As Seth Godin states in his blog for May 14, 2022 “We’re surrounded by data that our spreadsheets or networks or cohorts seem to want us to be aware of.”
Everything is Important... Or Not
We think we have to pay attention to it all. It’s overwhelming.
What we’ve found is that the reason a lot of people can’t get ahead financially is because they believe the work is the data collection. Tracking every penny spent. Keeping a drawer full of receipts. Making elaborate spreadsheets and budgets.
Data versus Information
Seth Godin includes this nugget, “Data is everywhere, but turning it into information isn’t free. It takes focus, effort, consultation and time.” Notice that switch from data to information. It’s fairly easy to keep all your receipts, but if you don’t look at them, figure out what they are telling you, converting them from data into information, it’s just making you feel like you are accomplishing something.
“If you can’t do anything with the data, it’s never going to be information.” (Godin) We like to add if you’re not going to do anything with the data, don’t bother gathering it.
So How Do You Deal With It
The way to get ahead is to realize the work of data collection is the start of a process. This is one of the big reasons we chose to become financial coaches: to help people sift through the data, help them convert it into information, use that information in developing a plan for moving forward, and holding them accountable to their plan.
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