- Take a page from the millennials when it comes to being very selective about where and how you get the news. Hint: they don’t watch a lot of TV.
- The conventional news media tends to skew toward the negative. Don’t let that bias cloud your investment and wealth management decisions.
- You need to be very proactive in collecting the news that’s appropriate for you.
- Too much negative news can also increase your stress, anger, frustration and feelings of powerlessness.
Do you remember 21 summers ago when the entire nation stopped what it was doing, transfixed by the TV coverage of O.J. Simpson’s white Bronco SUV driving down the highway in a slow car chase by police?
It was an early reality show of sorts and the first real live event that I recall experiencing as “streaming video.” Today the news has become ubiquitous, and we find it everywhere, coming at us from all directions.
Now, let’s look at the millennials—young adults roughly 18 to 35 years old. As a group, they are very selective about their information. They don’t watch much broadcast television or cable news. They get much of their information from the Internet, and they’re very selective about what they do and follow.
What millennials are teaching the rest of us is the importance of being proactive and selecting only the news you want.
In the diagram below you’ll see a big circle representing your wealth and two other big circles—one representing the news media and the other representing books, magazines and other reading material.
Very little of the second two circles applies to your wealth.
Being proactive and really selecting only the news that’s appropriate for you is increasingly important. You want to make good, smart decisions about your money. To do that, you need to have appropriate information coming in. Of course, we’ve known for many years that news from the Internet and mainstream media tends to skew to the negative. That’s what attracts eyeballs and thus advertisers. Unfortunately, excessive exposure to negative news causes us to feel more stressed, frustrated, angry and powerless. And you can’t make good decisions in that state of mind.
So, be more proactive and skeptical about the news from the Internet and major media you consume. Be more selective. Subscribe to well-informed podcasts or blog posts. Follow and participate in relevant social media areas, and set up news feeds that really fit your interests and opt out of ones that don’t.
More and more people who come to see us are feeling very frustrated and distressed by issues about their wealth. Thanks to the news media, they feel they’re just drowning in a cacophony of news. So you need to be very selective about the sources of information you trust to help you make good financial decisions.
So until next time, enjoy.
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