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What’s up in the news?
As you can see, it is not mentioned that news can also be used to cause fear and panic!
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There is a lot happening around us and we get informed about these developments through the various news outlets. From sensational news headlines, hard facts, truths, half-truths to hyperbolic clickbait, there is always something in the news competing for our attention.
The 21st Century is really spoilt for choice, one would safely argue. But not all the information available are helpful and useful to us all. Also, despite the massive growth in information technology that has made information sources available to many, there is still “information asymmetry”, because information is still not available to everyone.
In all this, be mindful of what you read, watch or hear from the various news sources because not all information are worth your attention. Some information provided out there are not delivered with the right intention.
In fact, the elaborate discussion above on the provision of information through news outlets is to introduce a very important subject, which is the power of information, and also for me to have the peg on which l can further explain why the right information gives you the right knowledge that helps you avoid pitfalls in life.
What you read can either improve your understanding of the world in you and the world around you, or destroy your life completely! What do l mean by this statement? Well, take a good read of what follows next!
In these unprecedented times, it is easy to get swayed. There is a lot of mischief so you need to move beyond the headlines and read to understand what is happening around you - in the economy and in the financial world also. In actual fact, today’s discussion reflects, in part, on a previous edition of this column.
In the August 27 edition, writing under the headline: “Beyond the headlines”, I sought to question whether what you read, watched or heard from the various news sources made you feel low-spirited or optimistic.
“The headlines, at times, are not pretty reading. Slump in high street sales, rising inflation, soaring interest rates, slower growth in manufacturing, rising cost of living and many more negative news dominate the global news headlines.
“Such negative headlines, as eye-catching as they may appear to the ardent reader, do not always paint the right picture. Why is that the case?
Well, this is because they often, in an agenda-setting editorial environment, are meant to strike you and paint the picture of their “reality”, that of the news outlet, and not what it ought to be,” was how l introduced the August 27 edition.
This current edition is, in a way, to provide some more insight into the importance of financial literacy and to also provide readers with important tools or the encouraging words that would help them become more resilient to “shocks”.
The undeniable fact is that with greater financial literacy, you are less likely to be or become financially fragile. With greater financial literacy, you wouldn’t think of giving your money to another person to double it for you to become rich! Managing day-to-day finances becomes easier if you are financially literate; you are in a better position to make decisions that suit your needs and goals. Financially literate people contribute to a robust economy.
One other reason why l have decided to write on the power of information and why literacy of all forms is good for the larger society is the trending story about how an “evangelist” was able to con her way to the heart of many, to allegedly get them to part with various sums of money.
Reports in the media and accompanying videos of supposed victims of this act were depressing to read and watch. How on earth did this happen? That people could fall for such plain lies, if indeed it happened as reported?
My mind quickly went to the lack of financial literacy as the bane, the root cause, because for lack of knowledge, people perish!
My admonishment here is simple: Make the conscious effort to commit to reading the financial pages of the media and avoid all the depressing stories often slanted for the reader’s attention, interest and desire.
If you are financially literate you are more capable of anticipating and dealing with adverse economic conditions, and also dealing with plain scams. The sad reality is that low financial literacy has a disproportionate effect on the most vulnerable groups in our society and creates more vulnerabilities - a cycle of strong influence.
The pandemic was (actually we are still in it albeit at a low intensity) a reminder that the world is fundamentally unpredictable, and that economic conditions can change without warning; even with the best of effort you wouldn’t know when the adverse situation would kick in.
That is why financial literacy is an essential tool for managing your personal finances to prepare for the unexpected. Today, globally, consumers are facing a surge in inflation and an increase in interest rates which has, of course, reduced purchasing power, but do you also know that in all this there are increased investment opportunities too?
It is not all gloom if you understand how economic conditions play out or have played out over time.
“Perfect conditions are rare. Yes - rare - so if you are waiting for conditions to be perfect before you make a move, you will never get started. For instance, in Coriolanus, William Shakespeare demonstrates why we need to have the strength to deal with situations, regardless. He wrote: ‘When the sea was calm all boats alike / Show’d mastership in floating.’
“Clearly, what Shakespeare seeks to point out is that we can all claim some level of fortitude when we have not been put to test. The sea is not always calm and so we will always have people who will become pessimistic about situations - situations such as how the COVID-19 pandemic has devastated our social and economic life thus far,” I explained in the August 27 edition.
Uncertainties are part of life so instead of trying to “avoid” or time them, just put in place the right conditions that will get you prepared for the unexpected. Today’s news may be so depressing that you may decide not to take any risk. No. That is not the way to go.
The narrative will change at some point, and the cycle will continue. It is the way life plays out. So beyond the headlines are good stories; l call it incentives that can help you find the fortune that lies hidden in information.
What’s up in the news? Opportunities!