Media Bias And Your Finances – Are You Getting Good Intel? January 28, 2018
Guests: Tobin Smith and Kara Murphy
The Income Generation With David J. Scranton
A good first step is to improve your own personal financial literacy. According to a study recently by FINRA investor education foundation, an estimated two-thirds of Americans today cannot pass a basic financial literacy test. What that means, unfortunately, is that two-thirds of Americans don’t really know or understand the various investment options available to them or how each of them differs from the other, they don’t fully understand the concept the financial defense or the strategies involved. They know little about the stock market, how it works or the bond market or how it works, or how market changes can impact their own investments. They don’t really understand the relationship between the economy and the financial markets or why it’s so, incredibly important when it comes to making financial decisions, especially, after the age of fifty. While all of this is unfortunate, it’s also understandable. Traditionally, the public education system has mostly neglected these important topics and continues to do so today. Then they get some coverage, in a basic economics class perhaps, but that’s often not even a requirement for every student. The Center for Financial Literacy at Champlain College recently graded public school systems throughout, on the teaching of financial literacy and on their most recent report card twenty-two percent of states received a failing grade, less than half of all U.S. states received above a C. Nor do most businesses provide financial literacy training for their employees, even though would probably be in their best interest to financially literate workers. Yet, now yes, in some cases large companies to pay for personal financial planning services and financial training, but typically only for their top managers not for most employees. Not having that basic understanding of finance does indeed put you at an enormous disadvantage, when it comes to distinguishing good financial intel from bad and by the same token being financially literate, helps you to process information from an educated and informed perspective.
**Disclaimer: Sound Income Strategies, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Past performance is not an indication of future results. Be sure to first consult with a qualified financial advisor or tax professional about your specific financial situation before implementing any strategy discussed herein.