The Problem with Financial Media

02.22.08 | Money | 2 Comments | by junger

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Here at the Online Savings Blog, I don't claim to be an expert — just someone who is extremely interested in finances and the way the Internet influences your wallet.

In my time learning and sharing personal finance information, I've learned the hard way that most financial media doesn't care about your bottom line. They might say that they do (and perhaps some individuals do), but if they really cared, they wouldn't be in business.

The problem the financial media faces is that there is NOT a lot to talk about. Personal finance and investing is relatively easy.

There are a few basics that everyone should know and practice. I won't go into the details here, but beyond the fundamentals — which you can set up and live with every day of your life — there's not much you need to learn.

So what's there to talk about? Exactly.

If financial media really cared about you, they wouldn't tell you to invest in individual stocks. They'd tell you to invest in index funds. But that's it. There are a lot less index funds to talk about than there are individual stocks.

We've talked about biased financial advice before. Financial media is biased toward keeping their product in business.

They need to make sure that you continue to buy into what they have to offer, and there's only so many ways they can tell you the same things.

Media needs something to talk about. If they've already talked about the important things … well, what are you buying into?

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