Happy New Year! Welcome to Finance & Fury’s Say What Wednesday. It’s been pretty quiet on the question front, I’m guessing with everyone away over the holidays… so today will be a quick episode covering the number 1 question I got all of 2018 but never answered – Sponsorship.

 

I get one or two emails a week from companies looking to promote products/services and everyone I talk to asks me why I don’t advertise? Do I make any money from sponsorship?

 

The quick answer is no, and I never plan to.

 

  • Preface – I don’t have anything against advertising. Lots of people now make their living from Youtube, Podcasts, etc. I think it is great. It’s the free market in action and allows people to make a living.
  • Podcasting started as a little side project.
    • I get bored pretty easily, so it was something to do nights/weekends. I enjoy doing this. Helping to educate people, talk about topics that don’t get covered very much.
    • I get to learn as well. Thankfully the personal finance topics don’t need be researched (otherwise I wouldn’t be good at my job), but the topics on politics, economy, history, psychology, I research because I want to make sure I know what I am talking about.
    • As a bonus, I don’t have to rant about this stuff to my friends/family – so I think they enjoy me doing it to.

 

Reasons I don’t want to do sponsorship.

  1. Never intended. I don’t need the income.
    • This might seem hypocritical as this whole podcast aims to teach ways of increasing your income.
    • I don’t intend to stop working – I’d have to start doing 3 podcasts a day to avoid going insane.
    • Wouldn’t it help to boost income? Yes, but ironically money doesn’t factor into the motivation.
  2. Cost/Benefit – How much would I earn, versus all the other cons.

The cons:

  • Don’t know the products/use them
  • Get it with professional referrals – risk to give recommendations on things if they are bad, and I don’t want the client to have bad experience
  • It discredits me if product is bad. Most requests for sponsorship are for financial companies/investments/platforms.
  • There are strong regulations around adviser kickbacks and I don’t want to have any conflicts in advice
  • What if the product tanks? This is also why you rarely hear me talk about specific investments; they might be good today, even tomorrow, but what about 1 year from now? People listen to these episodes at different times
  • If I personally don’t really believe in the product it’s not right to promote something I myself don’t use.
  1. Corporate interests – My content then has to be ‘advertiser friendly’
    • This used to be just naughty curse words, now it goes further and can restrict what you talk about
    • I want carte blanche – I want to speak my mind. If you haven’t noticed, do bash on some things sometimes.
    • It’s a slippery slope – it starts with small concessions, even self-censorship. Sponsors can control what you say.
  1. I don’t want to do it to you guys
    • Personally don’t like sitting through other podcasts constantly plugging various products and companies.
    • The whole point of this is to educate you guys and sponsorship wouldn’t help with that. This is why I scratched the intro – I don’t want to waste your time.

 

If you have any questions from Monday’s episode – what do you want to know to help achieve your goals? Or even how to get goals in place? Hit me up on the contact page 😊

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