And whose story are you living?
We are going through really tough times as individuals and if a few of us spread hope and a tell a story of a better future, what is wrong with that?
A few days back, I saw a video on YouTube that spoke about how saving a meagre amount for 10 years will make you a crorepati.
Thought leaders and influencers teaching finance on social media (which is almost everyone nowadays) simplify finance way too much.
I'm not here to say it is not so but these things are based on assumptions that means it is not always so simple.
Here are some ways to make the most of what you consume on social media:
- Ask questions - After you watch a video, take a moment to pause and reflect, what is it all about? who is the target audience of the youtuber? what story is the youtuber telling you? is it plausible? is it probable? what are the assumptions he/she is making?
- What story are they telling? - Is it in line with what you thought was true or is it the opposite of what you thought was true or somewhere in between?
- What would you do with the information you just learnt?
- How would you gauge your current context in view on this new information?
- What other kind of information is available on this topic?
- Does it trigger your curiosity and makes you want to learn more about a topic?
- What mode of learning do you prefer?
- Do you just collect information or do you also act on it?
Coming back to the youtuber who posted a video about investing 10k and becoming a crorepati, though he/she says they want to educate people about personal finance and improve financial literacy, what they are doing is giving thousands of people hope and confidence that makes them dream of becoming a crorepati.
I watched the movie Big Bull a few weeks back and I remember how the protagonist had created a bull run in the Indian stock market and put money in the hands of so many people that led to a shift in the way we perceive the stock markets today. The numbers don't lie, retail investor participation has increased in the last few years (source: Market Pulse NSE).
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