Accurate information is important.
Investors have access to more information now due to the Internet.
Power through information is weakened since everybody has access to the Internet.
Too much information. Emotions tend to rule over facts.
Information is no longer power. Power now comes from the correct interpretation of the proper information.
We live in a world where there is so much information available to us that is pure noise. It can be hard to figure out where to turn to find the right answers to life’s questions and financial questions are no exception.
There is a myth out there that you should be able to be good at planning your financial life on your own. People often feel embarrassed when they don’t understand everything related to financial planning. I think that myth is partly due to the vast amounts of information available today. We think we can google or YouTube anything and find the answer.
Let’s think about this, the power is not in the information but the application of information. A medical student could be the head of the class academically, but that doesn’t mean they will be the greatest surgeon, it all depends on how they apply the information and develop a skill.
If you google anything, you find varying opinions. Take milk, for example, half the searches will say how important milk is and the other half say you should not drink milk. So, where does all that information get you? Stuck in trying to interpret what is best for you. That is the key, what is best for you, your lifestyle, your goals.
Same is true with anything financial, you will always have different “experts” with varying opinions, so information often leads to inaction, not knowing what to do.
Again, you are the key all of this. It is not that you need to be educated, to get more information so you can decide. No, you need someone who cares about you, the most important piece and can correctly interpret what is best for you.
How do you know who that is? For starters, when you meet do they just try to fill you with information about their product? Do they use their information to seem sophisticated and powerful using terms you do not understand? Or do they spend their time listening to you, finding out what you want, what’s important to you?