Question Social Media (And All Media)
why it’s important to help our kids form their own opinions when it comes to financial media
Question social media (and all media) because “the truth is out there."
This is corny X-Files reference, but tn today's world, financial media is everywhere. From social media feeds to news outlets, it's hard to avoid it.
And while it can be a great resource for learning about topics like investing, it's important to teach our kids how to stay objective when reading finance media.
With so much information available, it can be difficult to know what to believe. In this blog post, we'll explore some tips for staying objective when reading finance media and teach your kids to do the same.
We will look at the following topics in this 3 minute read:
Consider the Source
Motive and Sponsors
Unbiased Reporters
Open to the Possibility of Being Wrong
Question Everything
Let’s get started!
Consider the Source
The first step in staying objective is to consider the source. Who is the author? What is their background? Do they have any affiliations or biases?
These are all important questions to ask when reading finance media. Teach your kids to look for authors with a track record of objective reporting and to be wary of sources with an agenda.
Unbiased reporters provide balanced and objective coverage, which can help you and your kids get a more accurate understanding of the financial news.
The problem is that today it is getting harder and harder to find true unbiased reporters. Large news corporations are always sponsored by something and we would seek out independent voices and journalism whenever possible.
Motive and Sponsors
Another important factor to consider is motive. Why is the author writing this article? Is there a hidden agenda?
Many times, articles are written to promote a particular product or service. We aim to teach our kids to be wary of articles that are too promotional in nature and to look for articles that provide objective information.
It's also important to look for sponsors. If a company is sponsoring the article or website, there may be a conflict of interest.
A lot of people writing on financial news typically have some type of motive. One way to help our kids understand this is to have them do some research on whoever wrote the article.
What is this person’s background? What are they likely to believe? Getting to the bottom of the person’s motive who is sharing financial information with us is truly important.
Unbiased Reporters
One way to ensure that your kids are getting objective information is to subscribe to unbiased reporters. There are many news outlets that provide unbiased financial reporting. Encourage your kids to read from a variety of sources, so they can get a well-rounded perspective.
In today’s world it is hard to find truly unbiased reporting or news (we would like to think that we are one!), but one way to combat this is to have our kids read a wide variety of sources and ideas.
Trying to keep and open mind and realizing that an idea is just an idea. It doesn’t make you a good or bad person, it is just an idea (and we all have ideas!).
Open to the Possibility of Being Wrong
It's important to be open to the possibility of being wrong. Nobody is right 100% of the time, and it's important to recognize that. Encourage your kids to be open to hearing other opinions and to question what they read. Teach them to ask questions and to dig deeper to find the truth.
Another important aspect of staying objective is to be open to the possibility of being wrong. This means being willing to change your mind when presented with new information or evidence, even if it contradicts what you previously believed.
Teaching your kids to be open to the possibility of being wrong can be challenging, as it requires them to admit that they may not have all the answers. However, it's an essential part of developing critical thinking skills and learning to make informed decisions.
Encourage your kids to question their own assumptions and to seek out information that challenges their beliefs. By doing so, they'll learn to approach financial news with an open mind and be better equipped to make informed decisions.
This is something we firmly believe here at Future Funders. Even we don’t have all the answers and approach any topic with the possibility that we may be wrong.
Instilling this kind of humility in our kids can help them approach money and financial topics more objectively and not place too much stress is being wrong. We are all wrong at times, and being wrong actually helps you learn and grow!
Question Everything
Finally, teach your kids to question everything. Just because someone says something is true, doesn't mean it is. Encourage them to research and fact-check everything they read. Teach them to look for evidence to support claims and to be wary of sensational headlines.
Teach your kids to ask questions such as:
• Who is the source of this information?
• What is their motive for sharing this information?
• Are there any conflicts of interest?
• Is the information supported by evidence?
By asking these questions, your kids will learn to approach financial news with a critical eye and be better equipped to make informed decisions.
Final Thoughts…
Staying objective when reading finance media is essential for making informed decisions. By considering the source, motive, sponsors, and subscribing to unbiased reporters, you and your kids can get a more accurate understanding of financial news.
It's also important to be open to the possibility of being wrong and to teach your kids to question media and what anyone is telling them. By doing so, you'll help them develop critical thinking skills and become better equipped to make informed decisions throughout their lives.
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