Learn to read the news to earn money
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"Where were you when you realized that the pandemic was going to change your life?"
For Isabella Cota , a journalist specializing in macroeconomic issues, that moment of cold drop came when she was attending a wedding at the end of February and a friend involved in the health industry told her that at some point in the year the stock markets were going to collapse, large amounts of infections would occur and that, if the government did not act soon, a health crisis like no other would occur.
Just a few days later, the National Healthy Distance Day would begin, which practically stopped the country's non-essential economic activity.
Perhaps the force of the spread of COVID-19 took many by surprise, but Cota asserts that "many people who were used to reading the news saw the pandemic coming and were able to take protective measures even before the authorities."
For the journalist, information is the best tool that people can access for free to make critical decisions for their health and finances.
"If you want to invest your money well, you have to understand money and for that, you have to read news about economy, finance and yes, science," said the expert in her participation in the virtual MoneyFest festival.
However, in Mexico we have a stigma with numbers and it is the job of the media to explain to the reader how economic news affects their daily life.
"If the medium does not land that information, it is the MEDIA that is failing the public, not the other way around."
Image: MoneyFest 2020
How to read the news to help you earn more money
Isabella Cota gives us a three-point checklist to consume financial news to make better decisions.
1. “Cure your fright” with curiosity: You have to ask yourself questions, but don't panic. “If there is something that the pandemic has given us all, it is fear. Fear of getting infected, losing a job, saying goodbye to a loved one, etc. ”, says Cota. "We must approach the information without fear and not let ourselves be carried away by alarmist news."
Given this, it is drastic to remember that the headlines do not report and you have to look for different sources.
2. Google is your friend: "The media are like great libraries of stories," says Isabella. "Before making any financial decision, you have to ask Google what the media says about a brand or investment opportunity that they advertise, what information the bank can ask you by law, what are your rights before collectors, etc."
3. You don't have to believe everything: One of the most unfortunate effects of the pandemic has been the spread of false information that is sold as news and is not. "A study says that there are already 800 people in the world who die because of the fake news about the coronavirus."
So how can we identify real news?
Isabella offers this “accordion” to quickly identify credible information:
- When the notes or links come without a real or reputable source, do not open them .
- If the information comes from a medium that you don't recognize, don't read it .
- Finally, if what the article says does not seem true or reasonable, do not share it .
“The media fails, but they also offer fascinating stories. These stories are important and they teach us something. The information that is consumed with calm, curiosity and an open mind, is the best tool for our money ”, concludes Cota.