Hussein Luqman was rapidly scouring the stock market index in a rented room at a church in a prosperous Toronto suburb.
She begins by describing another stock market term, market capitalization, by asking about the stock market term ‘volume’.
But it’s not even a school room or a lecture hall of a local college. Hasina Luqman is the project manager for ‘Camp Millionaire’ or the millionaire camp. He also laid the foundation, and among his dozen students, all students are between 10 and 14 years old.
He extracted financial documents from the Disney Company, which, in addition to other information about the company, could have seen a significant decline in the value of its shares in recent years. One child whispered, ‘When the religion came, I made this condition.’
About students from different linguistic backgrounds, she says most of her students are from middle or wealthy families. The fee to attend the camp for a week is $ 275 Canadian, but Hussein says she also finances poor children.
They said that they did not just want to be rich here. He says almost all the children belong to families where both of their parents earn and they fully understand that to earn a good living is to work hard.
“They come here to learn how to earn enough money to go to university and somehow make sure they can have a good life.”
A new generation of talented entrepreneurs
When many of us remember our summer vacations, we might remember how we used to spend hours playing, swimming or theater outside the ‘summer camps’.
But in recent years, most ‘summer camps’, as well as books and magazines, have been teaching children how to make money and make money.
Finance camps like Camp Millionaire are also growing in North America. In the US state of Denver, there is a camp called ‘Junior Money Matter’ that teaches children the theory of international trade before they reach puberty.
The kids involved in the Summer Camp in Austin called ‘Moola Yu’ are actually doing business, making their products and selling them.
In Hong Kong, the ‘Kids Business Academy’ hosts a holiday camp where children aged eight to 14 try to understand business practices, which include everything from designing their products to raising money.
In Canada, ‘Camp Millionaire’ teaches business in more detail, including budgeting, saving, investing decisions and more sophisticated financing concepts. For example, how will the trade war with China affect Canada’s small business owners?
According to Hasina Luqman, these are the youngest children in the market share.
Such a campus has raised many interesting questions. What is the financial or financial education for a seven- or 13-year-old child? How does this money-making training align with the moral values that parents want to create in their children?
Are such camps not strengthening the class system and can it help low-resource children to move forward?
In an era when parents seem to complain about how difficult it is to stop the vast amount of information that children have access to? Don’t the global financial system and capital raising fall into the category too soon?
Work hard for a good life
The Millionaire Camp’s curriculum offers sophisticated financial education that even the good old people do not receive, and it also emphasizes charitable work and responsible social spending.
Millionaire camp classes focus on making more money than distributing money. But Hussein Luqman is aware of the situation in other countries, such as the effects of climate change on business.
For the stock market experience, Hasina gives each of the camp attendants ten thousand dollars for the stock market.
He said that on the first day when they were being provided basic information about the stock market, how the stock market operates, when the stock closed, how the shares were bought and sold, and when it opened and closed, the children thought without question. Understandably, large and well-known companies like Apple and Disney began to choose shares.
But in a few days, as they get more information, they start looking at companies more closely. According to Luqman, you can see children changing in just five days.
Some children are already well known. Alexandra Weaves, 10, says she often listens to the Economy Podcast and reads the American Journal of Financial Affairs before entering camp.
They aim to learn how participating in Camp Millionaire helps them save money for university education.
James Bagan, 13, wasted a lot of money on his first day in the stock market challenge, but made a lot of money by investing in a stake in a Canadian company called Golden Star Resources, which has a mine in Ghana.
Bagan said he understood how banks make money, but they are still confused about how President Trump’s tweets are causing the stock market to rise and fall.
He said that it was incomprehensible how a person could impact a billion-dollar business.
This trend is indicative of growing middle class anxiety about the financial future and is particularly interesting to examine.
Credit card and education loans are high and many people do not have much savings for retirement, says Liz Fraser, a financial planner and author of a book.
He says the main reason for this is the lack of education on financial matters. “I think it is becoming increasingly clear that this capability is essential for life.”
Some experts are pushing schools to include financial education as an important part of the curriculum, some are incorporating it into calculus lessons but have had limited success.
A study conducted by the University of Illinois on a study conducted by 3,000 young people found that one-third of them were in a financially strained state, one of the reasons for poor financial attitude.
Benjamin, a software product manager at IBM Company whose 14-year-old daughter joined Kira’s camp, has been advising people. They say these camps provide a great opportunity to address this shortcoming in education.
They say children need to make their own decisions and understand the pros and cons. They especially liked the training part about the stock market, where kids often waste a lot of money.
Children 10 to 14 years of age have no prior experience. This gives them a rough idea of the risks.
Learning in a safe environment
Financial advice and education for young children is not just limited to winter campuses, it is now becoming a home-grown industry.
Emerging teenagers can start with a new crypto currency called Biggie Bank. Heading into a magazine called Ten Boss, How Can You Build Your Brand?
Frazers indicate that children are learning about money whether they know it or not. They say that parents should deliberately include these issues in their conversations with their children.
Finance campuses are a way of training that you talk about clearly and refrain from giving meaningless advice and experience.
They say your goal is to make money a source. ‘This is not a good thing. They need to understand why money is important and why it is important to make it and then talk about it the rest. ‘
Children at Camp Millionaire, despite their early adolescence, understand the meaning of compound interest. During the break after intense debate over the North American trade deal, children often hit each other with rubber balls.
His mind was focused on financial matters for a very short period of time. Many liked the business shares so that they could pay their university fees or buy a car one day, but they did not wish to gain too much power or to accumulate too much money.
“Everybody needs money to get anything in life, whether you are very poor or you are one percent of the lucky ones,” said 16-year-old councilor at Camp Millionaire. Understandably, when you are in the safe shadow of your parents, you can learn all this. ‘
Abbaspur is learning to drive and one day he wanted to buy a big car. “But now if I have the money I will do the Honda Civic.”