The concept that you need to keep up with the financial media in order to succeed in investing is an extremely popular belief among novice investors. However, in some cases, closely following financial media may influence your financial decisions in ways that aren’t in your best interests. Throughout today’s episode, Grant dives into how mainstream financial news can be misleading, why it isn’t necessary to keep up with financial media in order to be successful in investing, and how to choose sources that give you quality financial information.
Show Notes
[2:40] The Myth – Although more knowledge is good, getting into deep details of things via mainstream financial news might tempt you to make short-term tactical adjustments to your portfolio. Grant dives into how this occurs and why it results in bad outcomes.
[3:40] Strategic Strategies vs. Tactical Strategies – Grant shares his thoughts on why savvy investors focus more on strategic strategies than short-term tactical actions.
[6:42] Clickbait Headlines – How digital media business models based on advertising negatively affect the quality of journalism and how this behavior influences users to follow unreliable and biased financial advice.
[8:55] “If you’re not paying, you are the product” – Grant explains how free news sources may often contain misleading information and why Grant always tries to digest financial information from sources he pays for.
[10:25] Social Media – Grant shares his thoughts on investment-related misinformation that are being shared on social media platforms and how to be mindful about misleading financial news.
Resources
Investing Myths #2: It’s Dangerous to Invest At All-Time Highs:
growmoneybusiness.com/podcast/Invest At All-Time Highs
Investing Myths #1: Rising Rates Will Crush Your Bond Portfolio:
growmoneybusiness.com/podcast/Rising Rates Will Crush Your Bond Portfolio