Podcast Summary
Social media's impact on financial satisfaction and overspending: A quarter of people reported feeling less satisfied with their wealth due to social media, leading a third to overspend.
Social media can negatively impact our financial satisfaction and lead to overspending. According to a survey by Edelman Financial Engines, around a quarter of people reported feeling less satisfied with their wealth due to social media, and a third admitted to spending more than they could afford in an attempt to keep up with others online. This phenomenon is linked to the behavioral aspects of budgeting, which is a focus of Jason Tardick's new book, "Talk Money To Me." In the episode, Jason also shares his personal success with the book's launch, reaching number one in several categories on Amazon. Joining Jason is Kit Keenan, a multitalented individual known for her time on The Bachelor and as a fashion designer, home chef, and content creator. Raised by the internationally famous fashion designer Cynthia Raleigh, Kit's experiences and insights offer a unique perspective on various aspects of life, including her time on The Bachelor and her journey as a creator. The conversation also touches on the topic of financial therapy and the importance of understanding our financial behaviors.
Growing up with a successful parent in fashion industry shaped Kit's career as an influencer: Kit's struggle with imposter syndrome despite success highlights the need to challenge gendered expectations and reclaim the term 'influencer' as a legitimate career path
Growing up with a successful parent in the fashion industry gave Kit a unique perspective and access that helped shape her career as a Gen Z influencer and content creator. However, despite her accomplishments, she has struggled with imposter syndrome and feeling the need to prove herself due to societal stigmas surrounding influencer careers, particularly for women. Kit's experience highlights the importance of challenging gendered expectations and reclaiming the term "influencer" as a legitimate and positive career path. By sharing her experiences and financial insights, she hopes to change the narrative and inspire others to embrace their accomplishments and the unique value they bring to their industries.
Overcoming Family Expectations and Taking Risks: Taking risks, despite potential negative consequences, can lead to personal growth and stepping out of the shadow of others. Jason, a former Bachelor contestant, joined the show against his family's wishes, but ultimately gained support and a successful career.
Taking risks, even in the face of potential negative consequences, can lead to personal growth and the opportunity to step out of the shadow of others. Jason, a former contestant on The Bachelor, shared how he took a risk by joining the show despite his family's reservations due to his mom's success in the fashion industry. Although he faced the risk of a bad edit and potential damage to his image, he ultimately felt the need to do something on his own and was supported by his family. Later, when asked if his mom would have gone on The Bachelor with him if he had lost his job due to the show, she confirmed that she would have, but would have hated it. Jason's career now includes influencing, cooking, and fashion work, and he remains open to the possibility of returning to reality TV, but unsure of where he would fit in.
Tiffany Haddish's Potential Return to Reality TV and Her Identity Beyond Nepo Baby: Tiffany Haddish reflects on her reality TV past, acknowledges the challenges of being labeled a Nepo Baby, and emphasizes the importance of open communication and collaboration in relationships to avoid money issues leading to divorce.
Reality TV star, Tiffany Haddish, is open to the possibility of returning to reality TV, specifically as the Bachelorette, but she would also consider other formats like Love Island. She believes that her experience on The Bachelor helped her carve out her own identity beyond being her mother's daughter, despite the challenges of being labeled a "Nepo Baby." Nepo Baby is a term used to describe individuals who have benefited from their family's success or connections. Haddish clarified that not everyone who grew up with privilege is a Nepo Baby, but she acknowledged that her mother's career and upbringing have contributed to her own success. In her book, Talk Money to Me, Haddish emphasizes the importance of understanding money and collaboration in relationships. She encourages open communication and collaboration with partners to avoid money-related issues leading to divorce. Haddish's podcast conversation with her mother, Eleanor Roosevelt's quote, "No one can make you feel inferior without your consent," resonated with her, and she believes it's an essential message for people struggling with their careers.
Reflect on past accomplishments and set long-term goals for self-acceptance: Reflecting on achievements and setting long-term goals helps focus on progress and personal value, beyond comparisons to others. Addressing personal relationships with money through therapy or self-reflection can boost overall well-being and growth.
Self-acceptance and recognizing your own worth are crucial for overcoming feelings of inferiority, regardless of the situation. This can be achieved by reflecting on past accomplishments and setting long-term goals, helping you focus on your progress and value beyond comparisons to others. It's essential to remember that you are more than just your professional accomplishments and financial status, and addressing any personal relationships with money through therapy or self-reflection can be beneficial for your overall well-being and professional growth.
Disparities in income and effective communication: Effective communication and compatibility are crucial in relationships with significant financial disparities. Personal investments in self should be prioritized.
While having significant financial disparities in relationships can work, it requires effective communication and compatibility. Hannah shared her experiences with her parents, where one had a successful career and the other struggled financially. She has personally dated individuals with vastly different income levels and emphasized the importance of open conversations in these relationships. When asked about her spending habits, Hannah identified gym and workout classes and therapy as investments in herself that she's unwilling to cut back on. Transitioning to her professional life, Hannah discussed her collaboration with Hailey Bieber for her new line, Road. She clarified that it wasn't a paid partnership but an invitation to an event where influencers were invited due to Hailey's celebrity status and the anticipated performance of the content on their channels. The event's strategy aimed to secure the attendance of credible and highly engaged influencers, who would generate a substantial number of impressions for the brand without requiring payment.
From fashion to food: Discovering new passions: Gain hands-on experience, find similarities, leverage video content, and collaborate for success in new ventures.
Having a hands-on experience in the fashion industry helped the speaker gain a deeper appreciation for the business side and understand that it may not be her long-term career goal. Additionally, she discovered the similarities between creating a garment and a recipe, which influenced her brand that focuses on the intersection of fashion and food. Another key takeaway is the power of video content in today's digital world. With people consuming 17 hours of online video weekly and videos being twice as likely to be shared, businesses and individuals can benefit from using high-quality video content. The speaker endorses Storyblocks, a platform offering diverse and high-quality media for creating videos, for an efficient and cost-effective solution. Lastly, she shared her successful collaboration with her mom on a line of aprons and oven mitts, which aligned well with her brand and allowed them to work together again.
Collaborations in Fashion Industry: A Lengthy Process: Collaborations in fashion industry are complex, involving many iterations, a large team, and significant time commitment. Influencers may earn commission or flat fee for their involvement.
Collaborations in business, especially in the fashion industry, can be a lengthy and involved process. Unlike creative pursuits like cooking, which may only take a day, building a garment through a collaboration can involve many iterations, a large team, and a significant time commitment. These collaborations often result in a set amount of product being created, which is promoted by the influencer and sold until it's all gone. The pay for these collaborations can vary, with some influencers making more money through a revenue share situation where they earn commission on each product sold, while others may receive a flat fee for their involvement. Planning for a business in the coming year involves setting both financial and strategic goals. Having a financial advisor can be beneficial for those who are unsure about managing their finances. The average American feels they have a grasp on personal finance at age 54.2, making 24-year-olds who are proactive about their business finances ahead of the curve.
Finding a niche and building a committed community are crucial for influencer success: Finding a clear niche and building a committed community can lead to significant growth in followers and revenue for influencers.
Finding a niche and building a committed community are key factors in the success of an influencer's business. Kit, a former Bachelor contestant, shared her experience of starting out with a broad focus on lifestyle and outfit content but lacking a clear niche. However, once she found her niche in sharing recipes and cooking content, she was able to build a strong and committed community, which has contributed significantly to her exponential growth in followers and revenue. While she initially saw most of her revenue coming from Instagram, she has recently been focusing on growing her audience on TikTok and sees the balance between the two platforms becoming more equal. The importance of relevancy in the business world is hard to maintain, but a strong community ensures that an influencer remains relevant to their audience.
Marketing on TikTok: Clearer Guidelines and Popular Fashion Trends: TikTok welcomes brands with clearer guidelines, while fashion trends fragment towards vintage-inspired styles like 'clean girl aesthetic' or quiet luxury. Shopping for quality, timeless pieces is recommended despite inflation.
The marketing landscape, specifically on TikTok, has become more welcoming for brands, with clearer guidelines and more openness towards sponsored content. Another key takeaway is the fragmentation of trends in fashion due to the rise of influencer communities on the platform. The "clean girl aesthetic" or quiet luxury trend is currently popular, moving away from logo mania towards timeless, vintage-inspired styles. For consumers looking to stay fashionable on a budget, shopping at retailers that offer quality, timeless pieces is recommended, despite inflation. Overall, the conversation highlighted the evolving nature of marketing and fashion trends in the digital age.
Shopping for stylish wardrobe on a budget: Vintage and consignment shopping offer reliable, high-end items at affordable prices. Authenticate sources for best quality. Partner with credible companies and embrace dress codes for sophistication.
Building a stylish wardrobe doesn't have to break the bank. Vintage and consignment shopping are great options for finding reliable, high-end items that will last. Be cautious when purchasing from unauthenticated sources, such as eBay or Zara, as the quality may not be worth the investment. Instead, consider shopping from credible companies like The RealReal, Reebag, and Pickle. My personal experience serves as a reminder of the importance of authenticity and the potential disappointment of purchasing a fake item. Additionally, I've had successful partnerships with companies like American Express, which have supported my work and provided opportunities for growth. And while I haven't yet had a "Grammy moment" in my influencing career, I'm grateful for the long-term partnerships I've formed. Lastly, I embrace dress codes and believe they add an element of sophistication and consistency to events.
The power of self-presentation and persistence: Dressing professionally and following up on opportunities can lead to better opportunities and success. Don't be afraid to be persistent and be seen as annoying if it means achieving your goals.
Dressing up and presenting oneself professionally can create a desirable atmosphere and potentially lead to better opportunities. Another key takeaway is the importance of persistence and not being afraid to follow up or be seen as annoying in order to achieve one's goals. The speaker shared her desire for a partnership with Capital One and a cookware line with Target, and emphasized the importance of being proactive in pursuing these opportunities. The speaker also shared a personal trading secret: "You can be annoying or you can be unemployed." This highlights the idea that being persistent and putting oneself out there can lead to success, even if it means being perceived as annoying to some people. Overall, the importance of self-presentation, persistence, and following up were recurring themes in the conversation.
Jay's second book tour and David's hockey nationals: The podcast's focus on love and money resonates deeply, leading to personal connections, business deals, and closed transactions. A new sponsor, Capital One Cafe, enhances production quality.
This week was significant for both the podcast hosts, Jay Shetty and David Ardoin. Jay had a successful book tour with his second release, "More Than Money," while David's hockey team had nationals. They discussed the differences between the first and second book tours and how the topic of love and money resonates with people more deeply than career change. The podcast has had notable success, leading to personal connections, business deals, and closed transactions. A new sponsor, Capital One Cafe, has made a significant impact by providing a production team for the tour. Overall, the podcast's focus on intimate conversations about love and money has led to meaningful connections and personal growth for its audience.
Nepo Babies and Their Family Connections: Cynthia Rowley discusses her experiences with being a Nepo baby and how financial therapy helped her address her emotional relationship with money
The concept of Nepo babies, or individuals who have achieved success due to their family connections, was discussed in relation to Cynthia Rowley, whose mother is a renowned fashion designer. Nepo babies are individuals who may not have the same level of talent or success without their famous or successful parents. Cynthia Rowley mentioned her own experiences with her parents' separation and their differing financial situations, which led her to seek therapy for her relationship with money. Financial therapy, which addresses the emotional underpinnings of financial decisions, can help individuals understand and address the behaviors and learned patterns that influence their financial choices.
Money and income disparities in relationships: Understanding and communicating each other's financial situations and expectations is crucial in relationships. Seek guidance from financial advisors early on.
Money and income disparities in relationships can lead to strain, even for those who have never experienced financial hardship. The guest on the show, who comes from a wealthy background, shared her experience of wanting to build her own identity while respecting her mother's wealth, and also discussed the challenges of income disparities in relationships. The average age Americans feel comfortable with their money situation is 54.2 years old, and the guest emphasized the importance of having a financial advisor from a young age. Jason, who has been single for a while with a more established income, shared an experience where he wanted to help his partner financially but was met with resistance. It's important to communicate and understand each other's financial situations and expectations in a relationship. Financial advisors can provide valuable guidance and education, and their fees can vary depending on the services offered.
Factors influencing the decision to work with a financial adviser: Understand fees structures, consider personal circumstances, learn from family experiences, and weigh benefits against costs when deciding to work with a financial adviser.
Choosing to work with a financial adviser or not depends on various factors, including personal circumstances and preferences. Fees for financial advisers can come in different structures, such as percentage of assets under management, hourly rate, fixed fees, commissions, or performance-based fees. It's essential to understand these structures and compare them to ensure the best fit. Having conversations with family members about their experiences can provide valuable insights. And while some people may prefer self-management, others may find the benefits of working with a financial adviser, such as professional expertise, time savings, and access to exclusive opportunities, to be worth the cost. Both the interviewees shared their experiences of working with financial advisers and emphasized the importance of considering this option for financial management. Additionally, they expressed reservations about using the term "influencer" to describe their roles, preferring to refer to their careers as providing value through education and expertise.
The older generation's skepticism vs. younger generation's admiration for influencer careers: Younger generations view influencers as modern-day celebrities, while older generations may hold skeptical views. Practically, influencers can deduct fitness expenses for career-related reasons.
The disconnect between the older generation's perception of influencer careers and the aspiration of younger generations lies primarily in social acceptance and understanding of the influencer industry. The older generation, who grew up without social media as a central part of their lives, may view influencer careers with skepticism or negative connotations. However, for the younger generation, social media is a natural part of their lives, and influencers are their modern-day celebrities. The envy and admiration for the influencer lifestyle, along with the increasing acceptance of social media as a legitimate career path, will likely bridge the gap between the two worlds. Additionally, there is a practical aspect to consider for those looking to enter the influencer industry. The IRS allows for tax deductions on workout and exercise expenses for those whose careers require physical fitness or who use their workouts as part of their brand image. By checking with their employers or accountants, individuals can potentially save money on fitness costs while pursuing their influencer dreams.
Branding Expenses as Investments: Viewing clothing expenses as tax-deductible investments for personal branding and seeking financial advice from a CPA through TurboTax Live
Effective branding involves viewing expenses as investments, especially when it comes to areas that contribute to your personal or business image. This was emphasized during a conversation where Jennifer Hudson was advised that her clothing expenses, which she considered excessive, were actually tax-deductible due to their role in her brand. Another key point discussed was the convenience of consulting a CPA through TurboTax Live for financial advice. The podcast is in full swing, with two episodes released each week, and upcoming events include a book tour party in New York City and a live show in Charlotte, North Carolina. To participate in these events or for more information, be sure to grab a copy of Talk Mind to Me and send in your receipt.
