Thanks to the Internet, information on just about any topic is readily available, and it's easier to obtain than ever before. Many questions can be answered with a quick google search, and there are millions of videos, blog posts, or other kinds of media explaining just about any topic in detail. And finance isn't an exception to that.
In January 2021, there were more than 4.6 billion active Internet users globally, which is equal to around 60 percent of the global population. And more than 92 percent (over 4.3 billion) of these users accessed the Internet via mobile devices.
This interconnectedness played a major role in many developments regarding all facets of life. A world without the Internet is unimaginable, and life is becoming increasingly digital. With mobile devices being everywhere and social media platforms, like Instagram, Reddit, or YouTube, being more popular than ever, advertising has also evolved to thrive in this online environment.
Social media influencers are amassing hundreds of thousands, or even tens of millions, of followers, and they are using their reach to advertise for products or companies in front of their audiences. According to a survey that was conducted in 2019, around 50 percent of global Internet users are between 18 and 34 years old.
Further, another survey, which was conducted by Pew Research Center, showed that 99 percent of U.S. adults aged 18 to 29 use the Internet. People in this age range are likely to have expendable income as well as enough free time to consume information and content about new topics that intrigue them.
Additionally, the fact that information is so readily available massively increases the accessibility of topics like finance. Recently, with the big discussion about GameStop shares and the media attention that Reddit generated with its posts, a lot of young people started to get interested in investing.
However, most of these younger "investors" aren't really investors in the traditional sense, and many of them don't know a lot about shares, financial markets, or economics. To make up for that, these young investors look around for sources of information.
And, just like they would with any other segment, they keep an eye on social media platforms and the relevant influencers, who are into their new "hobby" (investing). With more people starting to follow these finance influencers, their reach is increasing, which helps attract even more new followers. Consequently, the reach of finance influencers is rapidly growing.
In the end, the question is how these finance influencers use their reach. Do they only use it for their own, personal gain or do they decide to use their knowledge and reach to have a positive impact on their followers? One great example of a finance influencer who is using his position for the benefit of his community is Flo Pharell.
Flo Pharell is a German finance influencer with more than 34,000 followers on Instagram and over 70,000 followers on YouTube. He shares valuable knowledge and insights about trading and traveling on social media. In September 2021, Flo Pharell partnered up with NAGA, which is a leading international social trading platform, to start the "Community Depot" project.
The social trading platform NAGA offers many features, but one of its most interesting ones is the ability to copy the trades of someone else. For example, Flo Pharell is describing his tactics and talking about all his trades on NAGA, and he is also releasing content about it on social media, which makes it perfect for beginners who are looking to gain knowledge.
However, most importantly, since Flo Pharell posts everything to his social media, his followers can just hop on over to NAGA and copy his trades. This means that they can directly benefit from his expertise and knowledge in the finance field. Through this, he already created almost $70.000 worth of profits for his 800 copy traders in only a few weeks.
Considering that they exist solely because of their following, influencers should definitely seek out to have a positive impact on their communities. In the case of finance influencers, using a social trading platform like NAGA to share knowledge and enable followers to directly benefit by copying trades is an easy way to create value.