Social Currency: The Key to Wealth, Access and Influence
In this article, we're going to explore some of the uses and theories behind social currency, which is greater than money on its own. If one were to lose a fortune, but maintained high social currency, new fortune is never far away. Take Kanye West, for example, who lost $13 million of his own money on his initial failed clothing line attempt. He then leveraged the Yeezus tour to a $25 million gross, plus a new, more lucrative and creatively free venture through Adidas.
I'm here to demonstrate that through a strong identity, sense of purpose, finesse and craft, you can build or become a part of a community that forms a tribe around you.
Fans and supporters find an identity through the affiliation with an artist, tribe, or brand. Their subsequent conversation is based on the shared reality that gets created by an artist's world. There's utility to the art and the music (or whatever the product may be) — the tribe uses it to get by, to celebrate, to drive and so on. Advocacy comes in the form of support, of spreading the word, of coming out of pocket for concerts, merchandise, and whatever other way the tribe can extend itself on behalf of their leader. This is why Chance the Rapper, for example, is able to tour and build wealth without a record label, or without even actually selling music. Chance redirected the conversation and chose his terms in the form of advocacy from his crowd, and the decision has paid him well. Of course, crucial to all of this is a means for your tribe to share and receive information. In our era, we're blessed with social media, which allows us to access and build our tribe in new and streamlined ways, but the psychology behind social currency is as ancient as we are.
Even the Medici family was aware that money alone would not protect and prolong the wealth of the family. Something else was needed in the mix: social currency. Through the funding of the arts, humanities and architecture, the Medici clan would win over public favor that would've turned to malice against their considerable wealth and political influence. They aligned their brand with lofty ideals, on which the conversation and advocacy became based.
Dwayne "the Rock" Johnson may be a favorite case of mine for social currency. After going through a few different character phases — the "Rocky Maivia" phase, the "Nation of Domination" phase, and a run as a heel, the Rock would find the ultimate sweet spot in a role that embodied all of his best qualities. Even when booked as a "heel" or bad guy, the crowds would cheer for him. This would lead to merchandising of all sorts, too many headline spots to count, and the Rock rising to the top of his profession. But Dwayne Johnson didn't stop within his industry. Because with social currency, you connect with people on a different level. The Rock's tribe would follow him beyond professional wrestling. He leveraged the social currency into a world record $5.5 million for an actor in his first starring role, a New York Times # 1 best seller, and a bevy of other boons. All this is possible because of "the millions and millions" that constitute the Rock's tribe, huddled around his mission to entertain and to inspire.
Social currency is more powerful than money by itself. Presidential elections in America are prime examples of this. Barack Obama would use this and the strength of his tribe to leverage a shoe string campaign budget into the millions needed for success. And even the act in itself, of the tribe rallying together to achieve a goal for their leader achieves an upping of the stock of said leader.
And the loss of social currency is worse than the loss of money. This is not to say that lost social currency can never be won back. But it is a great and difficult undertaking. Even Machiavelli would have to use his own exile to rebrand himself and create the type of social currency that would leave his name echoing through the annals of time.
So what about one trying to build social currency from the ground up?
There are two young ladies emerging from the NYC scene who are prime examples of social currency at its finest use. DJ Boston Chery and Chelsea Reject are crushing the scene and using that to build their tribes and take themselves beyond.
I know firsthand how Chery's charming personality has made her magnetic. Her parties continue to be ever growing family affairs. Everyone there is an up and coming celebrity and everyone is family. She's been uniting different brands, different artists, different movements, all under love and through music. She's the quintessential "Charmer" as described in Robert Greene's The Art of Seduction. Greene's annex to that book, The Soft Sell, which focuses on seducing the masses, is what Chery does from the heart. From carefully selecting venues to curating the artists who perform, she sets and controls the vibe for her tribe to which to rock and grow. She's just focused on doing her thing. And of course, her tribe feels that, and they rally behind it, because it's real.
And then we have Chelsea Reject, elusive but powerful. Chelsea has a way of keying into the struggle and the soul's desire to overcome it, which instantly connects with people. And her shows and events seem to bring people together so that they can share in that same hope. Her tribe rallies around her own rise, as it represents the hope that we all can. Her elusive nature only feeds into the frenzy. There's an anticipation you can feel in any crowd as her tribe anxiously sits through the other acts, waiting for their leader to come set the stage ablaze. Both Chery and Chelsea are leveraging their growing social currency into opportunities that see them traveling and excelling in their craft all around the world. I'm excited to see what they continue to turn it into.
Build your own brand, based on the principles and values that mean the most to you. Do what you love and focus on the people who love what you do.
The greatest user of social currency that I know of, once convinced his tribe of over 250 million people to rally around his cause of a bloodless revolution. They'd go on to defeat the most powerful army of the time, without a single bullet flown. The key to wealth, power, influence, access, and even large scale change is social currency. And to quote the great Ghandi himself "Be the change you wish to see."
It's Southwest Companion Pass Season. Here's Why It's The Best Flight Deal on the Market
There’s all this talk about solo travel. And for good reason — no wasting precious time waiting for others to get their act together, take the plans out of the group chat and actually buy the tickets. Going solo, you can be spontaneous. You can plan your trips according to your precise tastes. You can hop on any flight and fly awayyyyyy.
But what if each time you flew you’d get a free ticket? That’s what you get with the Southwest Companion Pass.
Award status, upgrades, lounge access — there are many perks in the frequent flier game. But one of the coveted holy grails is the Southwest Companion Pass.
What is the Southwest Companion Pass?
The Companion Pass is part of Southwest’s Rapid Rewards program. You get to choose one person to be your “companion,” and they fly with you for free (plus some taxes and fees) on every flight. That’s right. Two for the price of one. That’s half off each ticket if you split it! Whether you’re flying with a partner, family member, friend, or anyone else, they can tag along for free.
And it gets better: once you earn the pass, you can reap the rewards for that full calendar year … AND the next. That’s why people go mad trying to earn a companion pass during the early months of the year. The sooner you qualify, the longer you can use it.
There are also no blackout dates. There are no limits. And if you didn’t purchase the ticket (think: work travel, your companion, or a generous benefactor), there are no restrictions! As long as you’re the one on the plane, your companion can also … be on the plane.
You can also switch out your designated companion 3x a year. So, no need to stay in a relationship simply to get the most out of your companion pass! Ghost and fly away — with a whole new companion!
If this sounds too good to be true — it’s not. But there is one small catch. It’s kinda tough to earn this mega reward.
How to qualify for the Southwest Companion Pass?
You can qualify for the pass in one of two ways:
- Fly 100 qualifying one-way flights
- Earn 135,000 qualifying points in a calendar year.
Clearly, this is no small feat — especially if you’re trying to qualify ASAP.
So how do you actually earn the Southwest Companion Pass?
Don’t worry, there’s a path to earning this amazing reward without climbing on 100 flights or spending an exorbitant amount of money.
Earning 135K reward points may seem completely impossible, but it’s easier than it sounds. Simply sign up for a Southwest Credit Card and turn those spending habits into a rapid rewards account. Through the Rewards Priority Credit Card, earn points when using local transit and commuting, plus score major points and miles whenever you spend.
Stay with me here. This is not some scheme to get you into credit card debt. Many airline cards come with potential savings, giantic rewards, awarding you points, and cashback with every purchase you make that can be redeemed for travel. And often they can come with passive sign-up bonuses. If you spend a specific amount of money within a certain timeframe of opening the card, you can be in for a windfall of points.
Now that’s where the companion pass comes in:
- Southwest Rapid Rewards Premier
- Southwest Rapid Rewards Plus Credit Card
- Southwest Priority Credit Card
- Southwest Rapid Rewards Premier Business Credit Card
- Southwest Performance Business Credit Card
Southwest has three personal cards and a business card. Each of these cards offers rewards between 30K-80K points. In the past, people could open two cards and get a bonus that granted enough points to almost meet the minimum. However, with new restrictions on personal cards, you can only get one bonus every 24 months. Boo!
However, this doesn’t apply to business cards. If you’re eligible, have good credit, and not likely to spiral into insane credit card debt, you can open a business card and a personal card, and accrue 100K+ points. The Rapid Rewards Priority Credit Card will get you points after you spend money in no time.
Now to earn the rest of them.
The secret to gaining these credit card points is to plan your card sign-ups around big purchases. Just before a recent move, I opened a card . . . and the rewards came rolling in — a small balm to ease the pain of how exorbitant moving can be.
Put everyday spend — especially big purchases or bulk items — on your Southwest credit card and watch your award points quickly add up. Typically, you earn 1 point per $1 spent on your Southwest card and 2 points per $1 on actual Southwest purchases.
But there are other ways to earn points, including:
- Flying Southwest: Booking travel on Southwest earns more points. The cost of this travel will be worth it with your companion pass
- Shopping from Rapid Rewards Partners: Purchases with Southwest’s “Home & Lifestyle” and “Shop and Dine” Partners also earn Companion Pass qualifying points. While you shouldn’t make gratuitous purchases, browse Southwest’s partners to see if you could earn extra points for items you'd be purchasing anyway. All this, simply from enrolling in their Dining Program and shopping with their partners.
So there you have it! And since it’s almost Spring, get to earning and soon you’ll be flying two for the price of one!
How to Get a Better Job That Pays You More
Though the wave of tech layoffs and the threat of a recession has overshadowed yesteryear's news of the great recession, everywhere you look, employees are asking for more — and getting it. Though this time of uncertainty could have given employers back the power, it's still in the hands of the workforce.
From Gen-Z's boundary setting and penchant for quiet quitting when they're being under-recognized, to labor unions and even the WGA writer's strike, we're in an era where workers can make demands about how they work — and where they work. And for many people, they want to work from home.
For many employees, full-time remote work offered newfound flexibility to work around their schedules — whether it be picking up kids from school, or working when they feel most productive. Many employees seized this freedom to escape big cities and relocate and prioritize their quality of life. Remote work lovers are demanding offices remain closed or requesting it as a benefit or work option. And if their company insists they return? Many would rather look for new jobs in the flourishing remote-first corporate environment.
However, some missed the structure of the office and its offers of accountability, collaboration, more amenities, and . . . friendship. But not all companies are created equal. Some hope to lure employees back by upgrading the office experience. Turns out, the millennial start-up with that Day-Glo ping-pong table and IPAbeer-on-tap isn’t actually the dream if it comes with a toxic work environment (we’re looking at you WeWork). As companies add in-office perks, employees are requesting more support, boundaries — and even arrangements like the four-day workweek.
For the best of both worlds, companies are adopting hybrid systems. However, reports from CNBC and BBC imply that this may be a taxing option. Having one foot in the office and the other in your office kitchen is far from ideal for most employees, research says.
LinkedIn’s 2022 Global Talent Trends report reveals that of the 500 C-level executives surveyed, 81% said they’re changing workplace policies to offer greater flexibility.
But according to CNBC, “emerging data is beginning to show that hybrid work can be exhausting, leading to the very problem workers thought it could solve: burnout. More than 80% of human resources executives report that hybrid is proving to be exhausting for employees. This is according to a global study by employee engagement platform TinyPulse. Workers also reported that hybrid was more emotionally draining than fully remote and more taxing than even full-time office-based work.”
BBC agrees, reporting: “Emerging data is beginning to back up such anecdotal evidence: many workers report that hybrid is emotionally draining … Workers, too, reported hybrid was more emotionally taxing than fully remote arrangements – and, concerningly, even full-time office-based work. Given many businesses plan on implementing permanent hybrid working models, and that employees, by and large, want their working weeks spent between home and the office, such figures sound alarm bells. But what is it specifically about hybrid working that is so emotionally exhausting? And how can workers and companies avoid pitfalls so that hybrid actually works?”
“Overall, human resources executives thought that hybrid and remote work were the most emotionally exhausting for employees, but that wasn’t the case,” Elora Voyles, a people scientist at TinyPulse, told CNBC.
So with every employee having various experiences and opinions about what works best for them and their lifestyles, it makes sense that people are job-hopping to suit their newfound preferences.
Frankly, some are job-hopping to enhance their compensation. Statistically, most people realize their greatest salary increases when they move from one job to another. Remaining at the same company for years and years often limits how much you can make as your career advances. One popular female finance guru, Cinneah El-Amin told Afrotech: “I am a staunch advocate for more women to job-hop, to get the money they deserve, and to stop playing small when it comes to our careers and the next step in our careers.”
The research supports this, with Zippia claiming: “Generally speaking, a good salary increase when changing jobs is between 10-20%. The national average is around 14.8%, so don't be afraid to ask for a similar increase. At a minimum, you should expect a wage growth of at least 5.8% when you change positions.”
However, a job search can be daunting, despite the potential benefits. But if you can land a role in a new company — and potentially boost your salary while you’re at it — you will challenge yourself and constantly keep learning. LinkedIn Learning, for example, is one platform that can help you level up your skills and give you an edge to land the job.
LinkedIn Learning allows you to take advantage of the moments that truly matter. It offers courses on subjects that will carry you through every step of your career. Their instructors have real-world experience.
With their one-month free trial, you can explore over 16,000 classes that will help you hone specific skills, ignite your passion for learning, and discover skills to reach your career goals.
Check out the LinkedIn Learning Pathfinder and it will generate a custom list of courses based on what you want to achieve. Learn more about recent top career development goals and acquire the skills to help you reach them.Unsure what to do and how to start your job search? Let LinkedIn Learning be the first step you take in the path to a new and improved career.
Best Female-Founded Brands to Support
Oh, how far we’ve come! Recently, it was revealed that — finally! — women CEOs at Fortune 500 companies outnumber male CEOs named John. A dubious milestone, but it's something to celebrate.
Though women have come pretty far in society, the progress we've made is far from enough. From the pay gap to daily microaggressions, it’s still obvious that women are treated as lesser than in society. This is especially clear when you look at how few female-founded businesses there are.
According to Rolling Stone, it’s crucial to support female-owned businesses. They report: “While it is true that the different experiences and backgrounds that women and men have undoubtedly affect business approaches, this is actually a good thing. A business with diverse perspectives is an innovative business that can actually push the boundaries of industries.” Like with any other social justice cause, uplifting marginalized folks is good for everyone involved. We all benefit from the increased, diverse worldviews brought about by representation.
The article continues: “Having a gender-diverse business yields better consumer insight, and in turn, a more profitable business. Back in 2015, McKinsey & Company found businesses that were more gender-diverse were likely to outperform approximately 15 percent above the industry median. Years later in 2020, they found that the percentage had increased to 25 percent.”
Therefore, even if we aren’t focused on all the social and political reasons to uplift female entrepreneurs, it’s better for everyone’s bottom line if we do.
Yet, despite this oft-proven reality, archaic stereotypes and oppressive systems stand in the way of progress in every sector. An article in Business News Daily outlines some of the obstacles women face as entrepreneurs. The number one hurdle they face? Social expectations.
The article advises that in order to beat this imposter syndrome, female founders should stick to their guns rather than trying to conform. “Women may feel as though they need to adopt a stereotypically "male" attitude toward business: competitive, aggressive, and sometimes harsh. But successful female CEOs believe that remaining true to yourself and finding your own voice are the keys to rising above preconceived expectations.”
But often, women are told their lack of professional advancement is their fault. You’re too shy. You’re not assertive enough. You need to ask for what you want. Otherwise, how do you expect to get it?
However, despite this refrain, it’s actually not their own fault. This scapegoating convinces ambitious women that if their careers are stifled, it’s their fault. This causes imposter syndrome, lack of representation, and real industry consequences.
According to BND, “Raising capital is even more difficult for women-owned businesses. A 2014 Babson College report found that less than 3% of companies with venture capital funding had female CEOs … venture capitalists tend to invest in startups run by people of their own ‘tribe.’”
Other things that get in the way of women climbing the ladder to success include: struggling to be taken seriously, owning their accomplishments, building a support network, balancing business and family life, and coping with the fear of failure.
These are real, tangible barriers that most female entrepreneurs face. The women who have succeeded should be celebrated — and this month is the perfect one to do so. Luckily for us, we can vote with our dollars, supporting the businesses we love so that there can be more like-minded companies out there in the world.
Here are some of my favorite female-owned brands to support in the pursuit of equality: