[Previous entry: "Updated index for: Competition policy"] [Next entry: "What parents tell the children about property "]

03/07/2005: "Updated index for: Streetwise finance"

We don't need to be clever or knowledgeable, we just need to be streetwise
This is a recurring theme of No Monkey Businessand it is explained in the Introduction to the book. Taking personal responsiblity does not require us to be experts ourselves but we need to be streetwise when dealing with experts.
'Streetwise' is a fruitful line to take with young people too: more to come on this in 'Kids' stuff'.

How the industry exploits our poor grasp of probabilities
It is not realistic for most consumers to outsmart clever professionals or spot the flaws in the reasoning of less smart professionals. The streetwise solution is to develop some proxies that will help when selecting advisers and buying products. In this item the proxies are ones that test for the adviser's grasp of probabilities and ability and willingness to use odds to help you make your own choices.