Financial education for our youth
By Craig Fisher - 16 July 2012
The following article recently appeared in the National Business Review referring to some simple lessons from the world’s most successful investor boiled down for youth
As accountants our fundamental role is to help improve lives via
better financial understanding. This is a core part of our raison
d'etre at Hayes Knight. As educated individuals we also know
that the earlier that financial education and good habits begin,
the more financially successful people will be.
The following article recently appeared in the National Business
Review referring to some simple lessons from the world's most
successful investor boiled down for youth (albeit that many of the
"not so young" would also do well to take heed of these good
habits!) Any of us can improve our habits and help others to
adopt good habits if we try. As the saying goes; The trick is
to get wise before you get old!
It takes only $5 to break the 'cycle of poverty'
I felt devastated by the trauma borne by retirees. They had done
all the right things, worked hard, saved money and invested their
money. Only to see their nest egg vaporise with one poor investment
For two years I kept asking myself the question, "What can I do
about it?" Finally I concluded nothing! There was nothing I could
do to help the victims of the financial crisis. But I could teach
their grandchildren about the habits of Warren Buffett, known as
the "Oracle of Omaha."
So how do you get approval from the world's most successful
investor, to use his intellectual property? I have a vivid
re-collection of the synchronized series of events that lead to
meeting with Buffett.
When I attended the Berkshire Hathaway meeting in 2010 I was
lucky enough to be one of the 20 something shareholders to ask
Buffett a question (around 40,000 people attended the meeting).
Being able to ask a question is a privilege. Lunch with Warren
Buffett cost the highest bidder $3,456,789 in a charity auction run
by the Glide Foundation, which helps the homeless in San
Buffett was asked? 100 years from today what do you want your
legacy to be? How do you want to be remembered? "Old age," Buffett
chuckled and everyone laughed. But in a more serious tone of voice
he said, "A teacher. Once a month students come to my office, it's
my favourite, I really enjoy that."
Let's think about the "cycle of poverty" for a minute.
- What's the problem? Financial literacy is not taught in
schools. "Investors vaporised $6.8 billion in finance companies in
- How can we fix the problem? Share stories like the Tale of
Tortoise Buffett in school. "Education is the enemy of
- When can we start? By helping the Duffy Books in Homes scheme
distribute 200,000 copies of a book and action planner.
Duffy Books in Homes general manager Linda Vagana says, "Money
matters were relevant all over the country and the book would be a
great tool to offer pupils."
Lucas Remmerswaal is sharing stories with children that
will help to break the cycle of poverty. This year, he rode his
father's 40-year-old Raleigh three-speed cycle from Cape Reinga to
the Bluff and in 58 days visited 75 schools to promote his
Following this link you can download Lucas's books