What Readers Have Taught Me — Heading into Year 2 of Wells $treet
On June 29, 2021, Facebook was still called Facebook. The parent company would not change its name to Meta Platforms until October.
At 11 A.M. on the west coast that morning, Facebook’s newest venture, Bulletin, was launched with a dozen independent writers, including me.
I’d signed an NDA with the company, so I couldn’t tell anyone beforehand about Bulletin or Wells $treet — not even CNBC, where I work part-time as a Special Correspondent.
At 10:50 A.M., ten minutes before launch, I sat nervously in front of my TV watching CNBC, waiting for the story to break. Then I could tell my boss. At 11 straight up, the anchor teased that Senior Media & Technology Correspondent Julia Boorstin had “breaking news” from Facebook. The first Bulletin articles — including mine — started popping up on my iPad, so I quickly called my CNBC manager, Lacy O’Toole.
“Um, you know this Facebook thing Julia is about to report on?” I asked.
“What?” Lacy replied, sounding a bit confused, as if I’d just told her I was phoning in from Uranus.
“This Facebook thing,” I repeated.
“Uh, yeah… ?”
“I’m part of it.”
Pause.
“What?”
“I’m a writer for it. But I couldn’t tell you.”
(Geez, this is sounding like my Seinfeld story all over again.)
I thought I might get into a bit of hot water with CNBC for failing to notify them about Wells $treet, but the network was cool about it.
Here’s Julia’s report from that morning:
Since that first day, I’ve written over 80 “Bulletins.” Meta has given me an incredible opportunity to report the stories I want to tell. My subscriber list has grown from hundreds of readers to thousands (like you? 🤞) and still more people who independently find Wells $treet online.
Bulletin’s aim is to provide a platform where each writer can create a community of shared thoughts and ideas through compelling articles. I’ve spent decades doing reports in front of a news camera, talking into a glass lens, but this past year with Wells $treet has been completely different and wonderful.
I’ve learned so much about engaging one-on-one with “$treeters” who want to read, learn and laugh about money and business. I’ve developed new skills to promote the newsletter, make reels, shoot and edit interviews, and find my “writing voice.”
And, thanks to you, I’ve discovered what works, and what doesn’t.
Here are a few insights.
Best-Performing Stories
1. “End Times: A Blizzard in Hawaii and Christmas Tree Inflation.”
What’s hilarious is that my most-read column is one I spent the least time writing. Catchy headline, though! This was a quick roundup of stories about inflation, how to negotiate for higher pay, and a freak winter storm in Hawaii. A winning formula!
The Mauna Kea Weather Center on the Big Island of Hawaii on 12/4/21
2. “Anchors Await: Is Your Stuff on this Ship?”
Here I took a deeper dive into a story I first did for CNBC on supply chain snafus. One nice thing about having a newsletter is that I’m not limited to 90 seconds. Here’s the cable news version of the story:
3. “It’s All About the Money: Who’s Not Working?”
This one struck a chord. As businesses desperately searched for workers, I talked to a few people who’d left the job market during the pandemic and told me why they were remaining on the sidelines.
4. “It’s All About the Money: Even in the Andes”
I went to Peru last summer in the middle of Covid, and what I learned from this story is that readers loved to read about travel, especially when they couldn’t go anywhere.
That face! Those ruins! A photo by my friend Scott Douglas.
5. “The Economic Impact of Ending Roe v. Wade: Will Large Companies Reconsider Leaving California?"
One thing I’m also learning is that readers like stories tied to today’s news, and this Bulletin article proved it. As Wells $treet enters its second year, look for more columns “ripped from the headlines,” stories that examine the economic fallout of large cultural or political shifts.
*****
Branching Out
I enjoy engaging with readers and other Bulletin writers on Facebook Live. Antonio Mora and I have started a semi-regular rant about everything from business to politics to media, Zack Guzman answered my questions about NFTs and crypto, and my discussion with Virgie Tovar of “Body Positive University” has garnered 1.2 million views.
What Hasn’t Worked
When I started Wells $treet, I wrote a column called Elon-o-Mania, where I updated everyone on Elon Musk’s antics. There remains no shortage of material, but the column never really took off.
I think Elon is both a genius and a huckster, but the rest of the world is seemingly divided into people who believe he is only one or the other, not both. Fanboys didn’t like my criticisms, and critics didn’t like me talking to fanboys. It wasn’t as much fun as I expected.
So while Elon makes an occasional appearance in Dumb & Dumber, I’ve moved on from writing a column solely focused on him (though I love that he’s in my logo, created by Top Hat).
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Subscribers vs. Casual Readers
I’m fascinated by the occasional divergence between the stories that subscribers respond to and those favored by casual readers who happen upon Wells $treet as I flog the hell out of it on social media.
Subscribers love Dumb & Dumber. I hear more about those columns than anything else I write. However, D&D doesn’t get a lot of traction outside my subscriber base.
On the other hand, an article like ”Financial Do’s and Don’ts” does very well with casual readers — especially when those stories make it into the Facebook newsfeed — but these articles aren’t always a hit with subscribers.
What I’ve learned is that’s okay, as long as someone’s reading. However, I want to favor subscribers, because you’ve generously agreed to let me send stuff to your already-stuffed inboxes. I want to make Wells $treet worth your while. Which is why...
Story Ideas from Readers
... I’m also listening to your story ideas. One of the great things about building a community around Wells $treet is that it’s two-way. Many of you send me suggestions for columns, and I’ve written a few up, including:
— “How to Make Money From Cow Burps and Farts,” which includes some awesome video:
— “Trimming Cattle Hooves Made This Scotsman a Millionaire Superstar” (I seem to like cow stories.)
— “Canned Cocktails and Safety: “It’s Much More Difficult to Drug”
— “Vinyl and Victrola — Gen Z Plays New Music on an Old Format”
— “Will No One Hire This Man? (Plus, tips for surviving prison.)”
Those aren’t the only great ideas from readers, but I’ve also learned that when someone suggests, “Find out why medical costs are so crazy,” I have to remind myself that I’m not the New York Times with a full research department. Instead, I look for complex topics and find a slice I can tackle.
What’s Next for Wells $treet Subscribers?
My goal with Bulletin is to inform and entertain, and maybe even inspire. Facebook, er, Meta, is paying me, but their intention is to make the platform eventually self-sustaining. My fellow Bulletin writers range from super-famous people who maybe don’t need the money and are doing this as a passion project to connect with fans, to writers who cover local news in underserved communities and who could really use the cash.
I’m somewhere in the middle. I’d like Wells $treet to pay for itself; I don’t expect to make a living at it. I spend some of the money Meta’s currently paying me to travel for stories. There are incidental costs like extra artwork, and I also pay (peanuts) to an incredible copy editor, Cherie Phoenix. Cherie has evolved from merely catching grammatical errors to fact checking to tactfully suggesting ways to soften my writing so I don’t come across as the cold, heartless Karen I truly am. (Apologies to anyone named Karen. I imagine it’s been tough.)
Let me be clear about something. I am not planning a paywall for Wells $treet. I want to continue providing free content to anyone who’s interested.
Instead, you’ll see an opportunity in the coming months to become a Wells $treet member, someone who is willing to voluntarily spend a few dollars a month to support the newsletter. Think of it as a less-annoying and cheaper PBS pledge drive. Your modest “donation” will allow me to keep the content free and ad-free. No ads, no pressure, no obligation, easily canceled... for the price of a latte.
Members will receive early access to columns and to a couple of fun new projects in the pipeline:
1. I’ll be introducing podcasts as companion pieces to columns that lend themselves to audio storytelling. Example: I’m planning an update on the Afghan translator who fled Kabul with the help of a U.S. Marine using bitcoin. (I even have a cool theme song for the podcast composed by Eric Lisardo.)
2. Get ready for “The Laugher Curve,” a much funnier version of the supply-side Reagan-era economic theory called the The Laffer Curve. MY curve comprises short videos of celebrities answering rapid-fire questions about money. I used to do this at CNBC about 20 years ago, and I still remember Phyllis Diller telling me her worst investment was “cardboard furniture.”
Finally, I’ll “pay it forward” with a Wells $treet fund for the Salvation Army Hospitality House in Santa Barbara. I’ve been a supporter for years, because the Hospitality House is a place where I’ve seen miracles happen — where hardcore, drug-addicted, seemingly hopeless people transition from homelessness to recovery, housing and employment. By supporting me, you support them.
Once again, W$ membership will be voluntary; all content will remain free and available. Stay tuned for more information as I plunge into this next phase, and please continue to provide feedback and story ideas. Heading into Year 2, I’m having a blast, and I’m so grateful that you’re reading.
Why not provide feedback right now? Join the discussion below, or 📬 jane@janewells.com.
While you’re at it, why not subscribe? In case you haven’t heard, it’s free! And click on this link for a snappy little email you can forward to friends who might enjoy these stories.
As you read this, I’m finishing my 500-mile trek across northern Spain on the Camino de Santiago. ➡️ Follow my progress on Twitter, Facebook, and Instagram! WHAT COULD GO WRONG? (Hint: find out next Wells $treet.)