One of The Roadside Scholar’s most enthusiastic supporters, Rick, from the state of Georgia first heard of The Roadside Scholar when he watched my October 2019 TV interview with CNBC anchor, Becky Quick. Since then, he not only read the book, but also bought a box of 60 to distribute in his hometown. Rick recently sent the following email.
“COVID has interrupted my distribution. ‘Prospects’ do not get a book until I know that they are interested in investing. And, they have responded positively to my pitch about your perspective and knowledge of the subject. Problem: with a few exceptions, they have not yet opened an investment account and/or they are not funding the account on a regular basis. COVID and job insecurity has some negative influence. As COVID goes away in 2021, what is your advice to get them investing with regularity?”
I agree with Rick. The biggest thing that I have learned in the last year “back in the world” (what those behind the fence call the free world) is the strong reluctance to get started. Most of the time the reason is a lack of confidence. Only occasionally is the issue for delay not having enough money to open an account.
When confronted with this, I have often offered to sit and help answer the opening questions. On a couple occasions my son helped a procrastinating friend. I have suggested Zoom happy hour calls with friends guiding friends. One time, I even gave a young friend of my son’s a deadline: he had to open his account by a certain date or he would owe me $100. Interestingly, even though I couldn’t make him pay the tax, he took it as a challenge and got it done.
Unfortunately, I have not found the silver bullet. For those like Rick and me who are interested in helping people with their finances, we just have to keep pushing, prodding, educating and even taxing folks to get them to act.
The good news is that most everyone I talk to never regrets the decision to open an account. They are thankful for the advice and surprised by how easy the process is.
Roadside Scholar Tip: Do your friends, family and colleagues a great service and offer to help them get started on the path to wealth.
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For more information and easy to understand explanations of important money matters go to www.theroadsidescholar.com or purchase The Roadside Scholar: Amazing Money Lessons from Behind the Fence.