As a personal finance writer, my social media feeds are flooded with content from personal finance influencers — or “finfluencers” — offering users the best tips for paying down debt, getting rich quick, and even securing the best quick loan options for technology businesses.
While some of this advice can be useful, I sometimes come across tips that make me do a double take. And not in a good way.
The internet is full of personal finance recommendations, but not all advice is created equal. In fact, some of it can be downright harmful to your financial well-being. Let’s take a look at some of the worst savings advice circulating on social media—and what you should do instead.
1. Skip Your Morning Coffee to Save Thousands a Year
One of the most overused and misleading pieces of financial advice is that skipping small luxuries like a daily coffee will result in massive savings. While cutting unnecessary expenses can help, focusing solely on minor purchases distracts from the bigger financial picture.
What to Do Instead: Instead of nickel-and-diming yourself out of small joys, focus on optimizing major expenses—like rent, insurance, or car payments. Building a solid investment and savings plan will have a far greater impact than skipping your morning latte.
2. Put All Your Savings in a High-Yield Savings Account
Many social media influencers push high-yield savings accounts as the ultimate way to grow your money. While these accounts can help your emergency fund keep up with inflation, they aren’t the best tool for long-term wealth building.
What to Do Instead: Keep emergency funds in a high-yield savings account, but for long-term savings, explore investment options like stocks, ETFs, or retirement accounts. These options offer much better returns over time.
3. Credit Cards Are Bad—Always Avoid Them
Some influencers advise against using credit cards altogether, claiming they only lead to debt. While it’s true that credit cards can be risky if misused, they can also be powerful financial tools when managed correctly.
What to Do Instead: Use credit cards responsibly by paying off your balance in full each month. This allows you to build credit, earn rewards, and take advantage of fraud protection—without falling into debt.
4. Invest in the Latest Get-Rich-Quick Scheme
From meme stocks to copyright trends, there’s always a new “can’t-miss” investment being hyped on social media. Many influencers push these risky ventures without fully understanding them—or their potential for loss.
What to Do Instead: Stick to proven investment strategies like diversified portfolios and dollar-cost averaging. Be wary of anything promising guaranteed high returns with little risk—because if it sounds too good to be true, it probably is.
5. You Must Hustle 24/7 to Build Wealth
Hustle culture tells people that working non-stop is the only way to achieve financial success. While hard work is important, burnout is real—and working excessively without a financial plan won’t necessarily lead to wealth.
What to Do Instead: Focus on smart money management, not just working harder. Build multiple income streams, invest wisely, and prioritize work-life balance for sustainable financial growth.
How to Spot and Avoid Bad Money Advice Online
Social media is a great place to learn about personal finance, but it’s also full of misinformation. Here are a few tips to help you filter out bad advice:
- Check the source: Is the influencer a certified financial professional, or just someone sharing personal experiences?
- Look for data and research: Good financial advice should be backed by facts, not just opinions or anecdotal success stories.
- Avoid one-size-fits-all solutions: Personal finance is personal—what works for one person may not work for another.
- Think long-term: Quick fixes rarely lead to real wealth. Look for sustainable strategies rather than get-rich-quick schemes.
Final Thoughts
Not all savings advice you see online is bad, but it’s important to approach financial recommendations with a critical eye. This is especially true when exploring the best quick loan options for technology businesses, where misleading information can lead to costly mistakes. Instead of blindly following trends, focus on tried-and-true financial principles that align with your long-term goals. By doing so, you’ll be in a much stronger position to grow your wealth—without falling for bad advice along the way.