Is Social Media RUINING Your Finances?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 6 October 2021

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Is social media a net negative or net positive to your finances? One study of U.S. Facebook users showed that avid users were more likely to have a lower credit score, more credit card debt, and spend 20% to 30% more in online auctions on sites like eBay. 😳 On the other hand, access to great financial strategies and information has been able to spread far and wide through platforms like YouTube, Instagram, and Facebook. Just look at The Money Guy Show! 👍 Let's make sure your financial life is protected from the cons that come with the pros of social media. We want to hear your thoughts in the chat, along with your financial questions. Subscribe on YouTube! Download FREE Financial Resources from the show Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Sir, his question is social media ruining your finances?
0:03.5	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:10.9	investing, taxing.
0:12.8	You've got financial questions, he's got financial answers.
0:16.4	It's Brian Preston, the money guy.
0:19.3	Yeah, Brian, I'm super excited about today's show and I'm excited about it because of
0:23.2	kind of where it came from, how it came up, you know.
0:26.4	One of the ways that we come up will show content, show topics is we'll kind of be sitting
0:29.4	around talking about sort of what's going on in the world and what's going on in finance
0:33.8	and what are questions we're getting from the audience.
0:36.1	And this is one that we just kind of started like, it started as a side conversation and
0:39.6	we kind of went back and forth, back and forth and we started saying, you know what, this
0:43.0	is really good.
0:44.0	Maybe we should actually present this to the audience and have a conversation around social
0:48.8	media specifically.
0:49.9	We come up with content ideas, you know, a few weeks in advance.
0:53.8	So it's very timely in the fact that we came up with this topic idea and then all around
0:58.6	this like yesterday, Facebook, WhatsApp, Instagram, all the, you know, anything that's part
1:03.8	of the Facebook enterprise was down for pretty much the entire day.
1:08.1	There's Senate hearings later this week on Facebook, what that from an internal documents
1:13.1	where they were nervous, you know, information got out that they knew some things on Instagram
1:17.7	were actually negatively impacting young children.
	...

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