Episode•October 31, 2022•54 min

Twitter Spaces Replay 10/24/22 | Ep. 157

Every Monday at 9 PM exclusively on Twitter, Tiffany hosts a Space called FinNoir: A Space for Black Money Talk. This Space features a variety of black voices in personal finance to give their perspectives, information, and thoughts on money topics that affect the black community. In this session, we discuss our thoughts on celebrity worship and how it affects our community. We also threw in a quick investing basics chat. Hosts: Tiffany Grant & Rahkim Sabree Speakers: Markia Brown, Steven Stack, Camari Ellis, Nia Adams, Jonathan Thomas, Renita Young, Tamika Howell This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Celebrity worship can lead to poor financial decisions
People equate celebrity status with financial expertise without verifying track records
Examples include Trump bankruptcy filings and inflated net worth claims
Media and marketing create false narratives that influence public perception
2
Social media amplifies both influence and misinformation
Memes stocks like AMC and GameStop showed how hype can drive poor investment decisions
Media sensationalizes events, as shown by Tiffany's firsthand experience during protests
Influencers often sell lifestyle rather than actual education
3
Market downturns reveal true risk tolerance
People panic-sell during downturns despite having long time horizons
Dollar cost averaging and consistent investing work better than timing the market
Experience through multiple market cycles helps develop better perspective
4
Due diligence is essential before investing
Warren Buffett's philosophy: if you don't understand it, don't invest in it
Understand both risk tolerance and risk capacity before investing
Institutional investors often exit when retail investors pile in

Intro

This episode features a Twitter Spaces discussion on celebrity worship in the Black community and basic investing principles, sparked by recent Kanye West controversies.
Tiffany Grant (Money Talk with Tiff) hosts with co-host Rakim Sabree and panelists including Markia Brown, Steven Stack, Camari Ellis, Nia Adams, Jonathan Thomas, Renita Young, and Tamika Howell.

Money Talk with Tiff Markia Brown Nia Adams

– Celebrity Worship Syndrome

Camari Ellis introduces Celebrity Worship Syndrome (CWS) as an obsessive-addictive disorder where people become overly involved with celebrities' lives.

The Bible says, you should have no other gods before me... what will the benefit or downfall of three generations or more of celebrity worship bring to the black community?
– Camari Ellis

– Trump as Marketing Example

Jonathan Thomas discusses how Trump's image was carefully crafted through media, referencing the Netflix Dirty Money documentary showing his office was a set.

He's a marketing genius... people just associate success and smart business ownership to him, even though that's not really the truth.
– Jonathan Thomas

– Followers Don't Equal Dollars

Panel discusses how social media presence doesn't translate to actual wealth, citing MC Hammer and athletes who went bankrupt despite public perception of wealth.

What doesn't necessarily translate to dollar followers don't translate into dollar.
– Tiffany Grant

– Kanye's Anti-Black Rhetoric

Panel examines Kanye's history of controversial statements including claiming slavery was a choice, wearing Confederate flags, and his White Lives Matter shirt.

Kendrick made you think about it, but he is not your savior. Cole made you feel empowered, but he's not your savior.
– Camari Ellis

– Elon Musk and Twitter Influence

Jonathan Thomas discusses how Elon's tweet about buying Twitter demonstrated the platform's influence on markets and business decisions.

Social media has gotten this influential... that he tweeted about buying the platform and within 48 hours Twitter had their feedback.
– Jonathan Thomas

– Meme Stocks and Market Behavior

Rakim Sabree warns about the dangers of following social media investment trends without experience, referencing GameStop and AMC.

The odd lot theory basically says that when smaller investors start to step in and everybody and their mama know about an investment, it's not a good deal.
– Rakim Sabree

– Risk Tolerance vs Risk Capacity

Tiffany explains the difference between risk tolerance (emotional ability to handle losses) and risk capacity (actual financial ability to absorb losses).

If you start pulling your money out now, you're selling it low. Because the market is already at a low.
– Tiffany Grant

Resources

Topics

celebrity worshippersonal financeinvesting basicssocial media influencerisk managementmarket cyclesBlack wealth financial educationmeme stocksdue diligence