Smells like teen spirit

Dec 14 15:12 2019 Print This Article

  By Guest Blogger Doug Rowat

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Thank god my kids aren’t yet teenagers; however, my seven-year-old daughter is already asking for a cellphone, so I’m getting a sense of what’s in store for me. I’m probably doomed.

So, for those of you who do have teenagers I won’t presume to offer advice regarding how to talk to them; however, eventually all parents will have to have ‘the money talk’. And here I might be of service. Below I offer my best advice.

Explain to your teenager where money is really concentrated. Teens frame the world around their own interests and through their own social-media experiences. Therefore, they often focus on celebrities and music. Teenagers think that wealthy means Taylor Swift, or Jay-Z and Beyoncé. Point out that the real wealth is held in the financial industry. The below chart shows how much top-celebrity-earner Taylor Swift made in 2016 versus what some of the most successful hedge fund managers made. Needless to say, there’s no comparison. This doesn’t mean that you should point them towards a future in finance. Far from it. There are already too many of us in this business. The world needs more artists, musicians and poets. However, it’s still important that they understand where the real wealth lies.

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About Article Author

Greater Fool

Author, Garth Turner has been a member of the Canadian Parliamant for nine years, serving as Member of Parliament, Cabinet Minister (in charge of Canada Revenue Agency), national leadership contender (Progressive Conservative Party of Canada), House of Commons Standing Committee member and chairman (Consumer and Corporate Affairs, Finance), Special Advisor to the Leader of the Official Opposition. He is a member of the Privy Council of Canada. In addition, Garth is an ambitious entrepreneur – founder and CEO of Canada’s largest independent producer of network television, providing programming to CTV, Global, YTV and others. He founded and successfully operated chain of six community newspapers in Ontario as well as founded and operated eco-tourism and hospitality company aggregating and restoring heritage properties.

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