Data is Not Enough

When facing a significant financial decision—such as whether to refinance, buy or lease, or choose between different investments for your small business—having data is very helpful, indeed essential.  But you need a framework with which to evaluate the merits of the data.  You need a framework to weigh pros and cons, make assumptions, and effectively evaluate your decision and goals.  Conversely, having a framework is not enough.  You also need at least some relevant data to back up whatever assumptions and predictions you are making.  No data means you are flying blind. 

You may know how to operate your car, but with no road signs, you’ll likely get lost.  Not knowing how to operate your car on even the most well marked roads, you could end up dead.  Also, it goes without saying to never drive while intoxicated, because your operating skills and ability to interpret the signage are both compromised.