Are You Too Old to Learn About Investing? By Robin Trimingham
At the conclusion of our Financial Literacy Workshop last week that we organized with Butterfield Bank and The Bermuda Stock Exchange several people lingered behind to ask personal questions. I was approached by an older woman who informed me that she was nearly eighty, still working, and wondering whether it was time that she considered learning more about investing her savings because she had paid off the mortgage on her house.
To be honest, she looked and sounded much younger than her age, and I was momentarily almost lost for words; not because she had not already taken steps to make her money work harder for her, but because she was a perfect example of what many octogenarians will be like in the very near future - an agile, independent woman still keen on learning new things and (in this case) improving her understanding of investments.
As I am the lifestyle guru on the Olderhood Team, I quickly introduced her to a representative of the bank, but seeing her at our workshop sitting in an audience that ranged in age from twenty-five upwards, it was very gratifying because helping people of all walks of life plan for their future and transition from one phase of life to the next is what Olderhood is all about.
Recognizing that there is no magic “life planning formula” that works for everyone, and that people have different life goals, needs and priorities at different ages and phases of adulthood, we strive to bring experts from a variety of disciplines together to present information and strategies that are customized to be relevant and relatable to Millennials, Generation X and Baby Boomers. Our original content and down-to-earth delivery style always puts people at ease - whether they are a guest on our radio show, a consulting client, or in this case, an attendee at one of our public workshops.
We see absolutely no point in reading brochures or websites about financial matters (or anything else for that matter) which have been deep-scanned by lawyers, compliance people and worry-bunnies. They are utterly panic-stricken that they might say something that will come back and haunt them. In other words, they have a fear of losing - yet never stop to think that their wishy-washy narrative and the lack of relevant information may cause you to lose. They tend to give you just enough vague information to be dangerously useless.
We will never give you false information. We will never mislead you. We may not always speak to your unique circumstances but at worst we’ll always make you ponder your next move. We will help you think for yourself. You were born with the ability to think. Use it. Take advice for sure. But ask questions all the time and never stop learning.
After all it’s your money, not theirs, not ours – YOURS.
By Robin Trimingham