You perhaps don’t like reading the newspapers, but keeping an eye on the economy will change your financial planning for the better.
We know South Africa has some rural places. For example, in Northern Cape situated towns the running joke is that the English papers arrive 3 days late and the 2008 recession still hasn’t hit them. However, we have seen that with the use of technology, it is not that hard to keep up with the financial news of the world.
Thanks to technological advancements it is now possible to follow the financial news as long as you have an internet connection. That is why Fincheck is passionate about making financial education work on mobile devices.
So are you connected?
It really isn’t that hard. Just think about all the social media platforms that have harnessed this way of communication. Twitter and Facebook are already threatening the sales of many magazines and papers. Most financial news companies and institutions have some kind of app through which they communicate directly to their customers (free of charge). This includes Fin24, Bloomberg, Instapaper, and Flipboard.
Identify a few authorities in the financial news world and follow them on social media. This type of media will reach you much faster than a printed newspaper and allow for quicker decisions.
Why do I need to keep an eye on the financial news? In short – you’ll be wealthier.
Someone who is up to date with price changes of commodities (petrol, grain, gold etc.) will have better control over their short-term cash flow. Think about it. If the petrol price is rising the following day and you only hear that at 21:00 in the evening you can rest assured that your town is out of petrol for that night.
It’s to your advantage to know what is happening in markets abroad. Whether you are thinking about investing offshore or are already doing so – knowing the state of international economies will guide you to make better investments. If it weren’t for the media reporting on Zimbabwe’s economy you would never have known the state of it. Now you can make an informed decision. Reading the latest market news keeps you financially smart.
Knowing what is happening in the companies where you are a stakeholder will also benefit you. The financial news will quickly bring to light the better investment options. So too will it be reported when it’s time to withdraw an investment from a failing company. The news about the economy will reward you with good opportunities and it will hedge you against the bad investments.
You may be living in a rural town. Or maybe you are from the city. As long as you have a currency of any sort in your pocket you may want to keep one eye on the economy. Sooner or later that currency will react to political, economical or social events from all over the world.
Those who read and react will be rewarded.
Those who choose a lack of financial education will bear the weight of poverty. Fincheck wants you to succeed. When the South African succeeds, the South African economy will succeed!