Countering Conventional Wisdom

If you are financially sophisticated, I want you to think about how you talk to a person who knows nothing about the topic. If you are a financial know-nothing, I want you to think about talking to a financial professional.

The question I have for both of you is the same: How do you talk to each other? What is you common language? What assumptions does one make that are totally foreign to the other?

This is the challenge of financial education. Knowledgeable or not, people make assumptions about money.

Often assumptions are heavily colored by public debates about taxes and insurance and entitlements and regulation. Even though we know that public debate is loaded with misinformation, we can help being swayed by it.

In some fields of education, students are blank slates. They know nothing. In the field of financial education, however, student can be steeped in the “conventional wisdom” and the conventional wisdom is wrong. As an educator, how do you counter this?

Well, you can’t become a counter-advocate. You are not there to advocate for policy. You are there to educate people about concepts. You need to be aware of common misconceptions, but leave the polemics at the door. You need to be the authority. And you have to make sure you don’t inadvertently buy into the controversies yourself.

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