Finding Reliable Financial Information

Nowadays, if you’ve got a question, you can ask the omnipresent Internet and find an immediate answer. But just because there’s an answer doesn’t always mean it’s accurate. In today’s digital era, accessing financial information is easier than ever. However, it’s crucial to ensure the information you rely on is accurate and trustworthy. You can always count on Prosperity Connection to provide you with reliable, factual information, but how do you find and vet that information for yourself? Here are 10 tips to help you navigate the vast sea of financial data:

Begin your research with reputable organizations such as government agencies, established financial institutions, and recognized non-profits. For instance, the Consumer Financial Protection Bureau offers a wealth of reliable information. Financial institutions like Capital One, Bank of America, and Wells Fargo all have a robust library of educational resources as well. A trusted source you can always count on is Prosperity Connection, where our staff provide you with accurate knowledge that’s particularly relevant for you and your circumstances.

Make sure the author or creator is qualified to give financial advice. Look for folks who have experience in the financial industry or who have credentials from a reputable financial organization. This becomes even more important if you are seeking tax or investment advice.

Financial information should be grounded in data and analysis rather than opinion. If there are no facts or statistics to support the claims, then that’s a red flag for unreliable information.

If you’re skeptical whether the financial information is reliable, ask questions! Reach out to the author or creator for their sources and explanations. Without a doubt, a financial educator or coach at Prosperity Connection can answer your questions and/or get you the accurate information you need.

In addition to asking questions, don’t rely on just one source for financial information. Do some research. Gather information from a variety of sources to get a well-rounded, comprehensive understanding of the topic.

Financial information can change quickly, so it’s important to make sure the information you’re reading is up to date. As you’re doing research, check the date of articles or reports to make sure they’re not outdated. As a general rule, try to find something written, or updated, within the last year.

If you’re reading an article or blog post, be sure to check the fine print. This is where the author may disclose any conflicts of interest or other important information. Keep in mind this may not mean the information is incorrect. It may just identify a bias you need to consider as you’re reading. Go back to tips 3-5 to help in this situation.

There may not always be ‘fine print’ for you to reference, so it’s also important to consider a source’s motives or intentions. Is the source trying to sell you something? Are they trying to promote a specific line of thought or agenda? Are they steering you toward a single company or product? Be aware of the source’s motives when evaluating the information. As a nonprofit organization providing free services, our motives at Prosperity Connection are centered on your economic success and financial wellness. We provide financial information with the intention of your success and growth.

Financial information can be biased when it is funded by a particular organization or group. Look for sources that are transparent about their funding so you can understand their potential biases. Sources that openly disclose their funding are generally more trustworthy.

Financial information is often presented in a sensational way in order to attract attention. Fear-mongering and emotional appeals are tactics often used to manipulate people into making financial decisions that are not in their best interests. Be sure to read the content carefully and critically before you believe anything you read. Tip 1 will help in this situation!

Finding reliable financial information is crucial for making informed decisions about your money. You may have noticed a common denominator in Prosperity Connection. That’s because we truly are here to help! If you want reliable financial information, you can join our quarterly personal finance classes or sign up for a 1:1 appointment through a credit report review or financial coaching. Whether it’s working with us or researching on your own, you can navigate the abundance of financial information with confidence and knowledge and make informed decisions regarding your financial well-being.