Part III: The Dilemma of “Paying Attention”
Over the last two weeks, we’ve examined the “dilemma” of paying attention to financial “news”.
If, by chance, you haven’t read the last two issues, I strongly recommend going back and doing so.
As you might have guessed, I’m giving this topic extended time and coverage due to how incredibly important I believe it is to your financial confidence, and in turn, the quality of the rest of your life.
Last week, we discussed the patterns in the headlines I shared with you from the The Wall Street Journal’s MarketWatch.com website on the randomly selected morning of Tuesday, October 28, 2014.
As a refresher, here they are:
- Stock Futures Up on Hopes for Fed, European Gains
- S&P to Gain 10% in 12 Months: Goldman Sachs
- Pursche: After a Drop, Stocks are Going Up
- What To Make of This Roller Coaster Market
- 3 Reasons to Expect a 30% Market Meltdown
- European Stocks Rebound
- What’s Next for China’s Foreign Reserve Fall?
- Protect Your Portfolio with These 5 Basic Hedging Strategies
- Elon Musk Warns of our ‘Biggest Existential Threat’
- Home Prices See Largest Annual Jump Since 2005
- Fed Will Hold Market’s Hand as it Ends QE3
- Don’t Let a Downturn Undermine Retirement
- Buffet Still Optimistic About America
- Hulbert: Be Ready for a June Swoon in the Markets
- Why Dow Transports Index is a Crystal Ball
- How to Retire Early – 35 Years early
- 10 Stocks to Buy
- Best Performing Mutual Funds
Next Questions For You
Here are the next three questions I asked you to ponder after reading these headlines:
- As a result of reading them, do you feel as though your desire to “stay on top of things” has been satisfied?
- 2. Did you reach any financial conclusions that you were able to act on?
- 3. Have any or all of them helped increase your financial confidence?
So, what do you think?
I think it’s safe to say that your answers are No, No, and a resounding No!
(If that’s true for you, then you have to really question why you’re paying attention in the first place.)
You have to remember that having you answer “YES” to these questions is not the financial media’s goal.
Their goal is viewership, period!
Increased and sustained viewership means higher ratings. Higher ratings mean higher advertising revenue. Higher advertising revenue means higher profit.
Again, I don’t discredit the financial media as a business venture, nor do I question their right to do what they do to make a living as long as they don’t use force or fraud to get their results.
My interests are in helping you develop and maintain the highest possible level of financial confidence so you can do everything you’ve always wanted to do in your retirement years without worrying about money.
Unfortunately, the financial media’s goals are not aligned with your goals.
You have to really ingrain that in your mind at all times if you want to be effective.
For maximum effectiveness, the solution to this ‘dilemma’ we’ve been pondering is one I learned from Dr. Maxwell Maltz in his book, Psycho-Cybernetics which he summarizes in his description of his work:
“The essence of Psycho-Cybernetics is the accurate, calm, and ultimately automatic separation of fact from fiction, fact from opinion, actual circumstance from magnified obstacle, so that our actions and reactions are solidly based on truth, not our own or others’ opinions.”
Take a moment to read that again very slowly.
I couldn’t have said it better if I worked at it for ten years!
The key is having our actions and reactions be 100% based on truth, and not our own or someone else’s opinions.
That’s not always easy to do. We have to work at it.
When we see someone on television, our conditioning teaches us to believe whatever comes out of their mouth as fact. In reality, it’s likely just an opinion just like anyone else’s opinion you might hear.
It’s similar to medicine. When the man in the white coat speaks, we’re conditioned not to question it. He must know. After all, he’s a doctor.
Protect Your Confidence
When it all comes down to it, all the money in the world is of no value to you unless you have the financial confidence to spend it without the constant fear that you’re going to run out.
Unfortunately, my experience over the last 25 years continues to demonstrate that most individuals are simply not financially confident enough at this critical stage in their lives.
And, that lack of confidence severely limits their lifestyle, and the quality of their lives.
There is a direct correlation between the amount of time individuals spend immersed in all forms of financial media and their level of financial confidence.
However, the correlation is inverted; the more immersed they are in financial media, the less confident they are.
The less confident they are, the lower their quality of life.
It’s a gigantic Catch 22!
In an attempt to feel more confident, most turn to the financial media.
Unfortunately, that only decreases their confidence due to everything we’ve outlined over the last three weeks.
Be very protective of your confidence. If you’re going to tune into financial media, go right ahead, but do so with your antennae standing straight up!
Committed To Your Relaxing Retirement,
The Retirement Coach
P.S.WHO do you know who could benefit from receiving my Retirement Coach “Strategy of the Week”? Please simply provide their name and email address to us at info@TheRetirementCoach.com. Or they can subscribe at www.TheRetirementCoach.com.I appreciate the trust you place in me. Thank you!
(The content of this letter does not constitute a tax opinion. Always consult with a competent tax professional service provider for advice on tax matters specific to your situation.)