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Avoid Generic Money Advice

We see every day the messages from the media on how to invest our money and how to save it. When the market is doing well you will hear, read, and see the advice compared to when the marketing is doing poorly. As an investor and consumer of media, what does this tell you?

The media is always crafting headlines and stories to keep your attention, so you click on that advertisement or purchase the magazine. A recent example that best illustrates this is the gold craze that happened from 2005 to 2011. The price of gold struck up by 300% over those 6 years. The media outlets wouldn’t stop talking about it and every newsstand and infomercial was all related to how the government was buying gold. Clients were asking if they should be buying gold shares and how they should hold them. This example highlights the dangers of taking advice that is not specific to your investment needs and jumping onto the bandwagon that the media is displaying. A lot of investment that individuals unfortunately listen to comes from radio personalities, television, and friends. It might work for those individuals, but not specifically for you. A big mistake you can avoid when making an investment decision is hearing something in the media and jumping right into it without doing your due diligence. The stock market moves on cycles of greed and fear. The investment prices can fluctuate and not make sense at times and that is why they call it the cycle of greed and fear. At the end of the day understand the trends you’re investing in and save as much as you. Hopefully this helps you stay focused on your financial goals and objectives.

Read more here: Article-Horrible-Money-Advice_CarlinOct-2016

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