Starting age on finance education

[larry]

Hi people,

When did you rich guys start your financial education e.g. investments? I am appalled that most of my friends do not have have any investments/finance education at all, they usually follow their parents' method (put in banks). I also only just started learning about it after I hit 27yrs old this year. And unlike ppl like adam khoo, warren buffett, who all started when they were just kids.

Originally Posted by larry

Hi people,

When did you rich guys start your financial education e.g. investments? I am appalled that most of my friends do not have have any investments/finance education at all, they usually follow their parents' method (put in banks). I also only just started learning about it after I hit 27yrs old this year. And unlike ppl like adam khoo, warren buffett, who all started when they were just kids.

You seem to be assuming that rich people mostly get rich by getting investment knowledge as early as possible. Truth is most high net worth people got there by either being in business, climbing the corporate ladder aggressively and holding a highly paid corporate job or engaged in heavy real estate speculation.

I really doubt you can truly get rich by just being an average joe employee with personal investment technics. Financially secure enough to retire earlier and comfortably yes, but getting really rich, I don’t think so.

Among your examples, Warren Buffet is a businessman who is an expert on the insurance industry and an M&A master of closely held businesses at bargain prices by bringing certain unique value propositions to their ex-owners.

Adam Khoo came from a rich family and peddles his “humble beginnings” as part of his marketing self-help shtick and he sure did not get the bulk of his wealth from investments - he is a through and through business entrepreneur. I doubt these two are good examples for comparison for an average retail investor.

I am not against gaining learning good money sense earlier, but just don't kid yourself that this is the path to riches. At best it can supplement, but definitely shouldn't be the primary wealth driver.

Agree +1 above.

Also keeping money in FD is not necessary a sign of financial illiteracy. At times, it makes much more sense to keep cash than investing.

Originally Posted by Unregistered

Agree +1 above.

Also keeping money in FD is not necessary a sign of financial illiteracy. At times, it makes much more sense to keep cash than investing.

I'm keeping 50% of my total wealth in cash now.

[Hermit]

I do not expect my teenage son to be a Warren Buffett but since he was about 8 years old I share with him news article and TV reports about what is going on in the world and in Singapore where money and finance is concerned. This world is getting really interconnected and I believe everyone should read and listen more. Life is becoming more complicated and harder for the guy on the street to understand...