We have more information at our fingertips than ever before. However, too much information can hinder our financial decision-making abilities. J’Neanne explains.
(Click the featured times below to jump forward in the episode)
[8:06] – Why Too Much Information Can Cause Harm.
- There’s nothing wrong with wanting to be an informed consumer. In fact, we often encourage you to do your homework as you make financial decisions. However, you must carefully consider the sources of your information. There are all sorts of voices out there, and not all of them are helpful.
[9:07] – Who Are The Primary Voices In The Media?
- The most obvious pundit who comes to mind is Suze Orman. While she markets herself as a financial advisor, she doesn’t have any of the certifications necessary to be a fiduciary advisor. However, she’s excellent at marketing her brand.
[9:50] – Don’t Miss This Key Tidbit.
- Self-proclaimed “advisors” can market financial advice without being licensed. This is allowed because they’re giving general advice through the media. They’re not actually giving specific advice to a client.
[10:50] – J’Neanne’s Take On Dave Ramsey.
- Dave Ramsey is another popular financial expert who doesn’t actually have any licenses. He typically offers great advice on debt, but he’s not actually licensed to advise on managed money. Remember, he’s not giving you specific advice. He’s giving advice through the media.
[13:24] – The Pros And Cons Of Using The Internet.
- Essentially, the internet carries both great and terrible information. It’s up to you to sift through the noise. If you Google the word “investment,” you’ll find there are more than 3 billion results out there.
[16:18] – An Example Of Too Much (Bad) Information.
- J’Neanne shares the story of a gentlemen who was dead set on a local financial expert’s advice. However, the information this gentleman was receiving wasn’t accurate.
[18:47] – Let Us Guide You As You Research.
- If you’re considering an investment or strategy, work with a fiduciary. Your advisor can help you weed through the information that’s out there.
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