Ep 23: Beware of Bias in Financial Media

Phil's Tax Hacks

How closely do you pay attention to the sources that provide you with information about investing? Just like other outlets of media, financial news is not immune from bias. Let’s discuss the landscape today and how you can protect yourself from being misled by incorrect information.

Show notes and additional resources: https://philstaxhacks.com/podcast/ep-23-beware-of-bias-in-financial-media/

Today's rundown:

1:17 – We’re well into 2020 at this point but make sure you’re writing out the full year to prevent scams.

1:58 – The Stretch IRA has been eliminated as part of the SECURE Act. How important is this?

6:30 – Let’s talk about our main topic: financial media bias.

7:19 – Today it seems like you have to look at multiple sources of information to get the complete picture.

8:40 – Financial news is no exception. There often seems to be a motive or an angle to a headline.

9:32 – Be aware of paid placement material.

11:42 – Every advisor has their own opinion and investors should expect that.

12:38 – It also could be good advice but maybe it’s intended from someone else and not applicable to you.

14:24 – Another thing to keep in mind is someone providing the info just might not be up-to-date on a specific product.

18:14 – Mailbag Question: I told myself that once I hit $1 million in my portfolio, I’d move that money to cash. But now that I’m there, I’m wondering if I can get to $1.2 million first. What do you think?