Today's Hack

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.

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Show Notes For This Episode

Today’s Hack:

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.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

The term ‘fake news’ can be heard all over the place these days. No matter if you’re reading the news, watching television, or listening to radio, it seems like there’s always someone quick to throw out those two trendy words.

And while it’s probably gained the most popularity in the political arena, fake news has also found a place in finance. It’s not so much that people or companies are blatantly misleading – although that can occasionally be the case – it’s more about media has shifted more to opinion over hard facts. Regardless of whether you feel like it’s a good or bad thing, just being aware of this can help you sort through all of the information that’s available.

On this episode of Phil’s Tax Hacks, we’ll discuss the new media landscape and what you can do to protect yourself from misinformation. And It’s always a good idea to lean on a financial advisor to help you build a plan that you can have confidence in. We’ll also find out what Phil thinks about the new SECURE Act and what changes will affect you the most.

Check out the entire episode in the audio player above or click on the timestamps below to learn how to address some of these awkward financial conversations.

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?

A Quotable Moment:

 

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