Dear Editor,

Last week I urged a certain politician to carry a positive message to his constituents. This week, I wish to go further.

I will always remember the former Minister of Education Fayval Williams for one thing. At an annual general meeting of the Jamaica Teacher’s Association (JTA), she urged teachers to get into the stock market. She even pointed out that there was an initial public offering (lPO) that had reserved a certain number of shares for teachers. This is one of the best pieces of advice that an employer could give to his/her employees. However, I don’t think that many followed her advice.

I have a concern for teachers, nurses, police officers, civil servants, and government workers in general. Many in this group think mainly in terms of salary. People, it is not salary or money in a savings account that is going to build wealth! It is not so much how much you earn that’s important but what you do with your money.

I wish to interject here that employers need to have workshops on financial literacy for their employees. Just before the start of every school year schools organise meetings with their staff. Do they only discuss matters of teaching and learning? If they do, this is woefully inadequate. They need to discuss such matters as the physical and financial well-being of the teacher.

The average Jamaican doesn’t know the value of money. This is evident by the number of $1.00 coins you see on the ground in towns around Jamaica and the shops that rob you of your change: $2.00 here, $4.00 there. To the truly wealthy, a cent is important.

This brings me back to the stock market. Again, to the average Jamaican, that is “big man tings”. Nothing could be further from the truth. Please read the story of Ronald Read, a janitor, who became a multimillionaire.

For the past three years or so, there have been a number of $1.00 IPOs. Yes, stocks for $1.00 each. More than that. As you read this you can even get stocks for less than $0.50. Yes, you read right. So stop this nonsense about the stock market being “big man tings”.

What I would encourage politicians to do is to have financial literacy workshops for their constituents. I think especially St Andrew Southern and St Andrew South Western. Money passes through the hands of these people too.

What irks me is that just under two decades ago many Jamaicans took money and “invested” with a man who promised them 10 per cent interest per month. This through a combination of financial ignorance and greed. This money — close to $10 billion — could have been pumped into the Jamaican economy for productive use.

In the Wisynco IPO of 2017, 7,700 applications were approved of which 900 came from employees. This is good. I imagine that this figure represented at least 50 per cent of their then workforce. With this the employees receive not just a salary but dividends from their employer. They’re not just employees, but shareholders.

Speak to a wealth advisor before the end of the month.

Norman W M Thompson

norms74160@gmail.com