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.
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This article has been translated from our Spanish edition using AI technologies. Errors can occur due to this process.
"Where were you when you realized the pandemic was going to change your life?"
For Isabella Cota, a journalist specializing in macroeconomic topics, that cold drop came when she was attending a wedding in late February and a healthcare friend told her that at some point in the year, stock markets would collapse in large quantities Infections are occurring, and if the government didn't act soon, a health crisis like no other would arise.
Only a few days later, the National Healthy Distance Day would begin, which has practically stopped 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 your fright" with curiosity: You You need to ask yourself questions, but don't panic. “If there's one thing that the pandemic has given us all, it's 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 there are already 800 people in the world dying from the wrong 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, don't open it . 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. The information that is consumed with calm, curiosity and openness is the best tool for our money, ”concludes Cota.