Podcast presentation

The podcast episode discusses the problem of financial media targeting users with advertising and updates, and how people often struggle to navigate through the overwhelming amount of information and make informed financial decisions. The guest, Jake Spriggan, emphasizes the complexity of topics like stock trading and the importance of having proper knowledge and not relying solely on social media. Multiple sources should be consulted and trusted, and avoiding hot takes and risky investing strategies is advised. The impact of social media and trading apps on financial markets is discussed, along with the need for media literacy and financial education. Robert Kiyosaki shares the importance of financial education and the wealth gap between the rich and the poor. Ultimately, individuals should take control of their finances, conduct their own research, and understand the risks and opportunities before making decisions. All right, welcome to today's episode of Navigating Financial Media, a podcast where we unravel the world of finance, investments, and economics. In one episode at a time, I'm your host, Michael Robinson, and I'm here to guide you through the complex, fast-paced, and often overwhelming landscape of financial media. Today, we're joined by financial expert, Jake Spriggan. How are you doing today, Jake? I'm doing good. All right, Jake, so the main problem today in the media is that media users are constantly being targeted for financial advertising and updates about all sorts of topics. Anything I know about topics such as stock trading, investments, and other investment advice, and most people are unaware how to properly navigate through all of the information, and they're unaware how to take advantage of the opportunities that are available. So, Jake, can you just give us your perspective on it from a financial view? Yeah, as a finance major, I think that all the topics such as stock trading, real estate, they're all a lot more complex than what people may realize, and I think that in order to truly manage and properly spend your money, it takes a lot more knowledge than just watching online videos or things you see on TikTok or Instagram. Usually, you can make it out to be pretty easy and simple to how to make money or invest your money, but I think because a lot of people don't have enough background information, they at least make poor choices or money, which ultimately can create a lot of financial problems for their future simply because they're only relying on social media for their information or tips. I do think, however, that video and information can be useful. It's really just determining what to trust and what not to. Things you might want to look for from a financial end, these are credentials for the person giving that information to get their background or finance. In my view, you want to look at multiple sources, double-check information to make sure that it's reliable. All right. Well, thanks, Jake. And so, me being a media major and now an actual member of the media, it is important to make sure that you diversify your sources. Make sure you're getting the most accurate information possible using different traditional media sources instead of just one source. Using a multitude of sources, such as respected newspapers, financial magazines, along with the digital platforms and official government websites. Also, you remember I learned how important it is to find trustworthy sources, being able to figure out who can be trusted and not as important in media as it is in finance. And another thing that's important is avoiding hot takes. A lot of the time, when things gain attention too quickly, too shortly, it is a thing that Gabe Bridge puts to me as well, is a thing too good to be true, and it probably is. And then, Jake, can you give us a little bit of historical context and background on the problem? Yeah. So, social media and trading apps have completely changed how people interact with things like financial markets. And social media sites like Discord and Twitter and different stock trading forums have developed into important hubs for conversations and information about money. Users can exchange news, rumors, or investment plans pretty swiftly. And most importantly, they have made it possible for regular investors to engage directly in the financial markets, building communities centered around certain stocks or investment ideas. It's also important to access very reliable information from rumors and hikes and social media's availability of information and viewpoints can cause an overabundance of data. Increasing market volatility, which was seen in the recent GameStop short tweet, short tweets when the online community makes an impact on the stock market. And this is just another challenge that is now present now that social media and trading apps are involved in finance. It's crucial for users of the trading apps and social media to further properly manage risk, also to exercise caution when making current decisions, and practicing risky investing strategies. Another important factor is media literacy, which enables investors to assess the accuracy and reliability of material content and knowledge. All right. Thanks, Jacob. Now, we have a brief story by Robert Kiyosaki, who is the author of Rich Dad Poor Dad, a book about financial literacy and education, and just the emphasis on that. So, here's Robert here. Hello. My name is Robert Kiyosaki, and I'm best known for my book, Rich Dad Poor Dad. First of all, I want to talk about the importance of education. You see, in the world today, we go to school for academic education, reading and writing. Now, that's very, very important. Professional education is whether you become a doctor or a mechanic or a web programmer or whatever you do. So, professional education is very important. And the third type of education that's required, especially today, to be a successful financial education. And unfortunately, our school systems do not teach us much about money. For some reason, our school systems seem to think that money might be the food of all things. Yet, to be successful in the world today, financial education is extremely important. Because of this lack of financial education, we see the rich getting excessively rich. So, the gap between the rich and the poor is dangerously extreme. Many of the middle class have went from middle class to poor. So, that's why financial education is crucial today, if you want to keep your head above water. Because ultimately, this is your greatest asset. You are responsible for your education and what goes in your head. When I was just nine years old, my rich dad began to teach me to be a rich man, play the game Monopoly, and most he said, the formula for great wealth is four green houses, one red hotel. And today, even though I wasn't good academically, I'm not too strong professionally, I'm a wealthy person because my rich dad took the time to teach me the importance of financial education. But to be successful today, we need academic, professional, and financial education. And financial education is what the Rich Dad Company is all about. All right. And that was Robert Halasaki with just a little bit of story about how he became rich and then just how important it is to understand your finances. So, for us, in terms of dealing with your finances, your financial well-being is ultimately in your hands. So, if you're getting advice, whether it's from social media, other online platforms, or even a friend or family, it's important to remember that your future could depend on it. So, I would strongly encourage you to take control and empower yourself by conducting your own research. Don't plan to follow any advice and instead use that advice as a starting point for your own research. You have to understand the risks and opportunities that come with it. And before you make decisions on your financial goals, your due diligence is a key part of financial success. So, take the time to educate yourself and stay patient so you can make proper choices regarding your finances. Now, that's all we have today on the Now Gaming Media Finance Podcast. And that's me and Jay. Thank you. All right.