Vanya Wryter Consulting Services

Tag: personal finance

  • Why Learn Financial Literacy From a Young Age

    Why Learn Financial Literacy From a Young Age

    In today’s unpredictable economy, financial literacy is more important than ever. Housing costs consist of a much bigger portion of our income than it did two generations ago. Yet, many young people graduate high school without understanding how to budget, invest, or manage debt. Even if students haven’t started their first job or applied for their first credit card, learning financial literacy early can set them up for lifelong success.

    Financial Literacy Prepares Young People for Real Life

    Schools teach math, science, and history, but they often overlook one of the most crucial subjects: money management. Understanding how to budget, save, and invest should be a fundamental part of education. Without these skills, young adults enter the workforce unprepared to handle their finances, leading to unnecessary debt and financial stress.

    If students learned about topics like interest, credit scores, responsible spending habits, and investment options, they would be better equipped to make informed financial decisions. This foundation would help prevent impulsive spending habits, which can have long-term consequences. Even if they don’t plan to invest, learning about investment options such as real estate, bitcoin, and stocks helps them avoid possible scams. They should also learn debt management, such as paying off credit cards, loans, and mortgages. 

    A Job Alone Is No Longer Enough

    Schools teach that the natural path in life is school, then a job, then financial stability. While having a steady income is important, today’s economy is more unpredictable than ever. Layoffs, automation, and economic downturns can make job security uncertain. Relying on a single income source can leave people vulnerable to financial hardships.

    This is why financial literacy should go beyond just budgeting and saving—it should also emphasize multiple streams of income. Schools should teach students about side hustles, investments, and ways to upskill without going back to school to provide financial security outside of traditional employment.

    Side Hustles and Alternative Career Paths Should Be Encouraged

    The traditional college route is no longer the only path to success. While higher education can be beneficial, it’s not the right choice for everyone. Many students would benefit from learning about trades, entrepreneurship, and freelancing as viable career options.

    Side hustles—such as finding a job and then finding your own clients for the work you do (such as graphic design) are an option. Starting a side business, such as reselling products, allow individuals to generate additional income. Likewise, trade careers in plumbing, electrical work, and construction offer high-paying opportunities. Schools should educate students on these options to help them make informed career choices.

    Key Takeaways

    Financial literacy should be taught at an early age. It provides students with the tools needed to navigate today’s economy, build wealth, and create financial security. Learning financial literacy prepares students for real-world financial challenges, ensuring they have the knowledge and skills needed to succeed in any economic climate.

  • TikTok Personal Finance Influencers that Entrepreneurs Should Know

    TikTok Personal Finance Influencers that Entrepreneurs Should Know

    How much financial knowledge could you learn from a 15 to 60 second TikTok video? You might think that TikTok is an unusual source of financial advice, but it has been growing in popularity recently. This trend does prompt a question: Does it matter where you get your financial education?

    Statistics about financial literacy are grim. According to a Global Finance Literacy Excellence Center survey, “Americans have a financial literacy problem: 63% of Americans are financially illiterate.”

    Perhaps one approach to learning more about investing, credit, and banking is to start with snapshots of financial advice by watching some videos. After that, follow up with more detailed research from other sources. Here are some finance influencers on TikTok who share their insights on financial literacy.

    Personal Finance Influencer: Humphrey Yang

    Humphrey Yang (@humphreytalks), 2.1M followers
    Background: Previously worked as a financial advisor

    What he talks about: Shares valuable insights about investing, budgeting, business, and entrepreneurship. His topics include explaining how Bitcoin works, concepts of budgeting (Should you buy fresh or canned tuna?), and whether you should invest in buying a Tesla.

    Advice for entrepreneurs: If you’re thinking of starting a franchise, he has advice for you about the cost and what to consider before opening one. He has also investigated the cost of creating a product such as a Hydroflask, in case you were interested in the profit margin of selling products.

    Financial Psychologist Influencer: Dr. Brad Klontz

    Dr. Brad Klontz (@Drbradklontz), 309.5K followers
    Background: Financial psychologist and author

    What he talks about: He educates young people about the reality of acquiring wealth and smashes some common misconceptions. He addresses concepts such as wealth makes people bad, fake it ‘til you have the wealth you claim to have, and money equals happiness. For those misled by unrealistic wealth goals, Klontz shows that flashy lifestyles may not be what they appear to be.  

    Advice for entrepreneurs: His videos talk about automating saving and investing – a goal of entrepreneurs. If your goal is to join the millionaire club, you should know that “rich” is short-term, but “wealthy” is sustainable long-term over generations.

    Personal Financial Influencer: Alexa Carlin

    Alexa Carlin (@alexarosecarlin), 145K followers
    Background: Entrepreneur at the age of 17

    What she talks about: Carlin’s goal is to improve people’s lives with her advice on achieving financial freedom through investments or ventures. She is especially interested in helping women become financially independent. Watch her videos for advice on topics such as motivation, becoming more confident, staying focused on your goals, and writing a compelling LinkedIn bio.

    Advice for entrepreneurs: She teaches us how to establish a brand by writing a book. Many influencers, coaches, and businesspeople have written a book because it establishes credibility, is a PR opportunity, and positions them as a go-to expert.

    Personal Finance Influencer: Keyla Katz

    Keyla Katz (@ikeyli), 353K followers
    Background: Experience with family budgeting, establishing credit, and generating income

    What she talks about: She wants to help others by sharing her own hard-earned lessons with finance. Her family had lived paycheque to paycheque, and she had destroyed her credit at one point. Now she teaches others about money management, budgeting, watching your bank account for overspending, and rebuilding credit.

    Advice for entrepreneurs: Katz’s videos teach you about generating extra cash through side hustles such as working for Uber Eats, taking on projects through Fiverr, and making money from YouTube videos.

    Related: TikTok Fitness Influencers Entrepreneurs Should Know

    Personal Finance Influencer: Zaid Admani

    Zaid Admani (@admani_explains), 236K followers
    Background: Day trader at 18 years of age, self education about finance

    What he talks about: You won’t be overwhelmed by industry jargon when you watch Admani’s videos. His interest in finance is self-taught, so he understands how his audience likes concepts explained. He covers investing in Bitcoin, Ethereum, and crypto, the federal reserve, and the financial goals of companies such as Amazon and Apple.

    Advice for entrepreneurs:  Entrepreneurs interested in learning about scaling their business will want to see his videos about Netflix and Disney’s increase in subscriber numbers to beat the competition in the streaming industry. Similarly, if you’re interested in business, you’ll want to watch Uber’s acquisition of Drizly as a step to dominate the delivery industry.

    Personal Finance Influencer: Antonette Aquino

    Antonette Aquino (@antonetteaquino_), 284.1K followers
    Background:  Family breadwinner at 17, training to become financial advisor

    What she talks about: Her videos cover setting financial goals (Is it realistic to make $1 million in 5 years?), questions to ask yourself before buying stock, and cashflow versus investing. She wants millennials and Gen Z to learn about finance, financial planning, and investing from an early age. That advice includes finding the right mentor.

    Advice for entrepreneurs: For those seeking success in the business world, she has great tips to share. First, to be valued in business, you need to be very skilled at what you do or have social media leverage. Second, if you want to create a positive company culture, you first need to experience the employee perspective before becoming an employer.

    Financial Literacy Influencer: Vivian Tu

    Vivian Tu (@yourrichbff), 435K followers
    Background: Nicknamed Your Rich BFF, worked at Wall Street and traded stocks

    What she talks about: Her videos answer questions about personal finance: for example, how to raise your credit score, negotiating your salary at a new job, the importance of time versus money when investing long-term, and saving for retirement. And of course, she also offers tips on trading and how to find the right mentor.

    Advice for entrepreneurs: Watch for her insight about side hustles such as reselling high-priced sneakers and joining MLMs (multilevel marketing). Valuable skills for entrepreneurs that she covers are negotiation (how to negotiate your rent and your medical bills) and paying yourself first (so your bills are covered and you have money for savings).

    Key Takeaway

    TikTok has more to offer than amusing cat videos and dance routines: you can learn about personal finance and improve your financial literacy. A number of TikTok influencers have posted videos with valuable financial advice that you should check out, and each video only takes less than 60 seconds of your time!

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