There is no shortage of financial news. You can read an article, watch an interview, or listen to a podcast whenever you want to understand what is happening in the economy or the markets. But more information does not always mean you have the full picture.
The Bias of News
A news story can contain accurate facts and still give you a misleading impression. The facts a reporter emphasizes, the experts they quote, and the information they selectively omit influence how you understand the story and the conclusions you draw.
The financial media often share “expert forecasts.” These forecasts tend to be confident and cite select evidence to support them, but don’t confuse confidence with accuracy. There is almost always another side to the story.
Media outlets compete for your attention. They want you to keep reading, watching, and clicking. That does not mean you should ignore financial news. It does mean you should be careful about how much weight you give the information and whether you allow it to influence your financial decisions.
A Resource Who Knows You
A better approach is to question the incentives of the resource and rely more on the one resource that knows you and has your back. Me.
The media may be 24/7 and promote many tantalizing headlines, but I am your most reliable financial resource. Not only do I understand your unique situation, goals, and plan, but I also have your best interests at heart.
Whenever you have a financial question or concern, please share it with me. I love hearing from clients because it gives us a chance to talk through what they’ve read or heard, consider any information that may have been left out, and put it in the context of their plan and goals. That is what I am here for!
Stay relentless,
Scott
© The Behavioral Finance Network