The debts of our lives: how influencers spend themselves into ruin

Scrolling through social media, it’s easy to believe success looks like a luxury car in the driveway or the keys to a multimillion-rand home.

Influencers often share snapshots of these milestones, polished, aspirational and enviable. The most recent was Cyan Boujee, who caught the ire of shock jock MacG for purportedly forking out R10m for a new home.

However, behind the posts, financial experts say the reality is often far more complicated. Ester Ochse, product head of FNB Integrated Advice, said one of the biggest risks is how easily emotions can take over when people make big financial decisions.

“I think the importance of financial planning and getting advice from an expert is that they can give you a perspective that’s emotionally removed,” he said.

It’s a feeling likened to walking into a showroom or a beautiful home and instantly imagining it as yours, he said.

“You go and look at a car, and you suddenly get emotionally attached to it. It’s the same thing as walking into a house and you absolutely fall in love with it. You’re going to try and make a way to get this into your budget.”

In those moments, long-term thinking takes a back seat. According to Ochse, that’s where guidance becomes crucial.

“If you are taking X amount of money and putting it towards a car, what are you taking away from your retirement, your potential buffer, your resilience and your life cover?”

For influencers in particular, the challenge can be even greater. Their income is often unpredictable, yet the pressure to maintain a certain image remains constant. Ochse said they often think it is limitless and instead of planning around stable earnings, many base their spending on their highest income months, a risky approach for an income that fluctuates.

“I think it comes back to ‘keeping up with the Joneses’,” said Anri Armer, a financial advisor at Momentum Financial Planning. “Social media only shows the good parts of people’s lives and not the real, complete picture.”

Too often people make these decisions without fully accounting for elements such as inflation, interest rates and whether the asset is likely to appreciate or depreciate over time

—  Anri Armer, financial advisor at Momentum Financial Planning

Over time, that constant comparison can quietly influence decisions which Armer warned can lead to overspending, taking on unnecessary debt, or prioritising appearance over financial stability. She said sudden income, especially for young influencers, can be difficult to handle.

“There’s a tendency to spend heavily on luxury items and well-known brands, which can quickly erode long-term wealth,” she said.

While the big purchases such as a R10m house may look impressive online, the real cost often only becomes clear later.

“The absolute first and biggest hidden cost is your rates and taxes,” said Ochse.

But that’s only the beginning. Transfer duties, legal fees, higher utility bills, insurance and ongoing maintenance can quickly add pressure to a budget. These overlooked costs, such as security and rising municipal charges, can place a strain on homeowners over time.

Experts stressed the importance of thinking beyond the moment.

“Too often people make these decisions without fully accounting for elements such as inflation, interest rates and whether the asset is likely to appreciate or depreciate over time,” said Armer.

What may feel affordable today can quickly change.

“The key question is whether you will still be able to sustainably afford these luxury items over time, not only at the point of purchase,” she said.

For those earning well, especially influencers, the answer lies in getting the basics right. Ochse advised they put an emergency fund together with the mindset of thinking ahead, even when it feels far off, especially for retirement provisions.

Both experts said enjoying success is important, but it should not come at the cost of long-term financial stability.

“You should enjoy yourself. You should have fun,” Ochse said.