Money Twitter is Dying
Millionaire lifestyles are being sold by teenagers that are so inexperienced they think a BMW and travel pics are the epitome of true wealth. Fake it til you make it has become the new pyramid scheme. Get rich by selling my course which tells you how to get rich by selling courses on getting rich. For fucks sake.
So before you drop out of college and become an online guru rolling in your Benz, maybe do a little research and read this article.
What is Money Twitter Exactly?
Essentially it is a “corner” of twitter that preaches side hustles, online marketing and other money making ideas. Like everything else, it is full of great, actionable advice and plenty of bad actors. The criticism of “Money Twitter” is that a lot of these people are guilty of survivorship bias, or outright liars. Dropshippers (stores that sell cheap Chinese shit direct to consumer), for example posting huge revenue numbers that seem impressive but obscuring real profit numbers which are much lower.
Don’t get me wrong. There are plenty of good qualities to this “corner” of Twitter.
You will find people creating amazing book covers for reasonable prices.
You’ll find course creators who will make money teaching you how to tweet better, how to journal or how to build an online empire.
You’ll also find people who will con you, overcharge or even outright steal from you. I refuse to name names but there is one very large name in money twitter who has scammed multiple people yet has over 30,000 followers.
And in the middle of this venn diagram of snake oil salesman and content creators are sooo many platitudes. Now, it’s easy and popular to hate on platitudes, but their popularity is undeniable. Personally, I think they do more good than harm. And they’re helping people better themselves for the most part. The real problem is when they become overused turning people into one-trick ponies.
Money Twitter Will Be Back
Everything cycles and this currently saturated market of money twitter will be back again. But their will be a thinning of the herd. This cycle repeats itself in nearly all facets of life. In fact, this may be happening right now in China.
The coronavirus is not likely to kill you, but it may kill your business. Many of the dropshippers (stores that sell cheap Chinese shit direct to consumer) online have gotten quiet. Some may have quit already. I’m not a dropshipper but I know for a fact that the US govt has been quarantining items coming out of China. None of this is good for businesses that solely rely on cheap Chinese manufacturing. Lesson here: don’t put all your eggs in China.
There are many factors leading to the current conditions in Money Twitter right now. There are deceptive practices at play. There are a lot of young people who stumbled into the game and want to portray the rich playboy lifestyle even though they struggle to make rent. Ultimately there are many who are pretending to be more educated or skilled than they truly are.
There are also competing ideologies attempting to push narratives. We had years of hardcore feminists claiming to be happy being independent cat owners slaving away at their 9 to 5 while men strive to leave the cubicle world for their online business or side hustle or simply becoming NEET (Not Employed in Education or Training). Now we are seeing multiple women push the traditional narrative of being feminine, cooking dinner and wearing sundresses. The pendulum always swings back, but this instance feels artificial and contrived.
That’s the real problem here. Much of social media is inauthentic and Money Twitter is fraught with fraud. Don’t know what I’m talking about? Check out Baller Busters on Instagram who’s sole purpose for the 60,000 follower account is to catch frauds on social media.
You Need to be Diversifying
Whether you run an online business or not, black swan events like the coronavirus, or changing market conditions like twitter algorithms (Yes Twitter is doing some shady shit) can derail your income. You need to hedge your bets by creating multiple sources of income. Affiliate marketing, advertisement, stock dividends. There are so many options here, yet most of you only turn in a W-2 for your taxes. If your taxes are that simple, your revenue isn’t diversified enough.
If you depend on Twitter for driving traffic to your website, offer or anything else, then you need to diversify here as well. Look at how many people are being banned or suspended on Twitter. Create and grow an email list. Build a following on Instagram. Learn how SEO can naturally grow your web traffic.
Twitter is an Amazing Tool
You can network with amazing and interesting people on Twitter. Yet most just get into pointless debates or talk about unimportant issues like pop politics, sports or celebrity gossip.
If you live in a rural area, Twitter can be a powerful way to reach brilliant minds all over the internet. I’m in a group chat that has people from all over America, Europe and Africa. Social media is your opportunity to connect with like-minded people who share your interests or goals. Most friendships are made out of convenience of geography. The internet allows for more meaningful connections. And these can become real world.
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