SIMON BROWN: Becoming the go-to finance person

If you’re reading this column then you almost certainly know more about markets and investing than most people. I know you may think you’re an absolute beginner, but the reality is that most people the world over know pretty much nothing. Sure, they may have a pension fund at their place of work, maybe they’ve even dabbled a bit in markets, bought some ETFs or crypto. But most know little or nothing.

This is not a criticism of them — rather, few have ever really been taught. We didn’t learn about markets and investing at school, unless we were involved in the JSE Schools Challenge. Our parents couldn’t really help as nobody had taught them. And our places of work certainly do very little other than maybe ask what risk profile we want for our pension scheme.

So you, with some knowledge, are certainly ahead of the pack. And part of the excitement of learning and understanding markets and investing is that we want to help others. But here it gets tricky.

Remember the old saying: you can lead a horse to water but you can’t make it drink? (Having had a horse in the family at times, I can say this is completely accurate.)

Similarly, you can’t just start telling people to get a handle on their budget, open a tax-free account and check the fees on their retirement and discretionary investments. Their eyes will glaze over and, while they’ll nod away as you expound the virtues of being money smart, it’s likely they’ll do nothing.

This is deeply frustrating — but remember that horse refusing to drink?

Still, there are ways we can help others be smarter about money and investing, and that starts with how we approach the subject.

Don’t be pushy but do let it be known that you’re happy to help where possible.

I have a friend who does an informal investing session at their place of worship. Nothing fancy, no PowerPoint slides, no data-heavy charts. Just a casual discussion every couple of months where they talk about the importance of fees, tax-free accounts and the power of time, and how markets collapse every so often but, given time, they recover. They get the word out and sometimes only a few people attend while other times they get a fair crowd. Most of the time they’re just answering really simple questions.

The questions are simple not because those learning are stupid, but because this industry is full of jargon that helps nobody. It’s important to use simple language because, in truth, investing and money are simple.

Taking it a step further, let it be known you’re happy to help, but leave it at that. Let those interested approach you with questions.

In time you’ll become the known go-to “expert” at your office, gym, place of worship or among your group of friends. People will ask when they’re ready and in need of help. It’ll happen naturally.

A last point: you can’t charge a fee. This has to come from a place of honestly wanting to help others.