When I look at the offerings of the financial media today— radio, TV, print or online—I always feel as if I’m somehow inferior because I’m not on top of the latest news about investing.
I can only imagine how guilty people who aren’t financial professionals must feel—all because of the business press!
Financial journalists advocate becoming an “expert” on all subjects.
If you’re taking out a mortgage, then you need to know not just everything about mortgages, but also everything about homes and house repair.
And, if you’re taking out a car loan, then you need to know everything about car repairs and in fact, how cars are assembled.
I don’t know about you, but I’ve intentionally chosen not to spend my time learning all this drivel. Some of you may find doing all this research enjoyable and rewarding, but I’m definitely not in that camp.
Since I’ve decided that I don’t want to know how a car is built, I have also chosen not to do any of my own repairs, including changing the oil. Instead, I have found a mechanic who I trust. I believe that he is an expert at his work and, furthermore, he’s not going to cheat me.
That’s why I find it incredible that so many people treat the financial media as if they’re trusted advisors.
The reality is that the primary goal of the financial media is not to educate you. The publications or programs have to make a profit. They have to sell advertising, which is accomplished by delivering more viewers/readers for their advertisers.
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