Mayberry's Gary Peart encourages early-age money management lessonsSunday, November 22, 2020
BY ABBION ROBINSON
Chief executive officer (CEO) of Mayberry Investments Limited Gary Peart has underscored the importance of providing children with a thorough understanding of financial literacy at an early age. This, he said, is vital to ensure proper money management skills later in life.
“Unfortunately, I don't think there are enough parents in Jamaica who actually teach their kids about money, managing money and having a relationship with money. So what you find is that a lot of people that do very well actually had certain innate beliefs and skills that manifested itself at an older age. They become entrepreneurs or are very good manager,” Peart said during Digicel's Masterclass Series held on Thursday, November 19.
“It's not innate in the majority of the people that I see, there are very few people that [teach their children about money] and I find that there are two reasons for that. There are some people who genuinely do not know and don't try to know and obviously there's no parent that wants to make their kids feel as though they are not as knowledgeable as they should be, which we can understand,” he continued.
“But then its brings us to the second point in that even if you don't know everything, try and build a relationship with somebody who does. So we're going to get into a conversation about financial advisors and their importance,” Peart added.
According to him, in his experience, the people who don't spend time with their money are the ones that lose the most.
“The first thing that people need to appreciate about money management is that you need to make time for your money. Most people just focus on earning the money, and after they just drop it into a bank account and don't realise that money is really there to be earned. Just simple moving your money from a savings account in a commercial bank to the security dealer that is a subsidiary of that commercial bank could increase your returns in some instances by 100 per cent — your money can work for you,” he explained.
The CEO further asserted that “nothing is too little” and that a relatively small salary should not deter anyone from investing as a good investment and an even better portfolio could lead to high yield.
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