Turn Off the TV
TV personalities are paid to be interesting, not to make you money. Being interesting requires different opinions every day. If you are listening to ever changing financial advice from an unaccountable TV personality, it might be time for a change. Learn how getting consistent advice specifically for your life can make you more successful.
Also, the on-air talent has no idea what your financial situation or goals are like. Their goal is to get you to watch the commercials. What about the money manager on as a guest? His job is to advertise their fund. None of their goals are your goals.
There is also no accountability for the results of their advice. If they like a hot stock today and it stinks tomorrow that's fine by them. They'll come up with a new opinion. If their projections on GDP or market movements don't pan out they'll come up with a rationale for why it was unpredictable and then go right on trying to predict again.
In fact, most of the time they can't accurately tell you the news of what already happened. Every day the market moves and every day they'll report what caused it. There are thousands of publicly traded US companies. To think that you can boil down the net price movements of thousands of companies to a single variable each day is not realistic.
The only thing worse than getting your long term financial planning and investment advice from the money channel is getting it from the politics channel. I don't care where you are on the political spectrum, don't let politics be a driving force for your investment decisions. Everything isn't perfect when your team is in power. The world isn't ending when their team is in power. More than that, most of the news that gets put out as a big deal today won't be remembered in a week much less 10 years.
Financial planning and investing should be done based on your specific circumstances and goals. If you want to improve your odds, turn off the TV and give me a call. You might like working with me because the only topic of discussion on my channel is your success.
Investments contain the risk of loss. Before implementing any investment strategy, you should consult with an expert to look at the details in your financial situation.
