How Money Works The Problem With Really Smart People | How Money Works
The Problem With Really Smart People
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There is a problem with really smart people that is making you dumber and poorer.
Social media platforms like YouTube, Twitter, TikTok and Facebook have allowed us unrestricted access to the greatest minds in the world. It’s also let us interact with these people instead of only being able to read their curated publishing.
Being able to watch hours of interviews with world renowned scientists or tweet directly with influential business people is amazing, but it creates 5 big problems and when these very smart people start talking about investing and personal finance those problems end up costing regular people lots of money.
Problem number one is the issue of false authority.
We now know that the average person puts a heavy weighting on the advice of smart people but even the smartest people in the world don’t know how you should invest your money.
An investing strategy is a very personal thing because it needs to consider your income, objectives, risk tolerance, tax strategies and current financial position, without knowing these its impossible for even the smartest investor to give good advice.
The problem for a lot of people is advice can be expensive and licensed professionals are also obligated to give people cold hard truths that they might not want to hear, such as you are never going to get rich earning $50,000 a year.
People don’t want to hear this so they look to smart people who are not afraid to give advice to see what they recommend.
Someone like Meet Kevin is obviously a smart guy because he has made millions of dollars investing into real estate and meme stocks and then millions more by talking about investing into real estate and meme stocks on the internet.
The advice he gives carries a lot of weight because he presents himself as an in the know figure that is willing to teach you the secrets of becoming wealthy from humble beginnings like he did.
Compare this to a boomer like the plain bagel who is only going to lecture you about how your portfolio is never going to MOON and that you should instead take your time to write out clear objectives and work those into a realistic budgeting and investing plan.
So it’s time to learn How Money Works to find out how listening to really smart people is costing us all a lot of money
#investing #business #howmoneyworks
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Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.
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