Ep157: Should you still trust finance YouTubers?

In this episode, Mei Phing shares her thoughts on protecting yourself. She emphasizes the importance of doing thorough research, not blindly following popular influencers, and considering the qualifications and background of those providing financial advice. 

Highlights

[0:27] 🚩 Mei Phing discusses the recent bankruptcy of FTX, a popular crypto exchange, and the concerns it raises about growing wealth.

[1:22] 🚩 She highlights her background in accounting, auditing, risk management, and banking, and the questions her followers asked about the FTX collapse.

[2:17] 🚩 Mei Phing cautions against blindly following popular YouTubers or TikTokers for investment advice and emphasizes the importance of doing your own research.

[3:34] 🚩 She suggests using the “stranger danger” approach and not solely relying on the popularity of influencers when making investment decisions.

[5:08] 🚩 Mei Phing discusses the responsibility of financial influencers to do their own research before promoting products or services to their followers.

[6:36] 🚩 She compares this situation to the field of career coaching, highlighting the importance of considering a person’s qualifications and expertise before following their advice.

[8:14] 🚩 Mei Phing recommends using LinkedIn as a platform to research and verify the background and achievements of individuals providing financial or career advice.

Key Insights

👀 The FTX collapse highlights the dangers of blindly trusting popular influencers and emphasizes the need for personal research and due diligence when making investment decisions.

💼 Mei Phing’s background in accounting and banking brings a unique perspective to the discussion, highlighting the importance of qualifications and expertise in financial matters.

🧐 The trend of relying on entertaining videos and social media for financial advice can lead to uninformed decisions. It is crucial to prioritize understanding the foundations of investments and the credibility of those providing advice.

📚 Mei Phing encourages individuals to take responsibility for their financial decisions and invest in their own knowledge and skills for long-term growth.

🤔 The importance of verifying the qualifications and background of individuals offering career or financial advice cannot be overstated. LinkedIn provides a valuable platform for this research.

💡 Mei Phing’s emphasis on personal responsibility and the potential to make more income by investing in oneself offers a refreshing perspective amidst the chaos of financial markets.

🌟 The key lesson is to prioritize your own understanding and decision-making, rather than blindly following trends or relying on others to protect your interests. Taking control of your career and financial future is essential.

🔥🏆🚀

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Stay awesome! 😎

— Mei Phing