Posted by Bill Neagus on Jul 10, 2018
ATTENDANCE – There were 16 Farmington Rotarians in attendance.
RAFFLE – Wink Tharpe had the winning ticket, but pulled the ace of clubs from the deck of playing cards instead of the ace of spades and therefore lost the pot.
BIRTHDAYS – Ken Coco’s birthday is today.
ANNIVERSARIES – Mike and Martha Cheshire will celebrate their wedding anniversary Thursday, July 12, while Joe and Myra Voves will celebrate theirs on Friday, July 13.
HAPPY BUCKS – Donations were made in honor of our speaker; our past president; the Yankees; and Diane Kennedy going to see her uncle.
SPEAKER – Bob Bessel, a public relations and marketing professional based in Canton, spoke to us about financial literacy for children.
Bob, who will help launch a new magazine called AUM (Assets Under Management) Boston on Thursday, explained how important it is, particularly in the high-tech world we live in today, that children are taught how to save money, etc., as they grow.
He noted that when handed cash instead of a credit card or debit card, many waitresses, waiters and retail cashiers are “dumbfounded” and don’t know what to do with it. He recalled that he and his wife recently ate at a New York City restaurant that refused to accept cash – they only accepted credit cards or checks.
Bob, a Canton resident and chair of the Canton Economic Development Authority, recalled that a Torrington group has a program intended to teach teenagers about financial literacy. The program asks the students what they expect their annual salaries will be when they graduate from college. The majority answer, he said, was $140,000.
“They have no clue,” he said.
Bob suggested teaching children to save money early.
“It’s the small things that matter,” like putting left over pocket change in a jar, then depositing that money in a savings account, he said.
Another method was establishing “zero,” that is, the least amount of money people will need to get buy. For instance, Bob suggested tracking your expenses for a month or two. The resulting figure becomes “zero.”