Monetizing interest in extreme personal finance

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Re: Monetizing interest in extreme personal financen

Post by Sclass »

I’m not sure if that is a good or bad thing. I guess it’s good advice from a business point of view.

The personal trainers I’ve met had interesting relationships with their clients. It’s a people business. What I’ve seen being provided to my neighbor is a lot more than a steady workout routine and motivation. Her trainer actually is her psychologist in disguise as a personal trainer. I get to listen to their sessions while I nap on my deck.

Same with a high school buddy of mine who does this in West LA. Home visits. He’s adored according to online ratings. He’s really monetized his natural magnetic charm.

There is an entire class of businesses that caters to the poor. Cheap wireless shops, fast food, self serve junkyards, pawn, certain swap meets or check cashing to name a few. It is probably a skill maintaining a business relationship with poor people. I used to do business with a pawnshop owner and he’d transform when a low life client would walk in for a loan. It was clear he had a routine for them and a routine for me.

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Re: Monetizing interest in extreme personal finance

Post by Laura Ingalls »


I agree about trainer’s too. You have to look the part too. People might accidentally hire a broke accountant. No one is going to accidentally hire an obese trainer.

It is expensive being poor. The illogical things people do rob Peter to pay Paul are crazy. Buy old cars at 24% interest. Buy an itty bitty bottle of laundry detergent at the dollar store instead of buying $10 of supplies to make your detergent (for years) or 2-4 big bottles when Walgreens has a rocking deal to last you to the next rocking deals (my preferred method).

In Matthew Desmond’s Evicted book, poor people where charged (though didn’t always pay) about the same amount in rent per month to live is slumlord’s housing than middle class folks paid for nicer places in safer neighborhoods (size of unit was usually pretty comparable.) Passing a credit check and having a background check free of evictions and bad checks is pretty handy.

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Re: Monetizing interest in extreme personal finance

Post by chenda »


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Re: Monetizing interest in extreme personal finance

Post by Qazwer »

There is probably a market in people who are lost and overworked but still are making money. Show them there is another way. It would be short term and would have to find the correct group. But after working 100 plus hours that week - some people might be for a way out. By the time someone gets to specific strategies, they probably would not spend on it - so no re-occurring income. So would need a constant source of new referrals …

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Re: Monetizing interest in extreme personal finance

Post by WFJ »

Stahlmann wrote:
Fri Jun 17, 2022 4:51 pm

Any ideas?
How to find client base?

I don't mind charging 20-30 USD/45 min globally for personal coaching.
In reality, I would focus on more local clientele.
It might be prudent to investigate the regulatory minefield you would be entering. One reason financial industry has to charge so much is the regulatory burden placed on every level of the industry. FINRA would be the first place to start, but my gut says giving out any financial advice is full of regulatory landmines. Small fish usually don't attract much attention, but small fish are also easy targets if anyone ever lodges a complaint.

As mentioned above, making money from individuals with lower asset base is not usually fruitful. Some fields are OK, like selling insurance. It might be preferrable to have 1,000 lower income clients compared to 10 HNW as losing one HNW is crippling, while losing ten low-income clients is not noticed, much less competition for lower net worth clients.

My suggestion would be to make money in an easy mindless job, then do free seminars at a local YMCA/junior college/high school, resulting in higher earnings and also more contact with those who need financial help.

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Re: Monetizing interest in extreme personal finance

Post by candide »

I was looking through old threads [1] and I came across this:

jacob wrote:
Thu Jun 10, 2021 4:14 pm
Efforts at popularizing were abandoned in 2011. I had two reasons for that.

Dumbing down the message led to mainstreamers projecting the wrong message (lentil soup, $7000, sacrifice, ...) exactly as illustrated by the OP link. Recall, it was an entirely different and much more prejudicial world than it is now. Only way to "win" that one would be to make the presentation instagram friendly and hide all the challenging work. But fooling people into believing that they understand something when they don't isn't winning.

Turning it into a quick&easy scheme would have been immoral. Even if it could have made me rich it would not have changed the world. There were and are plenty of operators who sold "buy my $479 course and you can have the same success as me after one single weekend". It would be immoral because it is damaging to those individuals who get excited and fall for it. That's even worse.
I think that's still true.

ETA: the rest of the post syncs with other advice in this thread: teach to lower Wheaton Levels.

[1] The search term was "Smil" as I was testing out how familiar the crowd was with him before posting from a review of his latest book. Looks like the regulars who are interested in the ecology are familiar, so I'll just drop down the link and move on. ... ew-5323236

. . . Eh, I'll put in one key quote:
He then asks if we can go back. Can we eat organic food, relying on organic wastes? Nope, there isn't enough poop in the world. He wrote: "Global crop cultivation supported solely by the laborious recycling of organic wastes and by more common rotations is conceivable for a global population of 3 billion people consuming largely plant-based diets, but not for nearly 8 billion people on mixed diets."

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