Soy means equals. Yo soy hombre- I am equal to man. If it’s not your identity it’s not soy. Identity here may be a bit different than how we think about it in America, but it’s close.
Estoy means “state of being”. Yo estoy feliz- I’m in a happy state.
To really be able to tell what things go under each one takes experience and examples, but this is the way I think about it.
If you get it wrong in a real conversation you probably won’t cause major confusion; more likely it will be noticable from context and at most humorous. It’s grammatically important, but not offensive to get wrong.
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