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
For financial success stories:Making Sense of Cents
For understanding financial services from the investor’s viewpoint:Oblivious Investor
For educating already-knowledgeable investors: The Balance
For the economy wonks, straight from the horse’s mouth:Liberty Street Economics
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. Or, if there’s someone in your network you think could benefit from meeting with a financial professional, we certainly appreciate the referral!
5 Great Finance Blogs
May 31, 2023