Coping with the 24 hour news cycle
07 May 2013
By Tim Breen
Billions wiped off the market in trade this morning! Greece heading for disaster has Eurozone on the brink! Soaring Aussie dollar signals the death knell of the mining boom!
As an investor it's hard sometimes not to feel a bit punch-drunk. You're constantly bombarded by a seemingly never ending supply of negative headlines and news stories from the time you start your day.
Whether it's the daily newspapers (or perhaps more accurately, ipad news apps!), going online, the evening news or the late news, we are well and truly living in a 24-hour news cycle.
Of course there is relevant and important information in the media. However the vast majority of media is certainly not directed to your individual situation and, even more relevantly, much of the reporting has no interest in the future of your financial security.
Good news stories don't sell papers. By and large, the media's main and only objectives are to sell more papers, get more visits to a website and to increase ratings.
That's not to say that things aren't serious, we live in an uncertain world and the level of confidence in a range of crucial areas is very low.
But it's in these times that your best course of action and protection against the media storm is to get independent financial advice by someone who knows your situation and is acting in your best interests.
Discuss such concerns with your financial adviser, ask questions about articles that you've read, about what you've heard – basically get some information from the other side of the coin.
Despite the constant media noise, only your financial adviser knows your financial situation, where you want to get to in your life and how to deal with the issues along the way.
Your financial adviser should be aligned with your interests. The media's interests and your interests couldn't be further apart.
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