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Speaker 3: Podcast Episode two Welcome back, Welcome back. Thank you guys
Speaker 3: for tuning into episode one. Continue to let us know
Speaker 3: your feedback. But we appreciate you guys, But we're gonna
Speaker 3: get right into it. It's a second week, second episode,
Speaker 3: So Troy when we started.
Speaker 4: Let's start at the end, let's started to propose, and
Speaker 4: then the government shutdown, the longest shut down in the
Speaker 4: history of the United the United States, thirty five days,
Speaker 4: eight hundred thousand federal workers without pay, lost to paychecks.
Speaker 5: It was.
Speaker 4: It was a terrible story, just the testimony to hear
Speaker 4: some of some of these federal workers losing out on
Speaker 4: the fact that they couldn't pay bills, the fact that
Speaker 4: they couldn't afford food. I mean, you saw these stories,
Speaker 4: countless stories on the news in the recent weeks, and
Speaker 4: it rose our attention as to something that we've heard before.
Speaker 5: And that was one of the lines that jay Z.
Speaker 4: Said, in anticipation for precipitation, staped chicks for a rainy day,
Speaker 4: and that rainy day could be anything. It could be
Speaker 4: a government shut down, it could be a loss of
Speaker 4: a job, it could be a death in a family.
Speaker 4: So those rainy days we have to prepare for. And
Speaker 4: what better way to talk about that than you know,
Speaker 4: with our financial advisor about that what things we could
Speaker 4: put in place to plan for these rainy days.
Speaker 2: Yeah, and that's a real world example.
Speaker 3: Like you said that, jay Z's line is it's classic
Speaker 3: for a few different reasons. But I know we quote
Speaker 3: jay Z a lot, but he says a lot of
Speaker 3: good things if you actually take the time to listen.
Speaker 3: When he said in anticipation for precipitations, chips for a
Speaker 3: rainy day, what he's really saying is that you got
Speaker 3: to put some money away, right at the end of
Speaker 3: the day, You got to put some money away in
Speaker 3: case of these type of situations. But it really highlights
Speaker 3: a broad a point where a lot a lot of people,
Speaker 3: unfortunately in America, you know, live paycheck to paycheck, right,
Speaker 3: So what happens that the danger in that is that
Speaker 3: when that paycheck stops, you're screwed, right, for lack of
Speaker 3: a better word. So you know, you saw a lot
Speaker 3: of government employees on food lines and they couldn't eat properly.
Speaker 3: You know, they was, they couldn't pay their rent, they
Speaker 3: couldn't do anything. And that really comes down to that
Speaker 3: they didn't have money saved, right. And one of the things,
Speaker 3: you know, it's hard to save money if you live
Speaker 3: paycheck to paycheck because the money that you get is
Speaker 3: the money that you're spending, right, So how do you
Speaker 3: ever save money if you don't have enough money to
Speaker 3: actually save and it's.
Speaker 5: No fault of their own right. A lot of Americans
Speaker 5: are in that position.
Speaker 3: Well, we can't say that because each individual situation is different.
Speaker 3: Sometimes it is some as fall right, Sometimes it's not
Speaker 3: there fora sometimes it is therefore, because you know, you
Speaker 3: might spend money on frivolous things, or you might not
Speaker 3: you know, pay yourself first, you might not budget.
Speaker 2: So can't we can't just say that.
Speaker 5: I'm not saying in that term.
Speaker 4: I'm saying in terms of they did a job right,
Speaker 4: they worked through this shutdown and did not get paid
Speaker 4: for them.
Speaker 3: The government shutdowns is a lesson in the government shutdown,
Speaker 3: so because you can't rely on anything really right. So
Speaker 3: the government shutdown was something that was just in the news.
Speaker 3: But people lose their jobs every day for a variety
Speaker 3: of different reasons, and so that that could be their
Speaker 3: government shutdown. This was just something that affected a lot
Speaker 3: of people. But it speaks to a broader sense of
Speaker 3: being prepared, right, because this is something that could happen
Speaker 3: to anybody, whether you're a government employee or not.
Speaker 4: Especially in one of the lessons that obviously we just
Speaker 4: said prepare for that rainy day, but also having one
Speaker 4: stream of cash.
Speaker 5: Well, right, once that one stream is.
Speaker 2: Done exactly, that's that's yeah, exactly.
Speaker 3: So that's one of the one of the books that
Speaker 3: one of the first finance books that I read when
Speaker 3: I was probably like eighteen years old, was multiple streams
Speaker 3: of income. And really what the book was talking about
Speaker 3: was having multiple streams of income, right for just this reason.
Speaker 3: They say the average million that has between I think
Speaker 3: four to seven streams of income because they understand that
Speaker 3: if one thing falls apart, they need something else to
Speaker 3: fall back on.
Speaker 5: Correct.
Speaker 3: So yeah, there's a lot of different lessons that you know,
Speaker 3: we can learn from in this unfortunate situation for government shutdown.
Speaker 3: And another thing to point out is that unfortunately, you know,
Speaker 3: a lot of these workers were African American, right, Yeah,
Speaker 3: And it highlights even a broader problem in the country,
Speaker 3: which is the wealth gap.
Speaker 5: Right.
Speaker 3: So we talked about the way I talked about the
Speaker 3: wealth gap before, but I don't think a lot of
Speaker 3: people don't fully understand how bad the wealth gap is.
Speaker 4: So we have country like in a sense, it's like,
Speaker 4: let's yes, people are living to paycheck to paycheck, but
Speaker 4: let's start dealing with some of the root causes. Why
Speaker 4: are we living paycheck to paycheck?
Speaker 5: Right?
Speaker 3: So, the New York Times had an article where they
Speaker 3: had a few research study that showed the average black
Speaker 3: families networth or seventeen hundred dollars, the average Latino family
Speaker 3: networth was nineteen hundred dollars, and the average white families
Speaker 3: networth was one hundred and sixteen thousand.
Speaker 4: But even in the statement, I remember you telling me
Speaker 4: this over the summer, and I was even I was
Speaker 4: a bit cof you.
Speaker 5: I was taking them back, and then when.
Speaker 4: I thought about it, I'm like, oh, okay, wait, somebody's
Speaker 4: net worth is more than somebody's rent or less than
Speaker 4: somebody's rent.
Speaker 5: It was like, uh huh.
Speaker 4: But to understand it is to understand what networth is
Speaker 4: and what goes into that and how that's even accumulated.
Speaker 3: Yeah, so networth, Yeah, networth is assets minus liabilities.
Speaker 2: That's what it is. Right.
Speaker 3: So a lot of time we hear like celebrity networths,
Speaker 3: And you said, like, people might see a celebrity and
Speaker 3: that networth is ten million dollars, right, but they think
Speaker 3: that that person has ten million dollars.
Speaker 4: In the fact, we heard we heard Charlotte Matne say, look,
Speaker 4: I go to a celebritynetwork dot com and it says
Speaker 4: I'm working. He said, I'm worth twenty one million. I
Speaker 4: do not have twenty million dollars exactly.
Speaker 3: So networth is your assets minus your liabilities. Your assets
Speaker 3: is something like your home, if you have investments, retirement,
Speaker 3: that's an asset, right. Your liability is something that you're
Speaker 3: spending money on, so your debt, so if you have
Speaker 3: credit card debt, your mortgage, all that stuff. So a
Speaker 3: lot of times people have negative networks, right because if
Speaker 3: you have if you have one thousand dollars in savers
Speaker 3: and you got five thousand dollars in credit card debt,
Speaker 3: now you have a negative networth for four thousand dollars, right, right,
Speaker 3: So that's what it comes down to. That's what that's
Speaker 3: how they measure networths in America. The reason why there
Speaker 3: is a lot of different reasons why the wealth gapage.
Speaker 4: So that number again one hundred and sixteen thousand to
Speaker 4: sixteen hundred, you said seventeen hundred, seventeen hundred, So that
Speaker 4: huge disparity.
Speaker 3: Well, the interesting the interesting thing about that is that
Speaker 3: the wealth gap now in America is actually larger than
Speaker 3: it was in nineteen ninety in South Africa. So for
Speaker 3: people that don't fully understand the history behind that, South
Speaker 3: Africa used to have a political system called apartheid, right,
Speaker 3: and apartheid was legal discrimination based on race, whereas if
Speaker 3: you were black, you wasn't allowed to own a home,
Speaker 3: you wasn't allowed to start a business, you wasn't allowed
Speaker 3: to have a farm. So they was legally it was
Speaker 3: illegal discrimination.
Speaker 5: That it was legal, and we've seen similar things like
Speaker 5: that here, but.
Speaker 3: Yeah, but that was legal. Like a lot of things
Speaker 3: that were done here were under the veil of laws
Speaker 3: put in place but to make it harder and they
Speaker 3: kind of masket. But South Africa that they had no apology,
Speaker 3: like this is what we're going with. So the wealth
Speaker 3: gap is worse now than it was in nineteen ninety
Speaker 3: in South Africa. That says a lot, right, So I
Speaker 3: don't think people fully understand the ramifications of that. But
Speaker 3: one of the real world effects is what we see
Speaker 3: the government workers. Right, So these a lot of times
Speaker 3: we have negative network so we have very small networks.
Speaker 3: So when we're putting these situations where we lose our job,
Speaker 3: it's a crisis. One week can make it a crisis
Speaker 3: one month, you can mipe be on the street. That's real,
Speaker 3: you know what. So this is something that we talk
Speaker 3: about saving, investing, pay yourself first. It's not just something
Speaker 3: that we just talk about. This is something that it
Speaker 3: really matters in real world scenario and a couple of
Speaker 3: different factors how people Because people a lot of times
Speaker 3: they say like, well, what makes up a person's network,
Speaker 3: or like how do you determine the net worth?
Speaker 5: Well, the number one way is home equity.
Speaker 3: Well, so there's a few different ways, but there's three
Speaker 3: ways for the average America. There's three ways that a
Speaker 3: person will measure them network or what makes up a
Speaker 3: person's network, and that's home value, right, And that's also
Speaker 3: retirement accounts because that's so most people their investments that
Speaker 3: they have is in a retirement account like a four
Speaker 3: to one kit at a job. And then it's inheritance
Speaker 3: that they might get from passing a relative or parent
Speaker 3: whoever leaves them inheritance. So the problem in our community,
Speaker 3: African American community, black community, whatever you want to call it,
Speaker 3: is that we lack in all three right, A lot
Speaker 3: of times we don't own the place that we live in.
Speaker 2: So we're renting, so we can never have that as
Speaker 2: a value.
Speaker 3: We don't fully fund or don't fully understand our retirement,
Speaker 3: so we don't put enough money into that, so later
Speaker 3: on down your line, you don't have a nest egg
Speaker 3: saved to your retirement. And the biggest way, the most
Speaker 3: effective way to leave an inheritance is life insurance. A
Speaker 3: lot of times we don't have insurance, right, so not
Speaker 3: only when we die, are we not leaving somebody monny,
Speaker 3: but we're leaving them debt they actually have to pay,
Speaker 3: so it's actually hurting them when we die. And you
Speaker 3: got to go to your religious organization and asks people
Speaker 3: to donate and do different things. So that's three ways
Speaker 3: right there that we fall behind and that that affects us.
Speaker 3: As far as talking about the network, so all of
Speaker 3: it ties in. All of this stuff ties in. We
Speaker 3: talk about a lot of that. We're going to talk
Speaker 3: about a different suff on this podcast as the weeks
Speaker 3: goes on, and even as this episode goes on, but
Speaker 3: it's important to talk about real world situations and real
Speaker 3: world problems that affect the average person, not just a
Speaker 3: celebrity or not just you know, a CEO of a company.
Speaker 3: But the average working people, because that's the majority of
Speaker 3: the people, right. So these are real world problems that
Speaker 3: are affecting us, affecting our community, and affecting the world.
Speaker 3: Not just our communities, it's affecting the whole nation. So
Speaker 3: the wealth gap is something that should concern everybody, whether
Speaker 3: you're a black cousin. I want to get this clear too,
Speaker 3: because the message of financial literacy is for the whole world,
Speaker 3: is for mankind, right. It's not limited to one race
Speaker 3: of people, but the struggles of any race of people
Speaker 3: should affect every race of people, right, So the struggles
Speaker 3: of black people in America is bigger than just black
Speaker 3: people's problem. It spills over into every other community, so
Speaker 3: it's everybody's. Everybody should be alarmed by this statistic, and
Speaker 3: everybody needs to play a part and improving the conditions.
Speaker 3: And a lot of it starts with education, that's true.
Speaker 3: A lot of it starts with education. So even like
Speaker 3: teaching with the kids with the school and learning about
Speaker 3: finances and learning about what the four to one k
Speaker 3: is and learning, a lot of this stuff starts with education.
Speaker 3: So that's why we're here as well. The properly as.
Speaker 4: I remember one of the most important lessons you did
Speaker 4: with our summer program was you talked about the federal
Speaker 4: spending and you saw how much we spent on defense
Speaker 4: and how much we spend on education. And I think
Speaker 4: you pose a question, what would it look like if
Speaker 4: the roles were reversed, right, what if we spent more
Speaker 4: on education.
Speaker 3: Well, we spend like thirty percent of the budget something.
Speaker 3: Don't quote me this around that like thirty percent of
Speaker 3: the budget the national budget goes to defense, the military,
Speaker 3: were like four percent goes to education.
Speaker 5: Is even less.
Speaker 3: So it's like, okay, what you know. That's a that's
Speaker 3: that's telling right there. We spend thirty on protecting I
Speaker 3: guess you want to call it protecting our borders and
Speaker 3: fighting wars overseas and the military and the Navy. You
Speaker 3: know it's important, but we spend four percent on education.
Speaker 4: Yeah, telling, right, And so like when our students saw that,
Speaker 4: they were like dumbfounded by it. But I said, and
Speaker 4: I think this is one of the messages we conveyed
Speaker 4: to them. It's like, look, if you want to see
Speaker 4: these things change, then you got to fight for these things.
Speaker 4: We're going to fight for them. But you're the next generation.
Speaker 4: You gotta fight for them as well. So that's important, man.
Speaker 3: Yeah, all right, so yeah, so that right, okay, so yeah,
Speaker 3: that's the government shutdown.
Speaker 5: Yeah.
Speaker 4: So it's very interesting that the shutdown has has ended
Speaker 4: at this time of the year because you know, it
Speaker 4: is a.
Speaker 5: Busy travel time.
Speaker 4: The busiest airport in the country, Hartfield Jackson in Atlanta
Speaker 4: saw workers calling out at an all time rate. Right,
Speaker 4: these these people were furloughed, they were working without pay.
Speaker 4: I think ten percent of the TSA called out, which,
Speaker 4: in turn, right, you're fighting for national security or you
Speaker 4: don't want to open the government until you have money
Speaker 4: for a wall, but the people who work at your
Speaker 4: airports are calling out, which is a national security emergency
Speaker 4: in itself.
Speaker 5: So I can imagine what the mayor of Atlanta.
Speaker 4: Who who is the mayor of the obviously the city
Speaker 4: with the largest airport, what she's thinking at a time
Speaker 4: like this when she has a huge event that's about
Speaker 4: to happen in her city in the next week or so.
Speaker 4: So with that, you know, so we're going to super Bowl,
Speaker 4: we don't we don't talk about the super Bowl.
Speaker 3: Before we start talking some super Bowl. Let's just get
Speaker 3: this clear. We're not taking a stance on super Bowl
Speaker 3: either way. If you choose to watch the super Bowl,
Speaker 3: not no problem with that. If you choose not to
Speaker 3: watch the super Bowl, have no problem with that. We're
Speaker 3: not endorsing the super Bowl or we're not even bashing.
Speaker 2: The super Bowl. Everybody has a right to do what
Speaker 2: they want and to make their own decisions. I know
Speaker 2: that's you know, that's a hot topic right now with
Speaker 2: Colin Kaepernick. Can you know, of course we support.
Speaker 3: Him, But like all things in life, we can learn
Speaker 3: from the business side of what's going on in the
Speaker 3: super Bowl. And one of the biggest aspects of the super.
Speaker 5: Bowl outside of the game, outside.
Speaker 2: Of the game is super Bowl ads.
Speaker 3: Yes, right, So yeah, let's talk about that because marketing
Speaker 3: is something that I always had a passion for and
Speaker 3: I think that business, any business that you're in, marketing
Speaker 3: is important plays a part no matter what you're doing,
Speaker 3: you have to find a way to market yourself and
Speaker 3: there's a lot of different ways that you can market yourself.
Speaker 3: But studying the Super Bowl marketing is an interesting case study.
Speaker 4: Yeah, when we looked at it, it was pretty astonishing.
Speaker 4: We saw a few things and we're going to get
Speaker 4: into that of how marketing is changing and how it
Speaker 4: looks on a large scale. So the Super Bowl obviously
Speaker 4: is the most watched single sporting event in the United States.
Speaker 4: Last year it average one hundred and thirteen million viewers,
Speaker 4: I think, which was actually a dcline from twenty sixteen
Speaker 4: when they had one hundred and fourteen million, which was
Speaker 4: an all time record. I think the Patriots versus Seahawks
Speaker 4: was the game, but one hundred and thirteen million viewers.
Speaker 4: So obviously, marketing teams and firms know that this is
Speaker 4: the time where we can get the largest amount of
Speaker 4: people concentrated on one thing. It's a live event, which
Speaker 4: means you can't fast forward through it.
Speaker 5: So you have to sit through the commercials.
Speaker 4: So what has happened over time is people have spent
Speaker 4: large amounts of money to get their ads on during
Speaker 4: the commercial breaks of the Super Bowl. In two thousand,
Speaker 4: the average costs for Super Bowl commercial was two million dollars.
Speaker 5: Right last year, the commercials were going for five point five.
Speaker 2: Million sixty seconds thirty thirty for a thirty second clip.
Speaker 3: So five all right, So five point five million for
Speaker 3: a thirty second.
Speaker 4: And not that that doesn't include the cost of making
Speaker 4: the ad. So sometimes you have these over the top
Speaker 4: commercials with movie stars and all types of explosives and stunts.
Speaker 5: On top of paying those people, you got to pay
Speaker 5: just to put it on TV networks.
Speaker 2: Okay, so is it worth it?
Speaker 4: Let's see so we can we can talk about a
Speaker 4: few companies that have done this model, and yeah, it
Speaker 4: has worked for some of them. I obviously Budweiser's has
Speaker 4: been doing this for multiple of years.
Speaker 5: They're probably the king of the two book commercials.
Speaker 4: I think this year they bought eight slots sor right,
Speaker 4: So if they bought eight slots and five five million
Speaker 4: you talking about forty million dollars just on commercials. The
Speaker 4: reeols will be doing their same thing. So those companies
Speaker 4: obviously household names, we know them.
Speaker 5: Then you have companies like.
Speaker 2: Go Daddy, game changer.
Speaker 5: You want to talk about Daddy a little bit game changer.
Speaker 2: So yeah, so Go Daddy.
Speaker 3: Go Daddy probably has the one of the best marketing
Speaker 3: campaign for Super Bowl history.
Speaker 5: Right when they've been hit a miss, they started with they.
Speaker 3: Hit Okay, So go Daddy's interesting for a few different levels, right,
Speaker 3: because before Super Bowl, at least I didn't know what.
Speaker 2: Go Daddy was right.
Speaker 3: I think they started their first Super Bowl add in
Speaker 3: two thousand and three overnight. Everybody knew who they were,
Speaker 3: so anybody that's not familiar with Go Daddy there. They
Speaker 3: host websites, so they had an add in two thousand
Speaker 3: and five that was banned. At least half of it
Speaker 3: was banned. Pretty much it was.
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Speaker 3: Almost a half naked yeah woman. It was like a
Speaker 3: half naked woman in front of Congress and a shirt
Speaker 3: kept falling off. It was crazy. I actually watched to
Speaker 3: add on YouTube. And but the interesting thing about it
Speaker 3: is that they had to know that that was never.
Speaker 2: Going to get approved.
Speaker 5: Right, it was worth the rest.
Speaker 2: No, it's worth the risk.
Speaker 3: But it's even more so it's like they say, any
Speaker 3: publicity is good publicity. Right, So now you have a
Speaker 3: company who because when your ad is banned, it's like
Speaker 3: it's still on so on the internet, it's still on YouTube,
Speaker 3: and it's media saying that the ad got banned, so
Speaker 3: that everybody wants to see what got banned. What it
Speaker 3: is like, It's like a movie that is banned from
Speaker 3: TV or banned from the movie theater. Everybody's gonna want
Speaker 3: to go see what that movie is about, because why
Speaker 3: has it been so go daddy, And so I say
Speaker 3: this to say it had nothing to do with actually
Speaker 3: website hosting, right, but it worked, right, they became a
Speaker 3: household name overnight, and then they followed up you want
Speaker 3: to talk about the bar RAFAELI.
Speaker 4: Yeah, So they do the two thousand and five campaign
Speaker 4: with the congressional hearing.
Speaker 5: Then they make an important move.
Speaker 4: They get a sponsor, right, so they get somebody that
Speaker 4: is going to endorse their company.
Speaker 5: They take Danik K Patrick, whoge at the time.
Speaker 3: Dannik Patrick. For anybody that doesn't know, a legendary NASCAR
Speaker 3: driver who is a woman, and that's very rare in NASCAR.
Speaker 3: So she I don't know if she's if she's still
Speaker 3: involved with NASCAR but I.
Speaker 5: Think she retired.
Speaker 4: She's now the fiancee to Aaron Rodgers, is she yeah, yeah, okay, yeah,
Speaker 4: so she becomes the face of GoDaddy. So they still
Speaker 4: run the Super Bowl campaigns. But then, like you said,
Speaker 4: in twenty thirteen, they have the Perfect Match campaign where
Speaker 4: they have the super mal bariality kiss this kid who's
Speaker 4: supposed to be a nerd and again has nothing to
Speaker 4: do with the website hosting, is just the imagery that sells,
Speaker 4: and it's like this becomes the most popular commercial. So
Speaker 4: from that, the next day after the super Bowl, they
Speaker 4: watched their website gain increase on certain which is they
Speaker 4: get ten thousand new customers, thirty five percent increase of
Speaker 4: the mobile use of mobile use.
Speaker 2: They had their best day of their best day ever
Speaker 2: after that, and it wasn't.
Speaker 3: Just a kiss. It was like it was like thirty
Speaker 3: to the whole commercial with them kissing. It was very
Speaker 3: awkward situation to watch. Barbrafieli is a is a Victoria
Speaker 3: Secret model, right, and it was this guy. He was like,
Speaker 3: he's like an actor, but he always plays like the nerd,
Speaker 3: the geek type dude. So they just randomly start making
Speaker 3: out for thirty seconds and that's the ad.
Speaker 5: That's it.
Speaker 3: Literally within hours, Go Daddy's website. Spike's crazy. And like
Speaker 3: you said, the next day they hosting one up forty
Speaker 3: five percent, Domain one up forty percent, New mobile thirty
Speaker 3: five percent. They added ten thousand customers. They literally had
Speaker 3: their best day ever after that ad, which had nothing
Speaker 3: to do with anything.
Speaker 2: It really had nothing to do with anything.
Speaker 5: It was just a kissing ad.
Speaker 2: They had a supermodel kissing a nerd.
Speaker 5: Yeah, brilliant.
Speaker 4: Yeah, So like that works, and then they run some
Speaker 4: more ads and then up until twenty sixteen, they realized like,
Speaker 4: all right, they.
Speaker 5: Don't need it, we don't need it anymore. We're gonna stop.
Speaker 3: They made they made their money already, they made their
Speaker 3: notoriety and they left.
Speaker 5: Yeah, so then from that it's a success.
Speaker 4: But then you got companies like Wix, which is another
Speaker 4: hosting like a website similar to gold Daddy, that decides
Speaker 4: to put this over the top campaign.
Speaker 5: They hire Gal Gadol.
Speaker 4: She is a superwoman, a wonder woman. I said superwoman.
Speaker 4: She's a wonder woman. So that had just came out.
Speaker 4: They get her, she's one of an A list actress
Speaker 4: and they see no Spike in fact, their numbers don't
Speaker 4: do anything. And what the Super Bowl ad did was
Speaker 4: get traffic to their site, but customers didn't buy anything, right,
Speaker 4: So that's you paid four million dollars five million dollars
Speaker 4: and all you got was traffic. Whereas we've seen other
Speaker 4: strategies that have been working in recent time of how to.
Speaker 3: Make marketing well, the game the marketing game has changed absolutely, right,
Speaker 3: Like the old fashioned way of marketing is to get
Speaker 3: in a magazine or get on TV and have an ad,
Speaker 3: but that's changed now social media.
Speaker 4: Social media has changed the game. Social media is changed,
Speaker 4: specifically the influences.
Speaker 3: Power of influencers, power of them, power of influences. I
Speaker 3: like to do case studies a lot. Like anybody follow
Speaker 3: me on Instagram, I like. I like case studies because
Speaker 3: I'm just I just think it's interesting to examine different
Speaker 3: business models and how people work. So one of the
Speaker 3: things that is interesting to me is a fashion over. Right,
Speaker 3: I'm pretty sure everybody has heard of Fashion Over. But
Speaker 3: if you haven't heard of Fashion Over, it's a clothing
Speaker 3: clothing brand. They have actually have men's line.
Speaker 5: Now they have a men's fashion over.
Speaker 3: They used to just be straight women so fashion Over
Speaker 3: is interesting as a case study for a few different reasons.
Speaker 3: But all right, so let's do the backstory on fashion Over.
Speaker 2: Right.
Speaker 3: So fashion Over actually starts in two thousand and six.
Speaker 3: Oh right, So the owner of Richard Shedding I think
Speaker 3: his name is, he opened the store in California and
Speaker 3: more in California two thousand and six, right, and it
Speaker 3: was regular store and then you know it wasn't doing anything.
Speaker 3: Within the last three years, fashion over has exploded. So
Speaker 3: in twenty thirteen they opened. They have their website. They
Speaker 3: started their website in twenty thirteen, and write it when
Speaker 3: they start their website. They started with Instagram. This is
Speaker 3: like the earlier days. Twenty eleven, I think Instagram becomes
Speaker 3: like popping, popping, But twenty thirteen is when they got on.
Speaker 3: They were early adapters into Instagram. Right, So here's the
Speaker 3: brilliant here's the brilliant thing that fashion Ova did. So
Speaker 3: they started at the top down, meaning they got a
Speaker 3: few a lists, very big name social media influences and
Speaker 3: they pay them. Right, So they had Kylie Jenner, Courtney
Speaker 3: car Chloe Kardashian right, and Cardi B a couple others.
Speaker 3: So they got a list influences, right, they paid them
Speaker 3: and they made fashion over blow up, right, because it's
Speaker 3: like if they're wearing it, if they're endorsing it, it
Speaker 3: means something.
Speaker 2: Right.
Speaker 3: But the thing about fashion Ova that people don't realize
Speaker 3: is that they actually have an army of influencers. So
Speaker 3: Fashionova actually works with anywhere from three to five thousand influences, right,
Speaker 3: but a lot of them, most of them don't get paid.
Speaker 3: Most of them don't get paid. They get free merch
Speaker 3: That's how they get paid.
Speaker 5: Well.
Speaker 2: Because if you think.
Speaker 3: About fashion Over, if you really look at Fashionova, they
Speaker 3: weren't with anybody like you might see somebody with ten
Speaker 3: thousand followers, another person with one hundred thousand followers, somebody
Speaker 3: were foxed out and they all through fashion Over like
Speaker 3: as it looks like an ad, right, Like I'm just
Speaker 3: having my fashion Ova jeans for what the it was
Speaker 3: that they made it. They made it like almost a
Speaker 3: privilege to promote their brand. Because once they had Courtney,
Speaker 3: Chloe Kardashian and Cardi B and everybody else wearing it,
Speaker 3: that was a list. Now everybody that's aspiring to be
Speaker 3: there wants to put on fashional and.
Speaker 5: To that credit.
Speaker 4: They their thing is like, hey, we'll make the celebrity
Speaker 4: look affordable. So they've taken that model, that model, and
Speaker 4: they've just expanded on it.
Speaker 5: Right, So they've gotten these influencers, they've made the clothes.
Speaker 4: That they like and to women and men, now will
Speaker 4: a tea will say like this, these clothes fit amazing well.
Speaker 3: And the thing about that is that so they make
Speaker 3: a thousand items a week, but they have an interesting
Speaker 3: model because they don't they use nine hundred different producers
Speaker 3: to make their clothes in La and China, So they
Speaker 3: have nine hundred different menu factorers in La and China
Speaker 3: making a thousand pieces a week for them. They put
Speaker 3: it out and it goes straight to Instagram. So it's
Speaker 3: constant new content and it's constant new product. So the
Speaker 3: turnover is crazy. But they actually have over three billion
Speaker 3: Instagram impressions every single month because like I said, they
Speaker 3: have three thousand of five thousand influencers that are promoting
Speaker 3: fashion ovah, even though most of them aren't getting paid.
Speaker 3: Because like I said, the most brilliant thing that they
Speaker 3: did was actually make it a privilege to promote their friends.
Speaker 3: You should be seen in our clothes exactly.
Speaker 5: Fashional. So we've seen influence get paid before.
Speaker 4: And one of the big stories of the past couple
Speaker 4: of weeks has been Fire Festival on Netflix. And for
Speaker 4: those who don't know what the Fire Festival documentary is about,
Speaker 4: it it's about a man, Billy McFarland and Jo Rule
Speaker 4: have an idea now on service to the idea makes
Speaker 4: a lot of sense. It's fire dot Com is supposed
Speaker 4: to be a site that bridges booking agencies and artists, right, so.
Speaker 5: No longer do you have to have the miliment.
Speaker 4: I think Billy in the documentary says he had to
Speaker 4: pay somebody to talk to Ja Rule. Didn't have to
Speaker 4: pay another guy to talk to Ja Rule. And so
Speaker 4: he said, you know what, rather than going this method,
Speaker 4: let's just cut the middle man out and let's create
Speaker 4: something where I can talk directly to the artists, have
Speaker 4: their schedule and say can I book you on a service?
Speaker 5: Great idea.
Speaker 4: I think it's a great idea to promote the site,
Speaker 4: they decide to create a festival, hence the title Fire Festival,
Speaker 4: which would which was supposed to be uh sort of
Speaker 4: like a Coachella, but on a deserted island an island
Speaker 4: that that he said he had owned in the Bahamas.
Speaker 3: So they wanted they want so they want to throw
Speaker 3: a music festival in the Bahamas to promote the app.
Speaker 2: Absolutely, that's what that's what they want. That's what they
Speaker 2: wanted to do.
Speaker 5: Yeah, and they figured so they were smart about it.
Speaker 4: They said, listen, rather, we'll get some marketing teams, but
Speaker 4: the biggest way to promote something now is through Instagram.
Speaker 4: Just like you said with a fashion over, the best
Speaker 4: way to do it, let's go through influencers. So they
Speaker 4: have ten supermodels, like Top of the Mine, supermodel Shanelli
Speaker 4: Monits one of them.
Speaker 5: Bella Indide was one of them.
Speaker 4: And they said, you know what, can you just put
Speaker 4: up this orange burnt square as the logo for what
Speaker 4: we're about to do? Right and every day at this time,
Speaker 4: can you put it up? And they do it and
Speaker 4: it gains traction. They hashtag at the fire festival, and
Speaker 4: then they do something really smart, right, they say, Hey,
Speaker 4: who's the most popular person at the time or one
Speaker 4: of the most popular persons or families at the time. Kardashians,
Speaker 4: and they reach out to Kendall Jenner and tell her, listen,
Speaker 4: we're going to give you two hundred fifty thousand dollars
Speaker 4: if you could just say you're coming to the Fire
Speaker 4: Festival to promote it.
Speaker 2: So they paid.
Speaker 3: They paid Kendle Jenner two hundred and fifty thousand dollars
Speaker 3: to put a post up. Just suppose I'm excited about
Speaker 3: Fire festival.
Speaker 4: Right right, she does it, and I mean, the tickets
Speaker 4: sell out within ten hours. They sell out so fast
Speaker 4: that they have to start making other accommodations like listen, I.
Speaker 5: Know you got the tickets for the festival. Here's the
Speaker 5: VIP passes.
Speaker 4: Then they'll sellout and they realize that they don't really
Speaker 4: have the money.
Speaker 5: To do this. Then they have to start coming up
Speaker 5: with other ideas. Now you got a.
Speaker 4: VIP bracelet, and it's a whole saga. It's an unfortunate
Speaker 4: story because the idea on the surface of the app
Speaker 4: was great.
Speaker 5: The execution of the festival horrible.
Speaker 4: A lot of people were devastated and affected by it,
Speaker 4: and it is a complete box. They ruined the entire thing,
Speaker 4: like people were showing up, they were sleeping in tense.
Speaker 5: It was terrible.
Speaker 4: And from that lawsuits start coming out, right, so they
Speaker 4: start trying to sue Billy McFarland rule is called in
Speaker 4: a lawsuit, and then Kendall Janner gets caught in a lawsuit,
Speaker 4: and that's when it becomes interesting because people were saying, Hey,
Speaker 4: we booked our tickets with the hopes that you were
Speaker 4: going to be there. That's the only reason we did it.
Speaker 4: So like, if he's guilty of something, so were you
Speaker 4: because you promoted it. And all the other supermodels who
Speaker 4: were part of it also get that lawsuit, and it
Speaker 4: sparked something that is really really evident, really key in
Speaker 4: the way that Instagram does things. Now from that we
Speaker 4: get the hashtag ad right, so she's not found guilty
Speaker 4: at the time of anythrowingdoing, but going forward, Instagram says, look,
Speaker 4: if you're going to promote something and you don't want
Speaker 4: to be held liable for it, you must tell us
Speaker 4: that this is an AD.
Speaker 3: I hold that us an add because the interesting thing
Speaker 3: with that is that so in twenty twelve, high an
Speaker 3: idea for a fashion blog. I was there, right, And
Speaker 3: the reason why I had the idea for the fashion
Speaker 3: blog is because I was following a fashion blog on Instagram,
Speaker 3: fashion page on Instagram, and I noticed that they were
Speaker 3: putting up ads without it actually making it seem like
Speaker 3: it was an AD. And I'm like, this is brilliant
Speaker 3: because what they were doing is that there was like
Speaker 3: a look book, so they will put like different looks
Speaker 3: up and then every like five posts they would have
Speaker 3: like let's say a woman would a dress and they
Speaker 3: were like, it would just be like a regular AD,
Speaker 3: and then they would say like where you can get.
Speaker 2: The dress from.
Speaker 3: Most people didn't really fully understand what was being done,
Speaker 3: but when I saw it, I saw I said, Okay,
Speaker 3: they're paying her to put this up and it's camouflaged
Speaker 3: as a regular post, but it's actually an AD, so
Speaker 3: that it sounds simple now because we're used to seeing that,
Speaker 3: but in twenty twelve that wasn't normal.
Speaker 4: I think after that then they started putting the little
Speaker 4: tags when you pushed the button on the dress, then
Speaker 4: it would tell you where to get it from.
Speaker 3: I think that came later later, so but that's what
Speaker 3: Kendall Jenner was and essentially that's what she did, right
Speaker 3: because she said, I'm so excited, I can't wait for Firefest.
Speaker 3: That's really an AD, but it's not really an AD
Speaker 3: right because it's like, okay to the people that's viewing it.
Speaker 3: They like, if she's saying she's excited, it has to
Speaker 3: be it got to be something. This has to be
Speaker 3: They don't know she got paid a quarter million dollars
Speaker 3: to say I'm so excited for this.
Speaker 2: So now the federal government changes the law.
Speaker 3: And this is why today you see either at the
Speaker 3: top of the post it says paid advertisement or in
Speaker 3: the actual caption it has hashtag AD because now you
Speaker 3: have to have full transparency and to say this is
Speaker 3: an AD because it was a very great life. If
Speaker 3: you see a commercial on TV, you know it's an AD,
Speaker 3: or if you see a print on you know it's
Speaker 3: an AD. But if you see somebody's Instagram Paige, you
Speaker 3: might not know it's an ADD or.
Speaker 5: Not right, So you get a bunch of things.
Speaker 4: It was the fire Festval, it was the herbal Teas,
Speaker 4: it was the waste trainers, like there.
Speaker 3: Was verbal te verbal t's and wayte trainers like game Changer.
Speaker 4: Yeah, like those things were just popping up and it
Speaker 4: was like like, oh, okay, yeah, we knew that all along,
Speaker 4: but like now you have to say it. And then
Speaker 4: from that Facebook and Instagram, like wait, these regular everyday
Speaker 4: people are putting up ads. Now, we're gonna stop putting
Speaker 4: up ads in your posts. So like now when you
Speaker 4: go through your Instagram, there's ads everywhere. Every like every
Speaker 4: four posts is an ad, right, And that starts from Hey,
Speaker 4: if they're gonna do it, we're gonna make money too.
Speaker 2: But that's how they monitor, that's how they monetize the
Speaker 2: social media.
Speaker 4: Were gonna figure this out. We figured it out. People
Speaker 4: figured it out first. You're making money, no, no, we
Speaker 4: gotta make money too.
Speaker 3: So I think that was always the plan with social
Speaker 3: media to add because that's the only way you can
Speaker 3: really make money off of it.
Speaker 5: Yeah.
Speaker 3: I taught a class about that, where they're selling your attention.
Speaker 3: So you bring your attention to social media and based
Speaker 3: off of that is free. But nothing in this world
Speaker 3: is free. So you're paying for it with your time
Speaker 3: and they're selling your time to company.
Speaker 4: Valuable asset of your time you can't get but most
Speaker 4: that's the most like you can't get that back.
Speaker 3: All right, Okay, all right, So yeah, we touched on
Speaker 3: a couple of different things this episode.
Speaker 5: Final word, Yeah, final word.
Speaker 4: I just want to make it clear that even though
Speaker 4: that the government shut down has ended, it's only temporarily,
Speaker 4: like the President said, in three weeks.
Speaker 5: If he doesn't, there's no compromise. The government could be
Speaker 5: shut down again, So people.
Speaker 4: Should really take heed to that, and some of the
Speaker 4: things you said earlier obviously would definitely be beneficial. But
Speaker 4: there are a lot of things that are on the
Speaker 4: line if we get shut down again.
Speaker 2: Can't rely on the government.
Speaker 4: They could write so federal courts could run out of
Speaker 4: operating money to run the daily business. Food programs are
Speaker 4: in jeopardy of shutting down free lunch programs for schools.
Speaker 4: So there's a lot of things online if we get
Speaker 4: locked down again.
Speaker 3: Yeah, yeah, So we'll ended with jay Z's line again.
Speaker 3: Just want that to sink in and anticipation for precipitation,
Speaker 3: stacked chips for a rainy day.
Speaker 2: It's important.
Speaker 3: It's important people, So once again, thank you for joint
Speaker 3: We will see you guys next week.
Speaker 2: Peace.
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