What You Know The Dollar Stretcher Blog by Gary Foreman gary @stretcher.com Heard an interesting concept the other day. Thought that it might have relevance to our finances. "Don't let what you know prevent you from learning what you don't know." You'll probably need to read that a couple of times before it seems to make sense. It took me a minute to wrap my head around the idea. I know a fair amount about some things. Enough so that I like to think that I'm a bit of an expert. But that could be a dangerous place to be. That's because when you try to tell me something I automatically see how it fits with what I already 'know' to be true. Normally that's good. It helps me test new ideas. Keeps me from making the same mistake over and over. I'm able to quickly and easily reject ideas that aren't correct. But sometimes what I 'know' might not be 100% accurate. Perhaps there's a bit of a fallacy included. That could cause me to reject something that's really true. What I know might also be a little outdated. People are always discovering and creating new ideas and things. Sometimes what's new changes what we already thought that we knew. There's another risk with what we know. Since I already know a subject, I might be unwilling to hear anything new. What I know could keep me from learning something new. How does it apply to our finances? Let's make up an example. Suppose that I need to shop for a new car. I've bought a number of new cars in the past. And think that I've been a pretty good shopper. So I 'know' how to shop for a car. You try to tell me about some new online tools for car shoppers. But since I already know how to shop for a car I don't pay much attention. I don't hear what you have to say about using online quotes to pit one dealer against another to get the lowest price. I end up paying more than is necessary. What I knew really cost me money. I'm beginning to think that a willingness to learn is more important than what we already know. Anyone can cram a bunch of facts into their head. But to apply those facts to the events in our lives requires wisdom and a willingness to learn even more. So in the future I want to be open to new ideas. Especially in areas that I already know a lot about. Not that I'm not knowledgeable. Just that there's always more to learn in this world. Keep on Stretching those Dollars! Gary _____________________ Gary Foreman is the editor of The Dollar Stretcher.com <a href="http://www.stretcher.com/index.cfm">website</a> and newsletters. This article originally appeared <a href="http://community.stretcher.com/blogs/stretcher/archive/2011/06/07/what-you-know.aspx">here</a>. Click here for information on a <a href="http://www.stretcher.com/stories/00/000821c.cfm">guaranteed savings plan</a>.