What’s the ‘gateway drug’ for finance?

Accounting Cafe online seminar on 28 October 2021

Michael Gilmore, The Seven Dollar Millionaire

Michael Gilmore believes that we need a gateway drug to get people hooked on finance.

“The most generous estimates reckon 2/3 of the planet can’t answer some basic questions on finance, but plenty of that 1/3 have guessed their way to those answers with a bit of basic numeracy—the survey is multiple choice, so the planet is doing only slightly better than random!

I would say that 1% or less knows how to take control of their finances to the extent that they can be ‘financially free’, which would be a more meaningful goal than calculating the difference between real and nominal returns.

It can’t be anything we’ve already tried, like fear or greed, because those obviously don’t work. If they did, we wouldn’t be having this discussion.

I have two ideas, one less controversial than the other. Universal education is one. Kindness is the other. I would love to hear what you think about those – and if you have any others.”

Discussion, questions and dialogue

Michael Gilmore wrote the book “Happy Ever After” for his daughter, and “The Thousand Dollar Journal” for Singapore-based migrant workers, both under the pen-name The Seven Dollar Millionaire, which is designed to convey how small habits can compound to huge sums. He also writes the Easy Money column for UK magazine The Idler.

By day he is a fund manager, having worked in finance for almost 25 years. He has been passionate about financial education ever since joining the industry and realising how simple, powerful – but untaught – the basic principles are.

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