Darin Soat:The Problem with Finfluencers & Why it Won’t Get Better Anytime Soon|Rational Reminder276
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- If you’re in the world of finance, you’d know today’s guest from TH-cam - but you’ve probably never heard his real name. However, today and for the first time, he chooses to associate his actual identity with his TH-cam channel! It’s an honour to introduce to you, Mr. How Money Works himself, Darin Soat. On his TH-cam channel, Darin combines captivating storytelling with high-quality, sensible information that helps you to make better financial decisions. Today, he joins us to explain How Money Works, why he chose to create his channel anonymously, and how he feels after his grand reveal. He describes how his channel informed his career as an investment banker, and gives us his insider breakdown of how influencer businesses work. Then, we dive deep into TH-cam as we explore the problems with today’s financial influencers (finfluencers), how these problems are carried through to the crypto market, why it’s rare to find high-quality financial information on TH-cam, and everything you need to know about the gamification of investing, creating passive income, and the ins and outs of investing from the perspective of one of TH-cam’s top finfluencers, Darin Soat!
Timestamps:
0:00:00 Intro
0:05:34 Darin describes his main TH-cam channel, How Money Works
0:09:04 Darin talks about his past in investment banking
0:16:45 Why the channel was created anonymously
0:19:21 How your channel impacted Darin's work while he was still in investment banking
0:22:325 How influencer businesses work
0:27:54 The problems Darin sees with personal finance influencers on TH-cam
0:35:54 How the problems interact with crypto
0:42:37 How Darin decides which sponsorships to take
0:48:29 What people need to understand about side hustles and passive income
0:53:22 The problems that access to seemingly smart and successful people through social media cause for investors
1:02:41 How the think the gamification of investing has affected investors
1:08:10 The main points Darin believes people need to understand about investing
1:10:25 Darin defines success in his life
Links From Today’s Episode:
Darin Soat on X - / darinsoat
How Money Works - / @howmoneyworks
How Money Works on X - / howmoneyworksyt
Compounded Daily - www.compoundeddaily.com/
How History Works - / @howhistoryworks
Google AdSense - adsense.google.com/start/
The Index Card - www.amazon.com/Index-Card-Per...
Dumb Money - www.imdb.com/title/tt13957560/
MrBeast on TH-cam - / @mrbeast
Patrick Boyle on TH-cam - / @pboyle
‘Reasons to Avoid Index Funds’ - • Reasons to Avoid Index...
Robinhood Crypto - robinhood.com/us/en/about/cry...
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on TH-cam - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore
Participate in our Community Discussion about this Episode:
community.rationalreminder.ca... - แนวปฏิบัติและการใช้ชีวิต
I love how the conversation felt a bit more organic in this episode. Sometimes they feel a bit constricted by their script of questions, but in this episode they felt a bit more free-wheeling. I enjoyed that a lot.
Rational Reminder, How Money Works, Patrick Boyle, Plain Bagel, by our powers combine we are Captain Finance!
Some awful choices there. Your loss if you view them.
@@crimsonpirate1710 which ones and why? All of them have experience in the industry, they provide fairly level headed info, and they're civil about their objections when faced with them.
@@me0101001000 You really can’t observe the hypocrisy?
@@youwillnotgetmyintents no, I don't. Kindly enlighten me.
@@crimsonpirate1710Unfortunately, there are people who like to buy into inaccurate data and their followers demonstrate that.
wow when i was in investment banking I couldn't barely managed to go to the gym once a week and this guy managed to launch a TH-cam channel!
heel yee a crossover i didn't expect to see today
Love How Money Works! Way to go for booking him for this interview. 4 minutes in and I'm excited for this episode!!!!
Patrick Boyle next please!
Another fantastic video by the Rational Reminder! Question, would you folks ever consider interviewing Patrick Boyle, Aswath Damodaran or Ramit Sethi? They're all pretty successful in their own way and each quite different. Patrick is super interesting, Aswath is brilliant and Ramit is probably the best at branding and marketing in the online finance space.
I do find these interviews with none academics to be very interesting. Well done!
So glad to see two TH-camrs that i follow religiously collab. If you guys also do the compound show and Patrick Boyle my dreams would come true!
Great interview! Very insightful 👍
Epic, seems all the TH-cam channels I watch, are secretly connected😂
Finfluencers be pushin' that gas station sushi. ⛽️ 🍣
Well played!
No way I could be an investment banker. This guy was one AND also making his youtube videos? Legend.
I’ve spoken to Darin personally and he’s a good dude!
He’s not good at all. He’s egotistical and inaccurate, though.
Great cross-over episode. Two of my favourite content creators working together. A big thank you to both teams for what they do.
How money works makes you feel smarter with no push or desire to improve your living situation. Start no business, leave no job, be happy with what little you have.
That was not the case for me. I’m glad I left a job, I’m happy with the little I have and not doing work I was good at but hated.
This is the main reason why I got rid of Morning Brew.
I'm happy to see that some people are still honest and tell it like it is.
Exactly. The amount of 'boot strap' SV founder talk that filled it product was to much.
Great! Fondest regards to Mr. HMW from one of his subscribers.
This was a fun change of pace.
This is great, thanks.
I am really surprised that HMW is not a 25 yr old blonde guy named Chad. He really has that voice.
Ironically this coming from someone who Darin would criticise due to the pitch/framing of side hustles:
"Social media isn't the problem. Social media exposes us for who we are" (Paraphrased statement from Gary Vee)
Point being: I think there is limited ability to protect anybody from themselves. Unless you put financial literacy onto the curriculum in schooling and wait a few decades, those aspirations will not be tamed and for that matter someone is gonna deliver to that.
These algorithm can only do exactly that: Give you more of what you want. People by virtue of who they are and how they process information will have vastly different online experiences due to that.
Broadly any company which would try to play god and set an agenda here would go out of business,...and you see this exactly for yourself when you craft your videos to appeal.
The internet is mostly ad-based and with that it's all about attention, which then plays into peoples' lesser urges.
PS: I find it funny how I already follow most of the mentioned finance people. Good for me,...and I still have to assume: Not me but the algorithm.
Thx for a great episode!!
This episode led me to watch several How Money Works TH-cam videos. I find them beautifully made and also full of exaggeration. Points that go against the narrative are mostly ignored. In the highly uncertain world of investing Darin Soat sounds very certain. Interestingly, in the Rational Reminder Episode he comes across as a reasonable guy. Puzzling.
Examples?
I agree. A lot of it is probably a byproduct of feeding the algorithm like he talks about a lot in this podcast - keeping viewers engaged through exciting and confident narration, engaging in bombastic narratives that viewers will be drawn to (Your Biggest Financial Mistake - Being born too late), etc. That said some videos are better than others and a lot of research goes into them. Definitely miles ahead of other channels that operate in a similar tone.
@@L3vacheFunny because his claims are often disproven and not always accurate. Please do your research thoroughly.
Great guest. A much needed video exposing the world of FinFluencers.
Thanks from Ukraine!
Fantastic conversation, covers the entire spectrum of topics on personal financing very neatly.
The barrier for entry for youtube is so low that's why it's so hard to make money from it.
I watch this channel for wisdom. I watch other finfluencers for entertainment.
Does affiliate marketing work?
Oop, lost a bet that you’re actually Richard from the Plain Bagel. (for HMW)
Interesting take on no real interest in responsible financial content - when I was a chemistry/physics teacher coming from being a sell-side analyst - I started an investing club for my students to teach real financial information to my student “apes” - the students would all show up every week and we would end up meeting for 3 hrs (scheduled for 1 hr). They were super engaged and interesting.
29:04 Darren is proof that audiences DON'T necessarily want just moonshots. You can succeed with general good advice and tearing down the creator economy from within.
He has yet to provide factual realistic advice.
His voice is different. 😂
He must be using a weird audio filter on his TH-cam channel.
i like boring and that's one of the problems were having
This was terribly dull.
Sounds like excessively risk-averse person. Can’t imagine who finds this sort of content appealing, mostly seems intuitive. Maybe he should ask himself a question as to what would happen if everyone just followed script provided by popular culture. Conman have been around for long time and to certain extent it can’t be helped.
@@youwillnotgetmyintentsHeed your own hypocrisy.
@@EmilyGloeggler7984 you could just go ahead and mention precisely what is that you disagree with. I think it’s giant hypocrisy to be investment banker and spend 2 hours telling everyone they shouldn’t take any risk and describing scams that someone with
Why does he sound tired or annoyed. Not excited at all. Delete this entire video
He says TH-cam is a bad business, he doesn't like most people in the finance niche, he's obsessed with hiding his identity to be a better employee. Dude why are you here growing a massive TH-cam channel. Leave now and get your job back.
Well this just exposed how much Darin Soat’s ramblings are a waste of time with nothing factual or sensical provided.
Very useful