Money Rehab with Nicole Lapin - Does it Pay to Be on TikTok? with Delaney Rowe

Episode Date: August 18, 2022

TikTok feels like a black box to a lot of people, us included! Today, we’re demystifying some questions around the platform— specifically, how to make a career out of it, with TikTok star Delaney Rowe. Get ready for your new favorite place on the internet, and check out Delaney's TikTok: https://www.tiktok.com/@delaneysayshello  

One of the most stressful periods of my life was when I was in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that

I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime. Feels like progress. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A. Members FDIC. SpotMe eligibility requirements and overdraft limits apply. Booths are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com slash disclosures for details.

Hey guys, are you ready for some money rehab? Wall Street has been completely upended by an unlikely player game stop and should i have a 401k because you don't do it no i know you think the whole world revolves around you and your money well it doesn't charge for wasting our time i will take a check. I got old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. TikTok feels like a black box to a lot of people, myself included, and I have a TikTok.

Today, we're demystifying some of the questions around the platform, specifically how to make a career out of it with TikTok star Delaney Rowe. Delaney is one of my personal favorite people on TikTok and her videos are truly unique and hilarious. I linked her account in the show notes. You should definitely check her out. Today we'll be talking about how much money TikTok creators really make and the roses, thorns, and buds of being your own brand. Today, we talk about how much money TikTok creators really make and the roses and thorns of being your own brand. Delaney and her jean jacket. Welcome to Money Rehab. Thank you so much for having me, Nicole, and my jean jacket.

You are absolutely hilarious. Full stop. You're hilarious on TikTok. You make the funniest satirical videos where you create, you play different characters if people haven't seen them yet. But we're going to put the characters aside for just a moment and get to you as a character. No, no, it's gonna be fun. So how did you start your TikTok presence? First of all, thank you for your kind words on my characters. I started this, gosh, like a year and a half ago now, maybe longer. I was here in LA, not working as an actress, which I've always been trying to do since I was a child. And it just simply wasn't working out. And people were really harping on making your own content, which is like a very hard thing to do. It costs a lot of money, usually like making

short films and things like that. And it takes a lot of time. So once TikTok started coming around and being taken seriously, I was like, oh, that that looks like something I could do. You know, the short form thing that I could like really put in work every day. And so I was like, all right, I'll do 30 videos in 30 days and we'll see how it goes. Um, I did not take off in 30 days. I was very upset about it. I was like, I was like secretly like, so sure I would be really good at this. And then it just like, wasn't happening. I was like, oh my God, another thing I failed at. Um, but then I had one night where I was like, I was actually really down. And I was, I was complaining to all my friends about like, are we ever going to like take off? Are we ever gonna make it? Are we ever gonna make it in the city, man? It was like that kind of energy.

And like, while I was actually monologuing about this, like a video of mine was going viral for the first time. It was really, really funny. And I woke up the next day and I checked it and it had like 100,000 views, which was like crazy for me at the time. Now, of course, I get disappointed if something doesn't hit a million views. And that's just sort of like constantly chasing the dragon. And then I was like, OK, this is like my shot. I have to put everything behind this now. So I was like, I'm just gonna,

I'm gonna try to post every single day. And I was super consistent, you know? And like, I couldn't really trust that I had the talent to do it, but I knew that I had like the work ethic to do it. So, you know, that's what I think paid off in the end. I love that for you. And I love the universe just hooking you up during this monologue.

Going viral is something that an audience definitely watches from the outside. But I'd love to know from you what that was like. What did it feel like from the inside? Can you take us through like watching those numbers go to 100,000 and then more? It is really scary. It is really scary to suddenly watch how many people are watching you and perceiving you and forming an opinion about you. Like that's something that I try to not really even think about that much because if I do, it really messes with me. And it's actually been getting to me recently. Tell me more.

You know, just having a lot of like public facing anxiety as you grow, you know, as I'm sure, you know, it's like you have people who are rooting for you to fail and people who are not going to like you for, um, no reason, even friends who are going to turn on you and say things behind your back. And that's really upsetting. Um, so being able to like, shut that out and focus on the fact that I started this because I love comedy. I love performing. That's a challenge. So, you know, anytime something starts moving and goes goes viral, you're like always trying to tamper like the anxiety and the ego at the same time. Well, it sounded like you kind of use TikTok as a means to more of an acting

or a comedy career. Now that it exploded, what's your relationship like with TikTok? Do you feel like this is your business? Is it your career? Is it your side hustle? Is it your passion? What is it? God, Nicole, Delaney. My relationship with TikTok is so fraught. It's so fraught. I am. It feels like my partner in a way, like my romantic partner. You love it deeply beyond everything, but then you don't always like it. Because it is the main source of my

anxiety. You know, I am thinking about TikTok all the time. I'm thinking about when I'm posting next. I'm thinking about responding to comments. I'm thinking about like when I'm posting an ad and then how many videos I need to post in preparation for that. So people don't think I post a ton of ads with enough content in between, you know, so it's, it's pretty all consuming, but at the same time, I just feel so grateful for it. So it's this, like, it's this tricky thing. Um, I am, I really do view it as also, um, a job. Like when I sit down in my kitchen or record a video, that's like stepping into the office, you know, I block out time. I like 11 to two. It's like, that's when I have my notifications off and I am just like writing and filming and watching Tik TOKs. Like that's the whole process.

And then after that, I'm still kind of on it all day. Um, but yeah, that it is like kind of on it all day. But yeah, that it is like kind of clocking in at this point. So that's what actually was my next question. So you block out like Monday through Friday, 11 to two as you're writing, producing, posting time exclusively. Yes. Okay. And how often do you post once a day? It has the cadence changed since you started. I do not post once a day. And I see some creators who do. And I'm like, how do you do that? I would lose my mind. I'm already losing my mind. And I post three to five times a week. If I post five times a week, like I'm going to party that weekend for sure. I'm cutting loose. If I post like two or three, I'm gonna party that weekend for sure. I'm cutting loose. If I post like two

or three, I'm feeling pretty bad about myself. Oh, man. No, feel bad. That is more than I think I've posted in years. So we are money rehab, as you know, from this beautiful step in my closet. I would love to follow the money trail a little bit. I understand Instagram's partnership model, but not so much TikToks. So how do creators on TikTok monetize? Yeah. You mentioned posting your ads. So what does that mean? I would say it's about 99% through ads. If you're really big, like in the like 6 million to like 12 million followers

and you're posting a lot and your videos do really well, you're making a little from the creator fund, not a ton. You know, for example, my creator fund, I make like, like the most I've ever made from the creator fund is about 900 bucks.

So a month. Yeah. So people have this misconception that we're making money on TikTok just from having followers and views. That's just not true. I mean, it helps a little bit when you're giving your rates to brands. If you have a lot of followers and a lot of views, but that just people viewing your videos, it does not make you money, really. followers and a lot of views, but that just people viewing your videos, it does not make you money really. So it's, yeah, it's funny to always hear like people who aren't in social media be like, oh my God, I bet she's making so much money with all those followers. It's like, no, it's about

the deals that you make with brands. And then you've got to put in that work and then post those videos and see how those do. So it has nothing to do really with any of that stuff. So how does that happen? The relationship with the brands? I'm assuming that's what you mean when you say ads. Yes. Yes. Brand sponsored videos that are posted on my page or sometimes also on their page and then also maybe on Instagram.

So like if you're doing kind of like a three, two or three platform deal, like that's usually going to be like a larger number, you know, rather than just just posting on Instagram or just posting on TikTok. And those brands start having a relationship with you, probably based off of like, first, the kind of content that you post, you know, I mean, I started getting into like a lot of skincare partnerships because a lot of people just commented on my skin. You know, I'm this close to the camera. So people were like, wait, you have really nice skin. And I was like, thank you so much. And it just seemed like a nice partnership. Enough people were asking about like skincare routine and stuff. So I was like, that feels natural. I can work that in. Is that real? I always felt like that was a joke. Like people

asking about my skincare routine. No one has ever asked me. No one has ever asked you. That's crazy because you have very beautiful skin. You're actually like glowing on the camera right now. Thank you. I thought that that was like almost a bit. That's not a bit. It's now a bit that's not a bit it's now a bit okay it's a bit because it happens so much um but you know i will say like it is the number one comment that i get on my videos beyond like you're funny this is funny it maybe even more than that i get like what's going on with the skin um and i was like okay we just gotta to move forward on that. So I mostly work with skincare and makeup and stuff like that. And they will usually ask for a video on my largest platform, which is TikTok. And then now that my Instagram has been growing a bit,

they want that syndicated on Instagram. And for that, I like, I really hate posting ads on my Instagram feed. Again, people from high school follow me on there. Like I just, I don't, it gives me so much anxiety. So I do a lot less, uh, ad stuff on Instagram, but yeah, that's kind of what they want. Usually a video because my content is primarily like comedy videos. I wish somebody would ask me to post photos. They don't. But whatever. That's so interesting, though, that you're embarrassed of that. I feel like there are a lot of creators who are so super proud that they got like a hashtag ad, hashtag spawn thing. Really? I don't feel that way. I mean, I'm no creator, I would say like that. But that but yeah, like maybe when you're starting out to they kind of gloat about it because they feel like, oh, yeah, I'm getting paid for this thing. But you don't feel that way. You're just kind of like, I pay the bills this way. And, you know, get it done.

very proud of the brands that I work with because they are great brands and I'm super selective and, and I just love the brands that I regularly work with. Um, like Sunday Riley, for example, they're amazing to work with and they just like, let me live. They let me do my thing in my videos. Same with like liquid IV. I was really proud of that one. Um, what, what I mean by like being a little bit like cringe embarrassed is like is I don't want my followers to come at me with a sellout, too much ad content, any comments like that. So that's why there's anxiety around it. Because I would never take a brand deal where I wasn't super stoked on the brand. If I feel cringe if I feel like cringe or embarrassed around that, I just won't take it. It's mostly anxiety about fans like being like

disappointed because God forbid I make money off of this thing. And how much money are we talking about? Yeah, I mean, it's gotten as you grow, the numbers get bigger, but you know, mid to high five figures for like a TikTok. But really long term deals like over six months can be six figures. So it's a lot. It's there's a lot of money in the digital space, you know, and that's kind of why even actors and actresses are starting to take those deals. Some TikTokers are getting paid better than actors on an HBO show. There's just so much in the space. So people are willing to really spend money. Hold on to your wallets, boys and girls. Money rehab will be right back. One of the most stressful periods of my life was when I was in credit card debt.

I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then,

that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime feels like progress. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A., members FDIC. SpotMe eligibility requirements and overdraft limits apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply.

Go to Chime.com slash disclosures for details. Now for some more money rehab. What was the biggest deal you had and when that money hit minus the agent and manager fees, what was that like? Um, I remember like, uh, I'm actually in,

in the middle of it right now. And it has to do with money. I have a partnership with fidelity, um, and you know, the, the financial planning app, um,

and everything. Uh, and I remember getting that deal and being like, okay, I might be able to like live like a normal life. You know, that's kind of where my head went. Like, you know, I've been a struggling actress for years. And I've just kind of always accepted like, oh, it's just going to be a really long time until I can, you know, take my life seriously. And by that, I kind of mean like, maybe think about owning property, think about my future, think about saving, you know, I thought that was going to come way later. And so once I got this deal,

it was the first moment where I was like, maybe you can have all those things, like maybe. So the hard work really paid off. I think it was very emotional. I definitely like cried. Wow. And that is like a six figure deal of some sort. Yes. Sounds like. OK. Yeah. And do you feel like that happens now more consistently? Are you concerned that it won't continue? That's such a good question. And I think about it all the time. I'm constantly stressed about money. Money moves very slowly. I don't know about in other professions, but at least in like the digital world, it just it takes forever, you know, to get to you. And in that interim, I feel like I'm very stressed. Like, even though I know it's

coming, I'll look at my bank account and be like, you know, oh, no, I spent like I'm very stressed. Like, even though I know it's coming, I'll look at my bank account and be like, you know, oh, no, I spent too much money over the weekend. And I'm spending money on dumb stuff. But I just try to trust it and not make panic decisions and take a deal that sucks or that I'm going to be like embarrassed by or feel feel rushed by or like, like I'm a sellout or something. I don't know. How do you deal with that? Like, I really wanted to ask you about how you deal with like money anxiety and, you know, like having a healthy relationship with it. I was reading on your website about how like you were in debt and you were like you had

like 20K a year, like in this kind of tough spot. What was the like, like the breaking point or like the impetus to start getting your shit together? Hitting sort of a rock bottom place was a good impetus to get my shit together. And being in in such nasty debt that like, I had no other choice. And I didn't have a backup plan. I grew up in um an immigrant family like broken home like i didn't have a couch to go crash on um i didn't have anyone like to pay the bills so ultimately it was either like i had no other option other than getting my financial shit together so that was that was the truth um i'm brown rice and beans, which by the way, like that slaps, like I still live off of rice and beans, but I do white rice and beans.

Get it, girl. I mean, it felt fancier to me than ramen. So there was that. But I never forget those times. And I still, even now that I help other people get their financial lives together, I think that I, you know, still have this irrational fear of being broke and homeless and living in a gutter, dying alone, for no apparent reason. Like it has no connection to the numbers in my bank account. I still work like I have no

money. And so money is very, very loaded. It's like a huge mindfuck. It's a mindfuck if you have it. It's a mindfuck if you don't have it. It's a general mindfuck. I recently heard an interview with TikTok creator Griffin Johnson where he felt like TikTokers weren't taken seriously outside the social media community. Do you agree with that? I mean, I went to a restaurant, I think it was Boa or something on Sunset by the Soho House. And like, there was all these paparazzis. And I was like, who is here, Angelina Jolie? We don't know. And they're like these TikTokers. I didn't know what the fuck they were, but the TikTokers are here. So I haven't felt like that, that TikTokers are not taken seriously outside the social media community. But what do you think? I disagree

respectively, respectfully with Griffin. I love Griffin. He's a great creator. He's super consistent and he's like awesome. And I feel bad that he feels that way because he obviously has a lot of power. And I think a lot of people who are watching these young people achieve colossal success are intimidated and maybe jealous and want to tear these people down. And I keep seeing it happening. And I, yeah, no, I think we are taken seriously.

And that might be the fear that we're the future, man. Like I, I, I just, I don't see how that could be true. Like, I think the scary part is like, everyone has the power to do it. And if you're not doing it, I think people start to question themselves, like, why am I not taking advantage of this? You know, and that can be really, people are afraid of their untapped in potential and things like that. So I think like seeing someone rise to insane success can be really triggering. And I think that's where a lot of the hate comes from. So, yeah, I think maybe we're taken too seriously and that's the problem. So in all of those meetings that you've had with producers and casting folks and all of Hollywood, it sounds like nobody has kind of like turned their nose at this sort of TikTok creator status. No, they have. No, they have.

No, they have a few casting directors who are like really old school. I'll jump into a meeting and I just know that they have not watched any of my videos and that they are doing me a favor. Kind of. That's like the vibe. But that's OK. I believe so deeply in like what I am doing and making. I've had to carve my own path this whole time. So why would that stop now is how I feel. If I'm going to be like one of the first TikTokers turned Emma Stone, Jennifer Lawrence, then I'll do it like it's OK. I don't really care about people who are not taking it seriously or think that I'm somehow not as valid as someone who's not creating their own content every day.

Like, how is that? How is that less valid? I don't I don't. I think if I believe in it, enough people will eventually, you know. Yeah, girl. Love it. I saw this funny TikTok. It was a total joke, but it was also hitting on something real that like I think there's this perception that TikTokers or Instagrammers don't work very hard to get the money that, you know, as far as like the work versus like the amount, like that scale there apparently is off. And I just think that's completely untrue because the difference between somebody who has like just a nine to five job where maybe they're working in sales or something where they take meetings and they're on their computer all day and they can kind of turn that off at five and then go on with the rest of their life versus

a content creator is that you're carrying that with you all the time and you're woken up in the middle of the night by it. I know I am. And so like you have to weigh like the anxiety there, you know, you're aware of people's social, social perceptions of you and your place in, in the world as far as like how relevant you are at all times, you know? So there are huge trade-offs, you know,

the amount of time it takes to film a video that, uh, successfully represents the brand and represents yourself and isn't, um, cringy, right. Uh, you're considering all of those things. So there is a tremendous amount of work that goes into doing what we do that, but all people are seeing is the final video. Right. So I think that's a big misconception. video. Right. So I think that's a big misconception. Like you trade off a lot to do this. And it's not as easy or easier than any other job. You know, it's just another job with its own weird, weird neuroses and ticks that you develop. Yeah. And then I would say they're maybe jealous too, that they, they, you get paid for something they do for fun if you want to be a content creator you have to uh love it in a way

that I I didn't really realize like the thing that keeps me doing it every every day is that I have so much fun making the videos anxiety Anxiety aside, performance aside, numbers aside, I love making videos. And so you have to love it. It's your vocation in order to be consistent with it. I think you can't just mindfully create and or mindlessly create and expect it to go well. You have to have your heart in it. And don't do it if you don't have that because it's so much work to not really love it. For today's tip, you can take straight to the bank. If this conversation convinced you that TikTok is the future, use it for your investing strategy. If you're looking for your next investment, scroll on TikTok and check out which companies are advertising on the platform. As you know by now,

whether or not a company is marketing on TikTok should not be enough information for you to make your decision around whether or not you want to invest and how much. But it is a way to put your finger on the pulse of companies that are modernizing their marketing strategy, because companies that keep up with the trends don't fall behind. Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson.

Our mascots are Penny and Mimsy. Huge thanks to OG Money Rehab team, Michelle Lanz for her development work, Catherine Law for her production and writing magic, and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.