Statistics released in June of 2014 revealed that over 42% of the entire globe is now online and communicating. This is an extremely positive push in the right direction, and will help us progress as a whole. The one area that we want to address is the quality of information being exchanged between users.
There’s an ongoing joke that says “the internet can’t lie” or “no one lies on the internet” that people tell between laughs. But that kind of mentality does ring true with most people. If the information is online then it must be true, shouldn’t it? As a Millennial, you’ve learned how to accumulate knowledge and seek answers to questions that pop up in your mind. “How long does it take to travel to the Moon?” “How many beers could an elephant drink?”
While these are all very intriguing questions, one needs to be aware of people who spread misinformation either knowingly or unknowingly. This article is dedicated to give you a better understanding of what to look for when seeking information to change your financial situation.
- Deal with people who have skin in the game.
The best tactic you can implement into your quest for financial knowledge is dealing with people who have personal accountability for their actions. Stock brokers and car salesman are given a bad reputation mainly because of their lack of involvement with the outcome of your transaction.
Rather you make $10,000 on a stock, or lose $10,000, doesn’t change the fact that your broker will receive a commission. Similarly, if the car that a salesman just sold you breaks down it doesn’t change the amount of money the individual was compensated for closing the sale. The critical point here is that they may not always have your wants and needs at the forefront of their actions.
There are people within both of these industries that do go above and beyond for their clients and that should be applauded; they’re often out numbered by their counterparts.
- Follow the advice of people who have been there and done that
Greg Plitt, the #1 fitness model in the world and an ex Army Ranger who was recently killed in a freak accident, made a comment on the fitness industries so called experts. “Half of these personal trainers look like they need personal trainers.” Your chances for success are higher when you devote your time investment into experts who have walked your path.
Would you take advice on marksmanship from a person that has never held a gun in their life? It’s not to say that a person who has never performed the task can’t be an knowledgeable It’s implying that, more likely than not, your best return will come from a person who dedicated their life to a subject and now wishes to educate others.
This article isn’t meant to appear cynical but rather to give you the reality of the situation. The money you earn and the mental focus you put on any given subject is valuable to not only you, but marketers and salesmen. And that type of value can be catered to, or manipulated for profit.
- Follow your gut instinct – it’s usually right
There’s something about the gut instinct that has lead people on the right path since the beginning of time. Maybe it’s some primal factor in the brain that evolved to help us detect the actions of a wild animal. Or maybe it’s because we’ve watched too many episode of Cops. Either way, our ability to detect BS is usually spot on and steers us away from negative situations.
But don’t just be naïve and follow your every emotion that points you in the opposite direction. Try and find logical reasons why the person or information may be misleading (or leading) to your goals and plans.
- Does the marketing package that claims you’ll gain 10,000 unique page views per month have 0 customer reviews?
- Does the sales guru that can ‘sell anything’ drive a 1998 Toyota Corolla? (maybe he’s frugal)
- Does the personal trainer seem a bit out of shape?
These aren’t tactics to encourage you to be a judgmental person but rather to protect your investments the best that you can.
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