aggregate shortly before half-time as their patience paid off.

Sergio Conceicao’s men had succeeded in frustrating the home team for long spells during the opening period, fashioning enough chances of their own make it a nervy night for the expectant fans.

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Both sides struggled to settle in a scrappy opening period, with Porto doing their best to slow the game down by taking their time with throw-ins and goal kicks, to the audible frustration of the home crowd.

Arsenal defender Ben White headed over in the fourth minute after the home side’s first sustained attack while captain Martin Odegaard hit the side netting 10 minutes later.

But Porto, who were last crowned European champions under Jose Mourinho in 2004, had a number of openings.

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Evanilson whipped a shot at goal from distance that bounced wide and minutes later struck a rising strike that Raya palmed away.

Declan Rice headed just wide and Pepe — the first 41-year-old to play outfield in the Champions League — got the deftest of touches with his head to prevent Kai Havertz from connecting with a White cross at the back post.

– Breakthrough –

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The breakthrough finally came in the 41st minute following good work from Odegaard, who jinked past an opponent and fed Trossard with a perfectly weighted low pass into the box.

Trossard calmly hit a right-footed shot past goalkeeper Diogo Costa and into the far corner of the net to ease the tension.

The visitors, who had never won a match in England in 22 previous attempts, started the second half brightly as Arsenal struggled to impose themselves. 

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Arsenal thought they had doubled their lead midway through the second half when Odegaard dinked the ball into an empty net but the goal was ruled out for a foul by Havertz on Pepe.

Moments later Porto streamed forward and Raya blocked Francisco Conceicao’s shot from the edge of the penalty area.

Arteta threw on Gabriel Jesus in the 83rd minute and the former Manchester City man nearly scored with his first touch.

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As Arsenal pushed for a winner, Bukayo Saka produced a trademark curling effort that was punched back into the middle and Odegaard steered the rebound wide when well-placed.

The home side looked the more dangerous in the early stages of extra-time but Porto remained a threat on the break, with substitute Mehdi Taremi curling wide.

Arteta brought on Eddie Nketiah and Oleksandr Zinchenko for the second period of extra time but neither side could find a winner and it went to penalties.

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By John Weaver

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India’s Pant says doctors considered leg amputation after car crash

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India’s Pant says doctors considered leg amputation after car crash

NEW DELHI – Star Indian wicketkeeper-batsman Rishabh Pant says that doctors raised the prospect of amputating his leg after the serious car crash that threatened to end his cricket career.

The 26-year-old is set to play for the Delhi Capitals in the Indian Premier League starting this month after a 14-month absence following the accident.

He is also in contention for the T20 World Cup in the West Indies and United States in June if all goes well on his comeback in the IPL.

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Pant said his long layoff had taken a toll on him physically and mentally, but knows it could have been far worse.

“When my accident happened I felt something spiritual saved me,” Pant, who missed the last season of the IPL, told Wednesday’s Times of India.

“With the kind of accident I had, I only got my knee injured, but I can’t even imagine how much worse it could have been.

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“Doctors even spoke to me about amputation.”

Pant crashed his Mercedes SUV north of New Delhi in December 2022, suffering multiple injuries when the car rammed into a crash barrier, flipped over and caught fire.

He was rushed to hospital before being airlifted to Mumbai for further treatment and surgery.

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An intensive rehabilitation programme followed with the National Cricket Academy (NCA) as he recovered from a damaged ligament in his right knee, a hurt wrist and ankle, and abrasions to his back.

Pant said he had been “anxiously waiting” to be declared fit and had been distressed to sit out last year’s ODI World Cup at home. 

“It was very upsetting. We discussed with the NCA team that we will take a shot at the World Cup. All of us tried 200 percent, but my knee couldn’t take the load,” he said.

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Pant had also hoped to be fit for India’s 4-1 Test series win over England which concluded on the weekend, but said the cricket board had not wanted to rush him back into the gruelling format.

The swashbuckling player said the accident had changed his whole outlook.

“Gratitude towards life has increased a lot. You start appreciating small things about life.”

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Pant has played for India 129 times across all three formats since making his international debut in 2017.

He was replaced as skipper of Delhi Capitals by David Warner last year.

abh/gle/pst

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By Abhaya Srivastava

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