Ever heard of the phrase ‘search cost?’
It’s an economic term that refers to the effort, time and money someone spends looking for something they want. The hours you devoted to researching your next car or vacation? That’s an example of search cost.
Companies spend a lot of time and money trying to reduce search costs and more quickly connect their product or service with the intended consumer. Think about Instagram or Facebook: both use machine learning to show you ads based on your browsing habits, following the probability that you’re more likely to buy something that interests you.
Even more helpful is a recommendation or referral – be it a book, movie, professional, or anything else – because it dramatically reduces your search costs. With a recommendation from someone you know and trust, you spend much less time, money, or effort to find what you’re looking for.
Our clients frequently ask for helpful online financial resources, so here are five websites we like, starting with the most elementary and working our way up to in-depth financial:
For general money tips: Logical Dollar
From how to manage income inequality in your relationship to work-from-home side gigs, Logical Dollar founder Anna Barker considers it her mission to make financial wellness accessible to everyone. Recommending four basic steps to financial freedom (make money, save money, budget, invest), Logical Dollar presents a variety of ideas in plain English, with no jargon or complicated financial concepts or terminology.
For financial success stories: Making Sense of Cents
Blogger Michelle Schroeder-Gardner began her website as a way to make some extra cash and get out from under the large burden of her student loans. Now debt-free, she features financial tips and best practices as well as firsthand accounts from others who’ve managed to save extra, escape debt, and live their lives free of financial stress.
For understanding financial services from the investor’s viewpoint: Oblivious Investor
This blog is written by CPA Mike Piper and gives great industry-based perspective about the value of professional advice on money matters, tax implications of an inheritance, charitable giving and more. Bonus points for the recommended reading list of articles included with each post.
For educating already-knowledgeable investors: The Balance
The Balance contains thousands of articles written by more than 50 experts in various areas of financial discipline. If you’re looking to understand how world events, public policy, and the broader U.S. economy affect your own personal financial situation, The Balance offers education and context in quick, focused reads.
For the economy wonks, straight from the horse’s mouth: Liberty Street Economics
Liberty Street Economics is the online home for economists who work at the New York Federal Reserve. The Fed plays an important role in our economy, so it may be worth your time to read their views. Full disclosure: given the blog’s sponsor and authors, expect the tone to be highly academic and analytical.
We hope these five websites are useful resources for you to enjoy between our regular meetings!
Feel free to share with friends and loved ones.
If there’s someone in your network you think could benefit from meeting with a financial professional, we certainly appreciate the referral!
PLEASE NOTE: When you link to any of the websites displayed within this email, you are leaving this email and assume total responsibility and risk for your use of the website you are linking to. We make no representation as to the completeness or accuracy of any information provided at these websites.