We don’t need to wait for permission to succeed, because most of us are born with an entrepreneurial spirit. However it can be tough if we grew up in a non-nurturing environment. Nowadays we have a bountiful supply of resources available on the internet. In fact there is so much advice we may have too many players cluttering the field.
We were inspired by a post on Deloitte that speaks of the re-wired investor. Such people can be Gen X, Gen Y or Baby Boomer investors. What they have in common is they went back to ‘school’ and learned to think differently from previous generations. They also stand out with a DIY mindset, and a greater reliance on the wisdom of their particular tribe.
A Whole New World of Digital Education Resources
These re-wired investors are using digital resources to become better informed. We can predict digital financial education becoming even more sophisticated, with intelligent bots at our side to run the numbers. Forbes thinks this will merge with gamification allowing creative competitions with our peers.
We have come a way since 2007 and the halcyon days of the Khan Academy’s surprisingly effective video investment advice. YouTube is alive with information on complex topics, and we can download transcripts to study in more detail.
We can now simulate and manage virtual portfolios, track their performance, and learn through experience. However there is a catch because the best apps are going to standardize our thinking to an extent we find the space overcrowded when we all target the same bargains.
How to Cope Better in the Future Cluttered Space
Big data analytics and complex algorithms are going to direct bots with increasing on-point accuracy. However, as Elon Musk says, “The problem is that at a lot of big companies, process becomes a substitute for thinking. You’re encouraged to behave like a little gear in a complex machine. Frankly, it allows you to keep people who aren’t that smart, who aren’t that creative.”
This problem applies equally when mechanistically following a digital route where machines dictate solutions and the herd gathers. Digital education resources make good inputs by doing the heavy lifting. However there is still no substitute for intelligent investment advice by humans with uncluttered time to share good ideas.