There are many others like him, including India’s top cricketers and actors. However, as far as I’m concerned, it’s a variation on the centuries-old business of celebrities endorsing products in ads. The nature of the advertising vehicle has changed, but the rest remains the same.
When it comes to savings finance, the influencers are somewhat different. They mostly appear as people on Twitter, Instagram and YouTube. They do not represent any business as a celebrity endorsers, Some of his motivations are clear, while others are vague. writing about this. How does this matter to me or my readers? This is because over the years, we have grown firmly into the culture of learning new things from these sources. Do you want to start gardening, cooking, hair styling or furniture repair? just Google it. You’ll come across people posting free tips for full tutorials on YouTube. Many of them are great for these types of activities.
However, there are areas where it doesn’t work well at all. do you want to learn all about saving and Investment, Should you just go to Youtube and type ‘how to invest’? try it. Make sure you do this in an incognito/private window, otherwise, your history will affect the results. Watch the upcoming videos and see some. What do you think about the advice on offer? There are some major themes. First, how to pick stocks that have performed exceptionally well tomorrow/next week. Two, how to choose a stock quickly, that is, in a minute or 10 minutes. Three, fake Warren Buffett videos and four, apparently, crypto. What do you think about the quality of the advice and guidance on offer? The answer is clear.
It’s interesting what happens if you do the same exercise for another area you’re familiar with, whether it’s gardening, cooking or woodworking. The videos that come up in the initial search are very good for beginners. Quite the contrary, those thrown in for topics on savings and finance are a complete disaster. As in the Warren Buffett stuff, you’ll inevitably be directed toward overly short-term, opportunistic punting, or outright fakes.
One reason for this appears to be that the most exaggerated and exaggerated influencers tend to be the most popular when the audience doesn’t have an intuitive sense for the subject. For example, if a gardening video claimed that a YouTuber had a secret technique that would grow your tree to full height in one day, everyone would laugh at it. However, if an investment video claims there is a secret technique for selecting stocks that will be worth 10x their value in the next six months—which is a ridiculous claim as a tree that can grow in a day—many people will take it. admit. Unfortunately, there is no easy solution to this. Most people try things, fail and then either learn or just get scared, and never come back.
(The writer is CEO, Value Research.)