9 Wealth-Building Secrets Every Creator Needs to Know

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• Prime Minister Anthony Albanese plans to introduce legislation by the end of 2024 to restrict children under a certain age from accessing social media. However, questions remain about its enforceability and privacy concerns.

• Meta has admitted to scraping all public Facebook and Instagram posts since 2007 to train its AI systems. This raises significant privacy concerns, particularly as no opt-out was offered outside the EU and UK.

• Telegram has quietly updated its FAQ page on reporting illegal content following CEO Pavel Durov's arrest in France, reaffirming that private chats remain secure despite concerns about moderation and criminal activity on the platform.

• The U.S. TikTok sell-off bill faces ongoing debate amid vague national security concerns, with intelligence experts highlighting potential links to the Chinese government. However, public support is waning due to the lack of transparent evidence.

• Meta has partnered with Snapchat and TikTok for a mental health initiative called Thrive, aiming to prevent the spread of suicide or self-harm content on the platforms.

• OnlyFans saw significant growth in 2023, with revenue rising to $6.63 billion and users increasing to 305 million. Still, the average creator payout dropped to around $1,300, highlighting a disparity between the platform's overall success and individual earnings.

• The iPhone 16 was announced this week, and its standout feature is the new "Camera Control" button, highlighting Apple's focus on cameras and AI. However, many anticipated AI-powered upgrades have yet to appear in this release.

• A recent survey reveals that Gen Z and Millennials continue to feel more like themselves online rather than offline.

  

  Credit: The New Consumer

One thing I love about entrepreneur Scott Galloway is that he cuts right to the heart of the truth.

I listened to his interview with YouTube creators Colin and Samir 4 times because I got so much value from it. Here are my notes:

1. Focus on Talent, Not Passion: Identify what you're genuinely good at rather than just what you're passionate about. Success often comes from excelling in an area where you have innate talent and can develop expertise rather than simply pursuing what feels exciting.

2. Storytelling is Your Superpower

   Scott emphasises that storytelling is the most important skill anyone in any field could have. Whether you're raising money, landing a job, or building a community, your ability to craft a narrative that resonates with people is what drives success. Creators should focus on refining this skill across different mediums, whether it's video, podcasting, or writing.

3. Differentiate Yourself with 'Chocolate and Peanut Butter'

   To stand out in a crowded space, Scott recommends having two points of differentiation. For him, it’s his willingness to talk openly about his emotions (chocolate) and his heavy reliance on data (peanut butter). Creators should find the unique combination that helps them build an authentic and compelling personal brand.

4. Lean into Authenticity

   Vulnerability and authenticity can set you apart. Scott shares personal stories about his emotions, especially those tied to grief, which resonates with his audience. Creators should embrace being open about their struggles, emotions, and experiences, as it fosters a deeper connection with their audience.

5. Don’t Overwork, Build a Team

   Creators often feel the need to do everything themselves, but Scott advises against it. He shares that his success comes from having a strong team of 14 people who help with content creation, data, and production. Building a support system allows creators to focus on their strengths.

6. Own Your Insights and Repeat Them

   When you come up with a strong, original insight, don’t be afraid to repeat it. Scott mentions that, as creators, we often believe everyone is following everything we say, but repetition is key to reinforcing your ideas. If you have a great concept, use it differently across your content to let it sink in with your audience.

7. Prepare for Financial Realities

   The harsh reality is that most creators aren’t making money, particularly if they’re not in the top 0.03% of podcasts, for example. Galloway encourages creators to diversify their income streams and plan for financial stability beyond just hoping for a big deal or viral moment.

8. Stay Agile and Ready for Change

   Creators should always have a “Plan B.” Scott suggests that while you may hope for a podcast deal or viral success, it's essential to have other strategies in place. Whether it’s diversifying content or finding alternative revenue streams, flexibility is key to long-term success.

9. Leverage Data

   One of Scott's differentiators is his reliance on data to support his insights. Creators can learn from this by integrating research, statistics, or performance metrics into their content. It adds credibility and can be a key driver in shaping a compelling narrative.

Instagram

• is making it easier to preview a new post as a Reel or a Carousel.

• now lets you use ‘Add Yours’ templates to quickly find and add popular stickers to your story.

• has launched new creative tools for DMs, including stickers, photo editing, and new chat themes.

• added a new ‘Cutouts’ option for DMs to create custom stickers from your device camera roll.

TikTok

• has added the ability to mention others in a story after it has been uploaded.

• Introduced a new "Delete and re-edit" option on videos that allows you to make changes within the platform and repost up to three times.s.

Youtube

• has rolled out the ‘Add Yours’ sticker for Shorts to all users.

• YT Studio added a new website visits goal for promotions

Threads

• now shows when someone follows you from your post.

LinkedIn

• has added a 'Share Quote' option for newsletters and articles.

READ: I don’t quite understand how people can make so much money on OnlyFans. Writer Matthew Ball breaks down the platform’s “stunning economics”. He explores how fans, platforms, and creators are navigating the shifting economics of the entertainment industry and just how and who exactly is making all of the financial gains and losses.

LISTEN: Scott Galloway speaks with Colin and Samir about what every creator needs to know about building wealth online.

WATCH: Ryan Kaji, better known as his YouTube channel, Ryan’s World, has become the richest 12-year-old on the platform. It's been nearly a decade since his first upload, and now Ryan is about to enter his teen years. Jon Youshei interviewed him and his parents to discuss how they would continue building the empire.