Hey there! My first post here so bear with me please.
So, have you noticed how some of the youth (some of my friends as well) are into idolizing scammers in finance ever since the “Scam 1992” show and movies like “The Wolf of Wall Street” came out? It’s kind of surprising and fascinating at the same time! They seem to find figures like Harshad Mehta so captivating, almost like stock market gods!
But what I find interesting is that even with all this enthusiasm for these characters, it seems like many of them shy away from studying basic finance. Like, they’re all about posting Insta reels pretending to be Harshad Mehta, but when it comes to actually learning about the stock market, they don’t seem that interested.
Do you think this whole trend could end up having a negative impact on the stock market in the long run? I mean, if people start believing that scams and shortcuts are the way to success in the financial world, it could lead to some serious problems, don’t you think? Unrealistic expectations and risky behavior might become more common.
It’s kind of concerning that there’s this lack of interest in learning the basics of finance among the youth. Financial literacy is super important, and it empowers people to make smart decisions with their money. So, how do you think we can encourage them to understand the fundamentals of finance and the stock market better?
I believe ‘Fast Money’ and ‘Big Money’ (which Harshad Mehta personified) attract everyone. While some from my generation idolize HM through the show Scam 1992, the generation before us idolized him through his interviews. Even today, you might find elders who feel Harshad Mehta did no wrong. So, I don’t think this is a new phenomenon.
As for the second part, yes I agree a lot more people are dipping their toes in the market and more dangerously in F&O without understanding the risk involved. Watching a confident YouTuber with half-cooked strategies is even more dangerous for us than watching 1992 . We at Fingo (tryfingo.com) are trying to address this issue by making finance fun and easy to learn for our generation. While reading books and blogs would be a long shot for many, with a shorter gamified version we aim to inculcate the right mentality to participate in the markets (because not participating is also not a very good option).
Do try it out and share your feedback! (tryfingo.com)
This is pretty much true with every field, let alone finance. Think of nutrition, fitness, content creation, building startups, engineering, and almost everything aspect of life. No one by choice wants to put in the hard work. The default mentality for most people is to find shortcuts and learn things faster, and not via the basic building blocks. Given this human behavior, anyone out there confidently pedaling shortcuts will always attract attention.
This has already happened . But I like to look at this in a positive way. These influencers bring in new ppl (albeit with wrong expectations). Some who have fallen prey to this will never return after burning their fingers and some will eventually realize that there is no easy money in the market and go back to building blocks.
In the long run, the more number of participants, the more vibrant our eco system becomes.
. We at Fingo (
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. But I like to look at this in a positive way. These influencers bring in new ppl (albeit with wrong expectations). Some who have fallen prey to this will never return after burning their fingers and some will eventually realize that there is no easy money in the market and go back to building blocks.