RISCARIO INSIDER

September 28, 2013

MONEY 50/50: THE PERFECT LIVE EVENT TO MASTER YOUR MONEY

(an idea arising from the Canadian Personal Finance Conference organized by Preet Banerjee and Krystal Yee)

Picture this. It’s a cold, dark and stormy night. Do you go to a personal finance event or stay home? Now picture a bright, warm sunny day. Do you go to a personal finance event or go out?

Personal finance is important but not much of a draw, regardless of the weather. We often know what to do … but don’t.

November is Financial Literacy Month. Money 50/50 is a proposal for a perfect live interactive event that can be replicated across the country.

The Attraction

What would get you to leave your cozy home?

How about “celebrity” speakers who aren’t selling financial services. Some personal finance bloggers and journalists are ideal. They are transparent and credible. They publish continually, answer questions and genuinely care. You might want to meet them.

There’s also an advantage for the organizer: these speakers already have audiences, which helps fill seats with less effort.

The Topics

While you may attend because of the speakers, the content also matters. There isn’t much new to say about personal finance but we all need reminding.

Would you like useful tips you can understand and apply? The agenda could several items from the following:

how to select an advisor (if you need one)
budgeting traps/tips/secrets
investing traps/tips/secrets
insurance traps/tips/secrets
Wills and fine print
how your brain works … against you
overlooked money advice

What else would you like to know?

The Format

Each speaker gets 30 minutes split 50/50:

15 minutes to speak (like a TED Talk)
15 minutes for your questions (unlike a TED Talk)

The discussion is the most valuable part. Unless there’s real interaction, the speakers could save their time and yours by posting videos on YouTube.

The short segments allow more speakers. If you’re not interested in one, that’s fine because they’ll be off stage soon. You may find you benefit most from who you didn’t want to see. You get time to network and ask questions before, during and after the program.

The Schedule

Money 50/50 could take place after work (say downtown at 5:30 PM) or after dinner (say at 7:00 PM).

Each speaker deserves a prime spot since they’re volunteering their time to speak for free. Since we remember who’s first and last, this structure eliminates the middle: Speaker 1, Speaker 2, Break, Speaker 3, Speaker 4.

The Followup

Change takes time. Financial bloggers and journalists are here to help. You can read their classic content anytime and get their latest thinking by subscribing to their blogs. You can follow them on Twitter. You can ask questions on Facebook and Google Plus (if they’re there).

The Support

You’re aren’t alone in your quest for financial literacy. There’s support from nonprofit or government groups such as:

the Financial Consumer Agency of Canada: from the federal government
the Canadian Foundation for Advancement of Investor Rights (FAIR Canada): puts investors first
the Investor Education Fund: website Get Smarter About Money
ABC Life Literacy Canada: partially funded by the federal government

These might be willing to endorse Money 50/50 or at least promote via social media.

The Sponsors

If there are suitable paying sponsors, Money 50/50 can have freebies like refreshments, pens, paper and prizes. It’s important that the sponsors have no influence over the selection of speakers or topics.

The Venue

The first step is finding a venue and locking in the date well in advance. For Money 50/50, that means finding a free place. If the room is free, the event can be free (or cheaper).

When the venue has a price tag, there’s the added stress of filling seats. Charging admission may deter you from attending (though paying often increases the likelihood you’ll show up).

The ideal room has tables, a whiteboard, a screen and a projector. A lecture hall with theatre-style elevated seating could be ideal. Depending on the size, microphones might be useful.

The Next Steps

How would you make Money 50/50 better? What would cause you to attend and bring a friend? Please leave your comments below.

I’m willing to organize a Money 50/50 event in Toronto if I can find a free venue. Any suggestions?

Podcast 239

direct download | Internet Archive page | iTunes

PS Financial literacy events can take place all year long and I’m willing to help.

September 21, 2013

#KRYPTONTUESDAY: JOIN A GENUINE INNOVATION IN FREE LIFELONG EDUCATION

“People now continue working well into their 60s and 70s, so you need to stay relevant in the job market by nurturing your existing skills while also learning new ones.” — US News & World Report (Sep 2013)

Whether employees or entrepreneurs, we face a huge financial risk: remaining relevant. We need to keep learning to keep earning — especially if delaying retirement. One of the big challenges is making education engaging, useful and accessible. Imagine the complications in less affluent countries.

I’m an active learner with little interest is getting formal course credits or additional designations. I’ve tried:

self-study (e.g., reading and videos): easy and free (or low cost) but allows no interaction
workshops: one-time events, typically 1/2 to 3 days in length; limited lasting benefits; varying quality; can be pricey and may require travel
in-person courses: varying quality; assignments and exams; unknown quality of fellow students; can be costly, out-dated and include irrelevant segments
online courses: a MOOC (Wikipedia) is free but impersonal and without supportive peer pressure (e.g., most recently, I took Dan Ariely’s excellent A Beginner’s Guide to Irrational Behavior … and failed because I skipped the essay and final exam)

What’s your preference? I most rely on self-study.

The Ideal

Real learning and change comes from talking to supportive classmates over a period of time with gaps between classes to absorb and think. This structure looks ideal:

meet in-person: allows the magic of live discussions and positive peer pressure
once a week for 90 minutes: manageable and schedulable (especially if after work)
four weeks: not too short, not too long
formal syllabus: well-thought out but designed for interaction
limited homework: perhaps 1-2 hours (but you’ll also be thinking between classes)
no tests: the measure is how well you apply what you learn in your life
all welcome: no prerequisites to create false scarcity
choice: lots of campuses, different times of day
flexible: no rigid format (though working from solid syllabus)
free: might have small costs for printing and paying for the space (buying coffee or renting a room)

Holy Narwhal, Superman!

Krypton Community College offers all the above.

This new initiative from Seth Godin’s Krypton team launches on October 1st (#KryptonTuesday). The first course is Go: How to Overcome Fear, Pick Yourself and Start a Project that Matters. It’s based on Seth’s work. All the course material is already online in PDF format.

Summer 2013: The Krypton team from Seth Godin on Vimeo.

There are campuses around the world. Here are the locations on Meetup (though not all classes are shown here).

The Catch

Here’s the complication: each class is organized independently by whoever volunteers. That’s like a TEDx event without scrutiny from TED. Call that scary or empowering.

I’m organizing the first class in Toronto (details). That means I set the standards for this campus. The biggest issue was finding a proper location because coffee shops don’t offer privacy, quiet or whiteboards. We’re renting a real classroom at the University of Toronto (details). The cost is under $10/week each based on 10 students. The location is easily accessible by subway (East/West or North/South lines) and there’s lots of “cheap” parking.

Step Up

If there isn’t a campus near you, become an organizer and invite people you know. You aren’t the teacher. You don’t need to be an expert on the subject. You mainly need to organize and guide the class. There’s only one rule: don’t meet online.

Tip: If you’re not comfortable organizing, consider joining a Toastmasters club. Besides learning to speak, you learn to lead. For example, you’ll organize and chairs meetings.

Dive In

Have you experienced anything like a Krypton course before? You can’t lose by improving your skills. Explore the vast oceans of opportunity.

Ready to dive in?

Podcast 238

direct download | Internet Archive Page | iTunes

PS If the University of Toronto is a location you like, you’re welcome to pre-register while space remains.