About

Hi everybody. Thank you so much for being here today. I am so excited to introduce you to the owner of The College Investor. His name is Robert Farrington. He's with us today. Robert, you want to say hello? Robert Hey Carey and Everyone, thanks so much for having me. I'm excited to be here. Cool. And you're, you're out in sunny, Southern California. I'm here in Atlanta. So, um, it's nice place to be during this time of year, especially. No, it's great. I I'm blessed to be able to be here. Awesome. Well, tell us a little about yourself and how you got started with your company, the college investor. Definitely. So I started the college investor, honestly, as a side hustle. When I was finishing college, I had always been passionate about making money investing and, uh, you know, I wanted to share my random thoughts on the topic with people. And I, you know, I really love technology and websites and I saw some other bloggers starting and I was like, you know, I can, I can start a blog and share my thoughts as well. And so that's honestly how it started over 10 years ago now at this point in time. And it's just really grown into a full on, uh, you know, media company at this point in time. But it started just as me wanting to share my random thoughts and kind of evolved quite a bit from there. Wow. That's amazing. And are your customers teenagers, college students, parents? Can you tell us a little bit about who, who, um, you help? Yeah, Definitely. So I started really just wanting to share my thoughts mostly with young adults, right. But at this point in time, I would say most of the people we help are anywhere from college graduates to families, to people approaching retirement. Um, you know, we don't get too many young people and we don't get too many retirees, but everyone in the middle there, um, seems to be who we help. And sadly, I think that kind of reflects more on how who's dealing with student loan debt. Who's trying to get started in life. Who's trying to get investing than anything else. So, um, yeah, we have a really broad range of people we help. That's awesome. Such a needed thing. And I don't think people really know where to turn. So your blog helps with discovery online. Right? And that's it? I mean, So student loans is one of our bread and butter topics and, uh, it's hard because there are so many options out there and there are so few tools out there to help people and the tools that we have, like they don't, people don't trust them because it's like our loan servicers, and they're the ones that are part of the problem. And so, you know, it's really hard for people to get an independent resource, to help them navigate their student loan debt. Um, and then in turn, you know, start building wealth and navigating personal finance because, you know, sadly it's not something that's usually taught in school and, you know, a lot of people's role models might not have been the best in terms of showing them how to do it. That's so true. Yeah. I've heard that, like kids have to move home after college and, um, gosh, with the, with that pandemic now it's even harder to find a job. So can you tell us yeah. What, what services do you provide and can, can you kind of take us through like the buying journey online? Like where did they discover you and kind of, how does it go from there with the various interactions? Yeah, definitely. So, I mean, we're a traditional media site. So the services we really provide are just trying to provide the best in depth, comprehensive knowledge that you can have when it comes to personal finance topics. Um, we do a broad range of editorial content. We also review as many products and services as we can find to give people an honest opinion on, you know, what's legit, what's not legit, what's the best, what's not the best. Um, you know, we do have some products and services as well. We have lone buddy, which is our DIY student loan software. You can put all your information in and, you know, it'll tell you the best outcome for your student loans. Um, but really like, I really want to educate and that's really the bread and butter of what the college investor is. It's designed to educate people on their student loans on their money. And, you know, we really try to be top notch and search we're on social or on video or on audio because I'm also a big believer in meeting people where they're at. And, uh, you know, if people really listen to podcasts, like listen to this show, right? Like they're listening to audio, so can we connect with them there? But you know, there's also a good contingent of people that love YouTube and love videos. So how do we connect with them there? And then of course there's always the traditional reading and searching for things on Google and we want to connect with them there as well. Yeah. Awesome. You sound really savvy like, because you've been and also have been in business for 10 years. That's funny. Yeah. You know, it's, it's hard. I mean, we didn't start there though. I think it's important to, if you're starting out like pick one lane and then iterate as you go forward, because it's a lot of work too. That's right. And you really want to listen to your customers and find out what they're needing and kind of pivot from there. Would you say you're like, are you finding that people are having a harder time now managing their college debt and earning income? Like have you shifted at all since COVID has hit Oh yes. A hundred percent. So it's sad because, you know, there's just topics now that we didn't touch on until now. So unemployment stimulus checks, uh, how to navigate some of the small business loan programs. Um, what's out there for side hustlers, people that were driving for Uber and door dash. How did that, how does that work in the new unemployment system? Um, and these are topics that historically, I mean, in 10 years, we've never really had to dive in and talk about, and, you know, people don't really care so much about other things when they're like, I don't have a job today and I don't know when I'm going to be working again, like what can I do today? And so it's really been important for us to put out the best content we can as fast as we can, but it's also been challenging because I mean, it's been a fire hose of information coming out of Washington DC. And it seems like these programs are changing and shifting and, you know, new proposals are coming out all the time. And so there's also a ton of misinformation out there. And so for us, it's really cutting through all that misinformation, trying to get people what's accurate and timely, um, so that they can, you know, help themselves today. Yeah. That's, that's really so important. And also with mental health now that, you know, they, the reports are saying that mental health in the world really is really getting worse and worse because of the challenges that people have financially, you know, with the relationships that might not be so great at home and stuff like that. So I would think like you providing support and some reassurance that there is a way there are there answers, you know, would probably help a lot of people. Do you have, do you have any stories? I know that's not like something we necessarily talked about, but I was just wondering if any good stories or examples? I mean, it's, it is sad. I do see a lot of it. I mean, sadly, one of the things that has increased in trending a lot is suicide and student loan debt. And a lot of people see that as the option. And it is really heartbreaking because there's a lot of options out there that is definitely not a good option. And, but people don't know how to navigate it. And when people are in such desperate straights and there's not a lot of answers out there and there's definitely no one to help you. And now in this remote day and age where like, you can't necessarily have like someone with you, like it's all virtual, it's even more challenging. So it is definitely challenging. It's sometimes sad to see, but that's why we also try to be there is that source of education be there as those tools and resources so that hopefully people find the answer before it's too late. Yes.... Do you have a Facebook group? I know I went on all your social media. You're on a lot of different platforms. Do you, do you do help people connect with each other? So they don't feel like they're alone?  We Do have a large Facebook group, ....probably about 24,000 people in it.  you know, I keep it pretty vague cause it's, it's the investing and personal finance Facebook group and it's all for people that are interested in money topics. And so yeah, we do find a lot of connection and things in there, but it's hard because, you know, it runs the gambit of people's personal financial situations. I mean, you have to have so many people and so many diverse perspectives that even in a Facebook group type setting, it's hard to foster connections. And then the other challenge with money topics is that there's a lot of people that prey on other people, insurance salesman or, you know, unscrupulous financial planner. And so sometimes when people do open up, I mean, they just get unsolicited, you know, direct messages and, and things. And you know, so it's, it's very challenging to, you know, make sure people connect, but you know, you have to remember you're online and people try to take advantage of that as well. I hadn't thought of that. That's so true. And then it's just the main maintaining it, like, and making sure as the owner of the group that you like, see if there's any inappropriate comments and stuff like that. Right. Yes. So, I mean, we're very vigilant. We're very vigilant on it.  We do. We have a good moderator team and, you know, we have all the Facebook alerts set up. So when people comment certain things it flags right away, but where they get around it is through those direct messages. So I would say like every two weeks we have to remind our group, if you get an unsolicited direct message, please let the moderator team know so we can take action and remove it. And I've been known to publicly shame some of these unscrupulous insurance salesman. I'll reach out to their companies and organizations and say Hey, you need to follow up with this individual.... Who's violating your company, social media policy, and you need to follow up because it drives me nuts. Especially I rag on insurance people a lot, but it really usually is insurance salesmen, not financial planners. And they do not have the best interests of you at heart. They are trying to sell you on a product that you probably don't need. And it drives me nuts. Yeah. Well, I have a friend that is in that industry and she said that, and this isn't true for all., but she said that the management was still kind of pushing the salespeople as if it weren't like COVID and like just like pushing them so hard. And so you sometimes kind of wonder like how much of is coming from the leadership and doing the right thing for the customer and having the salespeople be the, the interacting face and yeah, it can, it can be so easy online and can be kind of dangerous to people if they're in a vulnerable situation as to what's real, what's not real, what should I pay attention to?  Yeah, my rule of thumb though, is, you know, no one in this world is going to care more about your money than you. So always go into every conversation with that in mind, you know, anyone that's out there trying to help you probably isn't going to care as much as you do because they have no reason to.  Yes!  And start young and they're always there. Time is on your side when you're younger, I can attest to that. So what, what are some of the most important things you think that the younger generations need to know about personal finance? I think the biggest thing for me is that it starts with getting organized and this might sound counterintuitive to like a personal finance conversation. But honestly, there's just so many moving parts today to everyone's money. Right? You have different incomes, you got side hustle, income, your job income, you have multiple accounts, probably got a bank account, a savings account. You got maybe a 401k. Maybe you have an IRA. And then like you have a bunch of expenses. You might have a credit card or a debit card and you're charging. So it starts with just getting organized with your money. And the other thing that's hard about this is everyone's different. So like I'm an app guy, right? So I like to have my finances on an app on my phone. And that's where I'm most comfortable, but I'm not everybody. Some people really like Excel spreadsheets. Other people really like planners and pen and paper and writing stuff down on like a paper calendar. So the real thing is, is find whatever style works for you and get organized with your money because you can't make an informed decision about what to do. If you don't know where everything is, what's coming in, what's going out. Like, should you budget better? I don't know. Are you organized? Should you try to get a side hustle? Like, I don't know. Do you need to earn more money? Like if you're not organized, you can't make the next financial decision. Hm. Good point. Yeah. And just not putting it off, like, there are different types, like you said, it's individual and there's some different types of people and some people avoid, some people worry, some people don't, you know, they're so generous. They give, give all their money away to other people like theirs. Yes, totally. And if you put, if you don't know what's happening, like you can't even make the decision. And I, and I will tell you that in 10 years of working with people, helping people, talking to people that 99% of people that are struggling, it all goes back to this organization. And well, if I ask I'm like, well, like what's your budget look like I don't have one. Or, or like, what's the shortfall? Like, are you short a hundred bucks a month in your monthly expenses? Like where do you, what, what is it? And they couldn't tell me how much debt do you have? I don't know. When are you going to pay off that debt? I don't know. Um, you'd just be, it always starts with knowledge. Like if you get organized, you know, where everything is, then you can decide like maybe, maybe all you need to do is cut $50 off your monthly expenses and you will be in the black and you'll be rocking and rolling, and you can do that easily, but maybe there's a bigger gap here. Maybe it's a $500 gap. Maybe you need to look at getting a second job or a side hustle or asking for a raise at work. But like, we can't even figure that out if you don't have it all laid out and organized and know what's going on. Yes. So knowledge is power and reality as well. Like when you get organized in whatever way that is, like you said, it's a variety of different ways to get organized, but then you have it in front of you. And, you know, you have that knowledge which has power to move forward and then take steps that, you know, really help, help get to the next, next level and security financial stuff. Exactly. And that's the thing is, you know, personal finance is personal. Right. And so I can't tell you, I can't just say it's a blanket, one size fits, all thing. Like it definitely is a personal conversation And accountability. Would you say that, like your services kind of help people with any accountability at all? Or do you not really track that? Yes, we don't really track it because it's hard. I don't also want to get in the business of being the data collector. Um, you know, it is personal, right. And there's also a lot of laws and regulations and rules and other things around all that kind of stuff. Um, but really it's about, you know, getting organized, but then we can take the next steps and I love being there to guide out. Like, let's, let's talk about budgeting and let's talk about earning more. I'm a big believer of the earn more mindset, like, uh, you know, yeah. There's probably some fat, we can all cut from our budgets, but like, is there a way you can go out and side hustle and earn a little bit extra and then live a lifestyle you'd like to live more of instead of like really cutting down to nothing. I love that. That's huge right now, like on, on tiktok, do you, have you ever gone on ticktock ? I'm a fan of tiktok. We were really doubling down on tiktok and I follow a lot of the financial influencers and others and, I'm all about, I'm all about tictok! Speaker 1: (16:19)All right. Let's talk tick tack for a little bit then, because I actually have not touched on this yet in our series. And so this would be a great start since you're a fan. So how did you get on, when did you get on and kind of what, what is, what are you finding as far as like what people like? So, I mean, I've been, I've been on the platform since last fall, so probably about nine months now, but we didn't start creating content until earlier this year. I really just like consumed. I just consumed a lot of content seeing what was working, what's not working and I'm still figuring out I'm not by an expert by any means. But the one thing I love about tiktok is that even if you don't have a huge following on tiktok, your posts have a very good chance of going viral. If you're following trends and talking about interesting things and, or just being interesting. And so a lot of people think tic talk is like about dancing to music and, you know, yeah, that's a good chunk of it, maybe 50%, but I would say the other 50% is, you know, just people talking, being interesting, being funny, being entertaining in some way, shape or form. And, and for us on talking about money on Tech-Talk, it's the same concept. It's like, how do we make something short, sweet, interesting, and entertaining in a, you know, 15 to 60 second video. And so, you know, we try to use some of the music sometimes, or some of the trending themes, because some of them are kind of like jokes effectively, but you have to kind of know what's going on, on tiktok to follow the joke and you integrate your own concepts into it. And so I find it to be a lot of fun and you can go down a rabbit hole of watching tiktok videos for like an hour. And you're like, Oh my God, where'd my afternoon go?! For sure!  I've heard people say that they've gone even longer, like three, four hours. Yeah. And then sometimes like it just this morning, as a matter of fact, it was early and I love Italians. And, there's a Italian guy and his mother and they are so cute and funny and I'd realize, Oh, I haven't been on tiktok for a few days. Maybe I missed some of his, their videos. And so you can click on just like with Instagram y'all if you're not on tiktok yet is you can click on their bio, like ontheir name or whatever it shows their channel. And then you can go and see all of their posts just like Instagram. So I consumed like six or seven of their videos that I had missed,.... which, ticktock for business as something that's real, you can use hashtags, you can, like Robert was saying, do things that are trending, make it entertaining, also educational. So it's to attract the attention of, like Robert said earlier, where people are. so that's cool. And, and I think a lot of people have this misconception that tiktok is all teenagers. And, you know, there is a lot of teenagers on there, but you know, your content and your, whatever you are will attract your audience because there are over 60, there are a lot there's I think a parent's over 30 hashtag. Like there are a lot of adults on the platform as well. And there are so many different industries and niches, and here's a great example. Um, we're thinking about redoing our backyard and it's kind of like a dream board wishlist kind of thing right now. Right? Well, I'm scrolling on TechTalk and I found a local landscape designer on tiktok. I loved his work. I reached out to him and he's going to come out and we're going to talk about things. And so like, I don't know, result in any business, but when you're thinking about it for your business, whatever your business is, there is things on there that, I mean, your business should be on tick talk. If you want to connect with people that are engaged in that audience. And it's a huge audience. I mean, I don't know, you can kind of talk about all kinds of things. I see woodworking, I see a lot of construction. We're doing remodeling stuff. So maybe that's my feed right now. Right. But I see a lot of those kinds of trades showing up in my tiktok feed. It had, the algorithm definitely picks up and how you went about it is exactly what is recommended and what we recommend to get on the platform first and just start discovering what other people are posting and what people are doing, and kind of just get familiar with it. And, you know, if you start now, if, if you can make it relevant to your business and make it relevant to your customer is that, you know, it's going to benefit you a year or two years from now. And you can also share the videos on other platforms so you can save the videos and then post them in, on another platform. Do you ever do that, Robert? Oh, yeah. And I mean, that's the thing is like, if you're already kind of doing short format things, if you're on YouTube or Instagram using Instagram stories, like, I mean, it's like a natural repurpose bit and, uh, you know, you might as well be there for minimal extra effort, but, uh, you know, when you look at the growth of things, you know, tick talk is definitely on the growing end and you know, some of these other platforms are not growing as much anymore. And so, you know, it's get there early claim, your stake, be one of the early influencers in your space. And, you know, maybe it fails, but you will have learned something because I think video, however, its purpose is going to be around forever. So Absolutely. Yeah, I think that will happen was when stories came out, people got comfortable and then started really liking the short form. And, you know, you're just sitting, waiting for an appointment. So, you know, for them to call you from the lobby or whatever, and you can just real quickly go online, be entertained, discover something, learn something, whatever it is. And then, you know, we got used to that. And then now that tiktok's you can post a 15 second video or, or a 60 second video on tiktok. And,so yeah, we're at, and I love your enthusiasm about it, Robert. So before we wrap here, what other platforms are working well for you? Like you mentioned YouTube - what is your favorite, would you say? Or is it tiktok? Well, it's hard. I don't know, like my personal favorite social media platform right now is Reddit. I would say Reddit is my home base of not necessarily for my business, but as a personal social media consumer, I I'm a Redditer and I love it.  I think every business should be on Reddit. You should own your own subreddit. And I think you need to engage where your audience is. So the one thing about Reddit, right, is it's, it's, it's made up of subreddits, which are kind of akin to Facebook groups, right. Um, and there's groups on every single topic under the sun. And it's, I want to say that Reddit is, I am betting that within the next 12 to 18 months, Reddit is going to surpass Facebook. I think it's already like the now it's like, I think it's tied or just beat Instagram in terms of monthly visitors per month, uh, in terms of traffic. And so it's just, it's just continuing to grow. Whereas some of the other platforms are declining, but, uh, there's, your, your audience is on Reddit. You can subscribe to subreddits and you can become, you know, a voice on there and your things. And I just think it's, it's got such a better user interface. It provides a better curated content than it does for like Facebook and other things. So I am a huge Redditor. That is so interesting. I I've not heard anyone else say that. So I think that is just awesome. And it reminded me when you were saying that this weekend I Googled something and the answer was on Reddit. Yup. And that Reddit comes up in all the search results. And I would say that, you know, and granted it is my primary social media platform. But if you look at my social media referrals to my website read, it's usually fourth. I'm right there. You got the, you got Facebook, you got Pinterest, you got Twitter. And then read it, usually beats all the other ones. Um, and it's usually, it's very quality traffic because I'm talking about things that are related to what I'm doing. Right. And so it just all works out. Nice, great information. You, you seem so savvy. I love it. I'm so happy that you joined us today and I'm sure you inspired a lot of people. where can people find you, your website, social media, wherever you want to send people? Yeah, definitely. So our website is the college investor.com. If you like to listen to podcasts, we have the college investor audio show, and then we're on pretty much every social platform out there at the college investor. So whatever is your favorite, maybe you're not a Redditor like I am, but we're out there on pretty much everybody's social media platform. Yay. Awesome. Thank you so much, Robert. This was a thrill and I really appreciate your time and, hope you have a great rest of your week.