Olderhood Introduces New Learn About Money Management and Investing Workshop Series by Robin Trimingham

Olderhood Introduces New Learn About Money Management and Investing Workshop Series by Robin Trimingham

 As many of our readers are aware, when my business partner Bill Storie and I are not blogging or interviewing guests on our weekly radio show, we provide retirement life transition workshops and consulting to corporate clients. When we first started offering these workshops we “imagined” that our content would only be of interest to people nearing retirement age.

Much to our surprise, however, we started receiving requests for workshops for younger and younger audiences and these requests have often been driven by a need for financial literacy and basic money management information. Never one to shy away from a challenge, we now have life transition workshops to meet the meets of three different generations in the workplace and our latest corporate workshop series was attended by 193 employees ranging in age from 25 – 67 years.

In an effort to further expand our subject matter and make these workshops available to as many people as possible, we have recently teamed up with Butterfield Bank and the Bermuda Stock Exchange (BSX) to provide a series of free “Money Matters” workshops to help Bermuda residents learn about long-term money management and investments.

These “Money Matters” workshops are open to the public and focus on helping people learn how to use long-range budgeting techniques to manage money more efficiently, increase opportunities to save for the future, and to gain a better understanding of various investment vehicles available to them. The objective of the workshops is to help people gain an increased understanding of the importance of saving for the future and acquiring the necessary skills to make sound investment decisions.

In many cases, people who are good at their chosen profession may have difficulty understanding the various elements of good financial planning. They seem to concentrate on increasing their wealth base as a step towards retirement, yet sometimes forget that a wealth base in retirement is only as good as the cash it spins off. For example, if you own a house (the one you live in) and then buy another house as a vacation home then your net worth may have increased, but the second house does not spin off cash – it is certainly an asset, but it is not a cash-generating asset. Likewise, your pension. It is an asset for sure, but in the majority of cases you can’t use the funds therein, apart from receiving a monthly pension in cash. In other words, your overall funds are effectively frozen. It is of course a good idea to keep building your pension fund, but it won’t allow you to buy that boat or new car when you retire – at best you will have increased your monthly pension. So, is that truly a “useable” asset?

Understanding the principles of saving and investing is critical to making prudent investment decisions and workshop will help people of all ages establish financial goals and plan steps to achieve them.

The next workshop on Wednesday October 24th is filled to capacity but we plan to offer another workshop towards the end of November.

By Robin Trimingham


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