Top social media influencers have really large followings, and they generate significant earnings from sponsorships, ads, and brand collaborations. For a select few, each of their social media posts are worth over $100k, and some influencers reportedly charge over $1 million for every ad on their social media accounts.
However, the majority of influencers earn a moderate income that varies from month to month, and financial planning is the key to maintaining their businesses and lifestyles.
To develop good financial planning, social media influencers must acquire useful and up-to-date financial knowledge.
The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning and financial management here. More on disclaimers here.
A social media influencer is someone who has built a significant following on social media and uses their platform to influence followers' opinions and purchasing decisions. Influencers may promote products, services, or brands they use or endorse, and they may earn money through sponsored posts, affiliate marketing, and other forms of compensation.
The size and niche of an influencer's following can vary, but they typically have a large, engaged audience that trusts their recommendations. Social media influencers can be found on platforms such as Instagram, TikTok, YouTube, and Twitter.
The income of a social media influencer can vary widely depending on factors such as their niche, the size of their following, and the platforms they use.
Like everyone else, social media influencers typically have a mix of assets and liabilities. They may have multiple streams of income from sponsorships, brand deals, and other collaborations, but they also face expenses such as taxes, advertising costs, and travel costs for content creation. Some influencers may also choose to invest in stocks, real estate, or other assets to grow their wealth over time.
Overall, the financial picture for a person who earns through social media marketing can be complex and dynamic, and it's important to have a solid financial plan in place to ensure long-term financial stability and success.
For social media influencers whose earnings are beginning to rise and who want to develop solid financial plans, working with a financial advisor or a financial planner is the best solution. This will guarantee financial stability and success.
A financial advisor can help you to understand your financial situation and develop a plan to manage your income, expenses, and investments. Also, a financial advisor can help you make informed decisions about money, such as creating a budget, reducing debt, saving for retirement, and investing in profitable opportunities.
Additionally, a financial advisor can also offer tax planning and preparation services, which can be especially beneficial for self-employed individuals like influencers who need to manage their own taxes.
However, in addition to working with professionals, you should get financial knowledge that serves as your basic financial toolkit.
For many people, especially Gen-Zs, their information sources are numerous and may range from a personal finance blog to personal finance influencers.
Gen-Zs are the generation of social media users and influencers. Their coming of age happened alongside the development of tech giants like Facebook, YouTube, and the iPhone.
As a result, it isn't a surprise that Gen Zs are almost five times more likely to look to social media platforms for financial advice than people over 40. They are eager to employ technology for investing and are the most interested in crypto assets. They get financial advice from a variety of sources, including:
However, it is important for social media influencers, especially Gen-Zs to carefully consider the source of the financial advice they receive and to seek out information from trusted sources. This is to ensure they are making informed decisions about their finances.
Certified financial planners and financial advisors such as William Huston and Ekenna Anya are great sources of financial information. They can provide personalized advice and help you develop a comprehensive financial plan.
Below are finance nuggets that you will find helpful.
As a social media influencer, follow these steps to achieve financial success:
Following these steps can help you as a social media influencer make informed decisions about your finances, achieve your financial goals, and secure your financial future.
Budgeting is an important part of managing a successful social media influencer business. Here are some budget-friendly practices for social media influencers:
By following these budget-friendly tips, you can grow social media influencer business while staying within your budget and managing your finances effectively.
However, financial knowledge cannot replace financial experts. Working with financial advisors and financial planners such as Bay Street Capital Holdings' William Huston, Ekenna Anya-Gafu and Ila Corcoran is crucial to a successful social media influencer business.
Contact them for unique finance planning services.
Bay Street Capital Holdings is a Black-owned, independent investment advisory, wealth management, and financial planning firm headquartered in Palo Alto, CA. They manage portfolios with the goal of maintaining and increasing total assets and income with a high priority on managing total risk and volatility. Although many advisors may focus on maximizing returns, they place a higher priority on managing total risk and volatility.
Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2022. In California, Bay Street Capital Holdings is the only Black-owned firm out of the twenty firms that received this recognition.
In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs.
In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).
https://www.investmentnews.com/money-management-for-social-media-stars-80476
https://www.weforum.org/agenda/2022/08/finfluencer-gen-z-financial-advice/
https://www.weforum.org/agenda/2022/07/financial-resilience-promote-savings