On social media there are lots of inspiring financial tips that promise quick and big money.
But it’s far from everyone you can trust, according to savings economist Frida Bratt.
– When it seems too good to be true, it usually is, she says in Nyhetsmorgon.
Inspiring and fast clips – usually with a person who shows off a luxurious life with expensive cars and hotel rooms where he promises high returns and quick wealth. It is common in various financial clips on social media, according to Frida Bratt, savings economist at Nordnet.
– It can be very tempting. But when it seems too good to be true, it usually is, she says.
Unlike phone and SMS scams, where the elderly are most likely to be scammed, there is another group that should be vigilant when it comes to social media scams.
– It could be that you promise a lifestyle. ‘Take my course and you can get rich quick like me and have this lifestyle’. It is cut in a very fast and inspiring way – it is clearly aimed at young people, says Bratt.
“No shortcut to get rich quick”
It is also common to be asked to pay for some type of course or training, which often costs thousands of kroner. For example, to learn how to become a “trader” and trade in shares or cryptocurrencies, says the financial expert. Here, people are almost always attracted by shortcuts to quick results and a high return on their investments.
– ‘I promise you that you will get a five percent return daily for a year’. These are often completely unreasonable assumptions. It takes longer than that for a savings to grow.
Warning signs:
Source: Frida Bratt, economic expert
Do your own homework
As a parent, you should talk to your children about the financial pitfalls of social media, just in the same way as with other dangers lurking on the platforms, Bratt believes. Among other things, by being attentive and critical of sources.
– These people who sit in nice, luxurious cars and want to sell courses – they may have rented a car for the moment. They may not live that life of luxury at all. Only one such thing can be good to remind: Everything you see on social media is not true.