Understanding financial news can make the next meeting with your advisor more productive.
It’s helpful to have an understanding of how different scenarios will impact your investments or retirement. However, there is a danger in believing everything you read. Unreliable news in the finance world can impact your ability to make retirement, investment, and healthcare decisions.
Incorrect information is nothing new, but fake articles circulating on social media can muddy the waters for any financial decision-maker. The professionals at Broussard Poché, LLP want to pass along these tips from the AICPA National CPA Financial Literacy Commission. They will help you determine what’s fake and what’s actually helpful.
- Look Before You Leap
Do not make a hasty investment decision based on an article or headline. You have to research the findings and potential of the information on your own. If you see an article that piques your interest, save it then call your financial advisor for advice. They can help you sift through what’s relevant to your situation.
- If it Sounds too Good to be True…
Beware of headlines making outrageous claims and articles with incorrect grammar and multiple typos. If the source of the information is unfamiliar then do a search for similar information. Look into the author and their sources. Lack of evidence or “unnamed experts” is usually a bad sign.
- Sponsored Content is Tricky
Scrutinize sponsored content and advertorials. These articles are often designed to look like reported content but are actually there to sell products. Even if sponsored content is on a reputable site and it’s outside of the organization’s editorial content, it’s best to let your advisor take a look at it. Now, that doesn’t mean these advertorials can’t be helpful, it just means you shouldn’t buy anything based on one article or headline.
Use common sense and if something seems off check it out using other sources. A search engine can be your best friend in these situations. Also, lean on your financial advisor. They are there to help!