She's On The Money - The Real Cost of Being an Influencer

Episode Date: August 16, 2024

Today we’re stepping into the world of influencer culture. V is breaking down the delicate balance influencers have to strike between keeping it real and making bank. Finding that sweet spot isn’t easy, especially when they’re juggling audience expectations and trying not to get cancelled. This one’s going to be juicy! Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.  Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

hello and welcome to she's on the money it's just me victoria coming into your ears today for another special Saturday episode. I have been adoring these, so don't expect them to stop anytime soon. Today's chat was sparked by a really intriguing article I read by Jess Graves at The Lovelist titled, The Rise of the Edfluencer, the Relatability Trap, and What Creators Actually Owe You. If you're curious to dive into the article yourself, you might hit a paywall, though there is a free trial if you are keen. And you know what? That paywall is actually a perfect segue into one of the key points Jess makes, the reality of content creation as a business and how, just like any other profession, influencers and content creators need to earn a

living. She also dives into the wild world of influencer culture, shining a light on the tricky tightrope influencers walk between keeping it real and making bank. It's all about finding that sweet spot between being genuine and commercial. Plus, it raises the juicy question about whether influencers owe their audiences affordability in what they showcase. Do influencers need to keep things budget friendly or is it fair game to flaunt the finer things in life? The article brought up a really good question for me. Is there a double standard in how we perceive transparency and sponsorships for influencers versus more traditional forms of media. Let's think about it. We don't bat an eye for a 30-second TV spot or a glossy magazine ad,

but when an influencer posts a hashtag-sponsored photo, suddenly we're all saying, what a sellout. It's almost as if we expect influencers to work for free even though we're okay with ads in every other part of our media consumption. On their lowest plan, we're even happy for Netflix to feed us ads when we are already paying for that service? So why do we expect influencers to put hours and hours into producing content for us to consume without having any monetary gain for that? Why do we hold them to a completely different standard to a personality in a TV commercial? Personally, I think it's due to a few things. The first is a failure to recognise that being a person of influence on social media is actually a legitimate form of

work. Influencers spend a massive amount of time creating content, shooting their photos, editing videos, writing their captions, getting their captions signed off by the brand that they're working with and engaging with their audiences. It's a full-time job. Often it involves really long hours and significant personal investment. Just like traditional media professionals, influencers, they need to earn a living. They need money. Yet, there's still the lingering perception that social media content isn't, quote, real work. And therefore, influencers shouldn't be compensated like traditional media personalities. Let's be real here. If we didn't have these influencers sharing their insights, their style tips and life hacks, our feeds would

be a lot less inspiring. It's time that we acknowledge that creating engaging, high quality content is a skill and it is actually a job. The second issue here is the entitlement we feel as their audience. This could be a spicier one to cover. There's this unspoken expectation that because we follow their journey and engage with their content, we somehow have a say in how they should be operating their business. This entitlement can sometimes manifest in really negative ways, like when audiences expect influencers to provide valuable content for free, they criticize sponsored posts and demand personal details about their lives. And finally, there are the impossible standards that we seem to hold influencers to.

We expect them to be relatable and authentic, yet always accessible, but also somehow perfect when it comes to their lifestyle choices, that they should showcase affordable products while also living a life of luxury that many aspire to. Influencers are expected to be this perfect role model without making any mistakes, all while navigating the complexities of public scrutiny. This creates an unrealistic and often unfair pressure that can be incredibly challenging to manage. We're about to take a quick break, but stay tuned because when I come back, I'm going to peel back the layers on these intense expectations and standards that we seem to hold all people of influence to.

Welcome back, my friends. I feel like this is a spicier episode that required a lot of nuance to put out. So let's dive a little bit further into the expectations that we put on influencers, or as I like to call them, people of influence. Jess Graves' article dives into the relatability trap where influencers feel the pressure to stay relatable to their audience, even as they climb the ladder of success. Audiences often expect influencers to keep things affordable and accessible, which on a level absolutely makes sense. But as influencers grow and become more successful, their financial situations naturally improve. It's a bit unrealistic, don't you think, to expect them to stick to only budget-friendly items when their

personal taste and purchasing power has evolved over time. Influencers are people too, and their content should reflect their genuine experiences and their personal growth. And let's talk about the economic realities of being an influencer? Well, I know you're going to scoff at that because you think that maybe influencers have it all. They really do need to make a living, and sometimes this means promoting more expensive items. This isn't just about showing off, it's actually part of the business model. More expensive products usually pay better. Just like any other profession, influencers have financial goals and obligations. Think about it this way. If influencers didn't promote higher-end products or take on paid partnerships, then they wouldn't be able to

sustain their content creation. It's a job, and jobs need to pay the bills. By understanding and respecting this, we can appreciate the hard work that goes into creating the content that we love. Influencers aren't just living a dream life, they are running a business. While influencers should be transparent about their partnerships and financial growth, Jess Graves argues they do not owe their audience affordability. Instead, she says, what they truly owe us is honesty and authenticity about their personal journeys and the reason behind their recommendations. From my perspective, as somebody who started sharing finance content when she was still in personal debt, who now owns, let's be real, multi-million dollar homes, I think it is wildly

unfair to expect that my personal growth would be stunted back where I started. I want to be able to share my personal growth. I want to be able to share how I went from being in $40,000 worth of personal debt to being financially what people would deem successful. I want to make sure that you guys see that change is absolutely possible and that the money story you currently have is not the one you always have to have. I agree with this. It's not about keeping everything within a price range to make everyone happy. It's about being real with all of you. If I love a high-end product and I genuinely believe in its value, I'm going to share it with you. But I'll also be upfront about why I love it and how it fits into my life. And equally, I'm going to share those

budget-friendly hacks because at my core, I love a money win. Honesty and authenticity, that's what builds trust. And from my perspective, that's what really matters. A platform that plays a significant role in how influencers can remain authentic while still running a sustainable business is LTK, formerly known as Like to Know It. LTK is a game changer. This isn't sponsored by the way. It genuinely is a game changer that bridges the gap between promoting products and influencers being able to earn a living. So how does it work? You've probably seen it already with every man and his dog now responding to your comments of, oh my gosh, where is your jacket from? The links in my bio. Well, influencers create content featuring various products from fashion

and beauty to home decor, lifestyle, and even now baby items. And then through the LTK platform, influencers generate unique trackable links for these products. And then when one of their followers clicks on these links and makes a purchase, that influencer earns a commission from the sale. This provides a direct income stream from their recommendations, which at its core makes absolute sense. And from my perspective, I like the idea that there's more accountability here. If they're not sharing recommendations that resonate with their audience, they're not going to get paid. Followers can easily shop for the exact products featured by their favorite influencers without the hassle of searching for the items themselves. When followers purchase through

LTK links, they directly support the influencers that they love, helping them to continue to create high quality content. It's a win-win for both creators and followers. By providing transparency and convenience and a reliable income stream, LTK helps influencers stay true to their personal brand and maintain their authenticity, which if now we've been through all of this, you probably agree with me on. I feel like we have covered a lot today. I feel like I've got a little rant that's been sitting on my shoulders for a long time off my chest and I feel hopefully that we're maybe on more of the same page. From the economic realities of being an influencer to the expectations of affordability and the importance of honesty. Influencer culture is multifaceted and ever

evolving and it's important for us to understand the businesses behind the content that we love and have a level of respect for it. I hope that you found today's discussion a little bit insightful and be sure to tune in next week because I'm going to dive into the nitty gritty of just how influencers make their money beyond platforms like LTK. So thanks for hanging out with me on Saturday and for this special episode,

I'm going to go get an oat latte and I think that you deserve one too. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's on the Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD

and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's on the Money are authorised representatives of MoneySherpa PTY LTD ABN 321 649 27708 AFSL 451 289. Thank you for watching.