When it comes to money, it's hard to know who to trust these days—just spend a couple of uncomfortable minutes watching Jon Stewart take down Jim Cramer if you need a reminder.
I've often turned to sources like the Wall Street Journal, Kiplinger's, and the New York Times to figure out how to spend, save, and invest my money. But for deep, detailed stories on important but often complex financial issues that almost all of us have to deal with (insurance, buying a house, saving for college), there's no better podcast source than Brian Preston's Money Guy Show.
I've raved before about his dead-on, incredibly nuanced advice before (you can read my review here), and he's been gracious enough to answer a few question for Atomic Podcasts.
Read on to find out what he's got to say about the "Wild West" of podcasting days, the silver linings of this financial crisis, and the important financial topics the media still aren't covering, despite their unending discussions about money and the economy.
When and why did you start podcasting?
I started podcasting in January 2006. I owned an iPod and had the same feeling about it as I did when I purchased my first DVR/Tivo unit. I knew this technology would revolutionize the way we listen to music and talk radio on-the-go. No longer would we be tied to listening to our favorite radio personality from 9 a.m. to 12 p.m. daily. We could now listen when we had an open spot in our schedule. During the same period, my firm was growing and I noticed many of the people that called asking about my firm's services were not a good fit. However, I knew that good, honest, and objective advice was really needed and the podcast medium seemed like a natural fit. At the time it was much like the Wild West with only mom and pop broadcasters like me creating content. It has only been in the last 18 months that corporate America has taken over the podcast arena.
By most podcasting standards, you've been hugely successful—particularly considering that you're not affiliated with a big media corporation. What do you attribute that to, and what advice do you have for aspiring podcasters who just getting started?
Content, content, and more content. As you noted in your review of The Money Guy Show, our graphics are not exactly cutting edge (the apple in the cover shot), and we do not have the marketing arm of a corporation. However, the love, research, and content we put into each show somehow connects with our listeners. There are quite a few podcasts that look better than ours, but they do not have the staying power because the passion for the content is not there. I truly love discussing personal finance, and I am just happy that I found a career that allows me to get paid to discuss how to save money and make good financial decisions. For any aspiring podcasters, I would tell them to make sure they have a passion for their content, and that they are willing to have the patience for a loyal audience to grow. Grassroots podcasting is not for those looking for immediate attention and feedback. It is a long slow process that can be very fulfilling.
The economy and personal finance issues are hot topics in the media these days, but is there anything you feel that is not being covered sufficiently?
Most of the business networks only discuss trading patterns of individual stocks and recent market trends. It would be nice if more emphasis was put on good personal finance decision making. For example, how do you shop for insurance, cars, and making good cash flow decisions? You also do not see too many positive stories about who is doing the right thing in these difficult times. Currently, it is hard to be a financial professional in these volatile times.
You're working in one of the gloomiest economic times in decades. Are there any silver linings you see right now for investors or consumers?
It is nice to see that basic financial concepts are becoming the norm again. For example, to buy a house you now have to make a down payment, and having savings in the bank is once again a necessity. With so many companies struggling to find buyers, there are some incredible consumer deals for those looking for about anything (homes, cars, stocks, and retail items).
What podcasts do you listen to when you're not working or creating your own?
PIMCO Investment Outlook with Bill Gross. Bill Gross is the Warren Buffett of the bond marketplace. The content can be very dry, but it is outstanding. Great Speeches in History. I know that I am a dork, but many things can be learned from history. ESPN: The Masters. last year ESPN did a video podcast series before the 2008 Masters Golf Tournament. Hopefully, they will continue that series in 2009.
Anything else you think readers should know?
We are completely redesigning the website as we speak. We finally found a consultant that understood the unique needs of a podcast website. The new site will continue to include unbiased, free, quality content on complex financial matters in a very easy to understand format. We are also introducing a Premium Content section that will allow members to develop asset allocation models based upon their personal risk profiles, access to current and past issues of the Wealth Report Newsletter, financial research with graphs, special podcasts with handouts, and educational videos. I know that it sounds ambitious, but I really do want our website and podcast to be a tremendous resource for anyone that is interested in personal finance.
Thanks, Brian.
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