Episode #13: The Upsides And Downsides Of Being An Informed Consumer

The View From The Pinnacle

We have more information at our fingertips than ever before. However, being an informed consumer isn’t without its downsides. Sean explains.

Thing’s You’ll Learn Along Today’s Journey

[3:25] – There’s more financial information out there than ever before. TV personalities, cable networks, and online articles are all vying for your attention under the guise of wanting to educate you about your finances. We don’t want to be cynical. After all, some of this information is indeed informative. However, it’s not without its downsides, and you need to be careful how you consume your information.

[4:42] – We want to emphasize you can definitely find solid information online. However, we want you to understand the biases. Make sure you’re listening to both the upsides and downsides of the products and investing strategies you’re reading about online.

[6:10] – When you research investment strategies in a vacuum and try to shape your plan around them, you’re doing your financial health a disservice. It’s really important to work different strategies together into your plan rather than basing your plan on a single product or strategy. There is no magic bullet out there.

[6:50] – There’s an old adage about having just enough information to be dangerous. That is to say, you can certainly over-research a topic to the point where you’re probably doing yourself more harm than good. Analysis paralysis is a real thing.

[8:04] – Find the right person to help you make investment decisions. If you’re going to research, then research someone who will work in your best interest and be able to understand your personality. Work with that advisor to craft your investment strategy.

[8:49] – There are downsides to being well-informed. Sean shares the story of a gentleman who suffered from having too much information.

Looking Back From The Mountaintop

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