The Irish singer was declared bankrupt last year (12) after the property company he started with his brother Finbarr imploded following the global financial crisis in 2008.
The Flying Without Wings hitmaker has now offered up a few words of wisdom to One Direction's Zayn Malik, Louis Tomlinson, Harry Styles, Niall Horan and Liam Payne, advising them to stick to music and not get drawn into any other big financial commitments.
The singer tells Britain's Daily Mirror newspaper, "I had a great chat with Niall for half-an-hour not long ago after one of their shows.
"He's so down to earth and normal. It had been three years since I first met them on The X Factor - I didn't know if they would have changed or not but they were so down to earth... Now they're conquering the world... They're obviously doing very well financially and they need to look after it. They make their money from singing, stick to singing."
Filan had good reason to share his advice with the Best Song Ever youngsters - they recently topped Heat magazine's 2013 celebrity rich list after collectively raking in an impressive $88.9 million (£59.3 million) to be named the wealthiest British stars under the age of 30.