How to Fix the 'Finfluencer' Problem (feat. @ThePlainBagel)

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★ ★ CONTENTS ★ ★
0:00 The Finfluencer Problem
5:30 Conflicts of Interest Everywhere!
10:45 Did Australia Figure Out the Solution?
16:40 What Should Be Done?
19:40 What You Can Do

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[NewMoneyYouTube]

Hey guys, I'd love to hear your thoughts on fixing the finance space on social media! What do you think should be done? Also thanks again Richard and Vince for joining me on the channel!

[calvincharts]

Interesting insights. Being American, I didn’t know that Australia had strict certification laws. Admittedly, you’re not the only Aussie finfluencer that I follow, but now it makes sense that the average Australian content is high quality.

[KingOfForest]

Wow the spam bots are in the comments already smh

[hugomeza]

Imagine Warren Buffett claiming that he’s got the keys to quick riches by trading and investing but yet he decides to become a YouTuber and make money out of YouTube 😂😂😂

[mikeulator]

You quickly became favorite financial channel because of your honest, low click-baity, and well discussed content. I think the biggest problem is Google and the YouTube platform. I recently heard somewhere that financial channels are the highest paid in terms of ad revenue received. Google also created and maintains the algorithms that promote the click-bait... they literally incentivize bad behavior. But I don't absolve the creators either and I disagree with Richard in that you "can't blame the creators" for doing click-bait... it's still their choice to do it. Regardless of any other points, it's still feeding the beast. Another big thing, which I think is a scam, are the channels that constantly rehash the same content in their vidoes, host "live" webinars, and it's all just to push their paid product. They claim they will teach you something and give you the step-by-step but they don't even come close to getting detailed... the entire video/webinar is just an emotional hype train to get you jazzed about buying their course. I can't imagine ever buying from them if that's how they do business.

[jakobwichmann]

Awesome with Plain Bagel 🔥 Great channel!

[BraddPaisley]

I'm getting worried about the rising housing prices. It seems like it's becoming harder to afford a home these days.

[dominiquetheeasyminimalist]

Great collaboration, I'm Canadian and I enjoy Richard's content as much as yours.

[monkeybusiness]

Product manager here for an investment platform in Australia. Love the quality work you and Richard do so the collaboration of 2 of my favourite Youtube finance personalities was a pleasant surprise!

Quality advice is expensive so innovative ways to bring general advice to the masses is always going to play a role in Australia. Good advisers are worth their weight but the reality is there just currently isn't enough qualified adviers in the Australian industry to meet the demand for advice

[sia.b]

Look, I don't know, I am Australian too and I am very well aware that Ausrtralia loves to "regulate" and "protect" their people alot. The benefits are that it pushes up quality so that you don't consume anything that could kill you, but the downside is as you said, less competition. This is not unique to finfluencers but to pretty much everything, banks, supermarkets, supply chains here in Australia. Since barriers to entry become harder and harder, and slowly those already in the market start to advice the law makers over time it becomes a moat that is difficult for new players to come in and maybe shake up the current status quo (even when its good or needed). When its good its good, but over time as people need to protect their profits, as leaders change these things don't always work out as expected. I get that laws are trying to protect but over time it morphs and has its downsides. Hard to have a middle ground cause when you are too loose you have cowboys spouting nonsense and when you regulate to much then you just have the same voices over and over skewing ideas. Time will tell ...

[chkee]

It is imperative for viewers to exercise due diligence when accessing financial information online. Always verify and validate the accuracy of the information before making any financial decisions.

[ellinorpettersson]

Loved seeing you two collaborate! Great topic to cover 👍🏻👍🏻

[dennismorris]

Excellent video - good on Australia for taking this type of financial matter more seriously than do, perhaps, other jursidictions. Keep up the great work!

[billybadass]

The drop bear attack animation was great😂

[dengaz]

discovered you among the influencers and determined your content was pretty good. not just the information but the production is great. GJ

[NATESINTERACTIVEAUTO]

I really appreciate the informative videos.

[brath]

Love the collab with The Plain Bagel! You're both two of the BEST content providers on YouTube in finance. Finance professional approved 👍

[junkequation]

Hmm. I think anyone selling courses is part of the problem. On YouTube, you already get a reward for sharing information and expertise. Finance isn't that complicated for the average person. They shouldn't need to buy an online course to understand how to save their money and invest it conservatively in my opinion.

[jonplaud]

When I think of fake Finfluencers, Tai Lopez comes to mind.

[blacktopimages]

One of the best youtubers I watch, is one that isn't selling anything. He's just obsessed with stocks, almost on the spectrum, IMO. He does it pretty much every day, for no other reason than he loves it. No sponsors, no products, no hidden marketing, just investing.