It seems like the economy is going crazy, but as a business owner you need to be aware of what is happening in the world. Journalist Isabella Cota explains how to understand the numbers and trends we see every day.
4 min read
“Where were you when you realized the pandemic was going to change your life?”
To the Isabella Cota, a journalist specializing in macroeconomic issues, that cold drop came while attending a wedding in late February and a healthcare friend told him that the stock markets were going to collapse at some point in the year, they were going to present large amounts of infection and that If the government did not act soon, a health crisis like no other would arise.
Only a few days later it would National Healthy Distance Day this practically halted the country’s non-essential economic activity.
Perhaps the spread of COVID-19 surprised many, but Cota claims that “a lot of people who were used to reading the news saw the pandemic coming and were able to take protective measures in front of the authorities”.
For the journalist, information is the best tool that people can access free of charge in order to make important decisions about their health and finances.
“If you want to invest your money well, you have to understand money and read news about economics, finance and yes, science,” said the expert when she attended the virtual MoneyFest festival.
However, in Mexico we have a stigma with numbers and it is up to the media to explain to the reader how business news affects their daily lives.
“If the medium does not receive this information, it is the MEDIA that fails the public, not the other way around.”
Image: MoneyFest 2020
Read the News To Make More Money
Isabella Cota gives us a three point checklist to consume financial news and make better decisions.
1. “Cure the shock” with curiosity: You need to ask yourself questions, but don’t panic. “If there is one thing 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 have to approach the information without fear and not get carried away by alarming news.”
With that in mind, it’s drastic to remember that the headings are not reporting and you have to search for various sources.
2. Google is your friend: “The media are like big libraries of stories,” says Isabella. “Before making any financial decision, you need to ask Google what the media are saying about a brand or investment opportunity they are promoting, what information the bank can legally ask you, what rights you have in front of 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, which is and is not being sold as news. “One study says that 800 people are already dying in the world fake news about the coronavirus “.
So how can we identify real messages?
Isabella offers this “accordion” to quickly identify credible information:
- If the notes or links come without a real or reputable source, You won’t know.
- If the information comes from a medium that you do not recognize, Don’t read it.
- If what the article says doesn’t seem true or reasonable, don’t share it.
“The media fail, but they also offer fascinating stories. These stories are important and teach us something. Information that is consumed with calm, curiosity and openness is the best tool for our money, ”concludes Cota.