On April 18 2022, a financial literacy contest was announced for all readers of this Moneywise column, seeking five winners.

The contest invited any interested contestants to describe in 200 words or less what financial literacy / wellness means to you, and how it helps you, or can help you improve your financial lifestyle. The focus should be on Bermuda’s financial environment, rather than overseas.

Each winner would receive a complementary paperback copy of The Bermuda Islander Financial Literacy Primer Series – Book One: The Dawn of New Beginnings, A Back-2-Basics Financial Review to Dramatically Improve Your Lifestyle by myself, a passionate promoter of financial literacy.

Further the winner would agree to have his/her wonderful essay posted in this column sometime after the contest was over.

There was only one entry!

This result was not surprising.

It takes a lot of courage, determination, and time to share financial concerns and then put those thoughts into a written finance essay.

This single entry was an inspiring piece and I want to thank this participant again for taking the time to share financial thoughts for publication.

Additionally, the winner was awarded all five books, allowing financial information specifically relative to Bermuda’s environment to be passed on, helping other Bermuda residents.

An additional wonderful benefit has been that I have been able to digitally meet this contest winner who has provided further terrific information on how an individual’s financial journey has progressed since April 2022, even with additional inflation hurdles.

Here is one person’s financial literacy essay on the journey to financial wellness – provided on an anonymous basis:

“As I now unexpectedly transition back to singlehood in the latter half of my life, financial literacy has become a matter of urgency and one of necessity for me.

“Previous to the turbulent times of the Covid pandemic, quarantine isolation, work permanency depressingly uncertain, so replete with stressful unforeseen changes – as in the subsequent loss of a dear family member to the illness, I lived my days with a no-worries attitude while happy to have my significant other take on primary financial affairs management.

“If things were getting tight before month end, we would agree to ease up on spending.

“Now, after mourning so many losses, I realise that I am solely responsible for my financial wellbeing.

“Thus, financial literacy means more than just the understanding of basic money and financial concepts.

“To me, FinLit is about taking responsibility and charge of my present and more importantly, my future.

“FinLit is genuinely an exploration of self-awareness as I determine what my values are, which then prioritises my financial goals and allows me to make informed decisions about the financial lifestyle I desire to have.

“FinLit reduces my stress levels regarding finances and my financial future, which in turn provides me a sense of peace, wellbeing and contentment.

“FinLit is literally a game changer for me as I reinvent ME, now a single individual with financial knowledge, knowhow and savviness.”

Journey to financial awareness

This individual noted that the changing attitude towards managing finances all began with taking the CFA Bermuda Financial Literacy course in 2021 – that course, so favourably received, incentivised gaining knowledge to plan for the future.

Then, submitting the essay to The Royal Gazette formed the plan beginning.

Then, reviewing The Dawn Of New Beginnings: Bermuda’s First Financial Literacy Primer actioned the planning process.

Putting financial literacy into action

In a future article, our winner describes actions planned, implemented, and now in place.

What do you value?

The first item that our winner mentioned in exploration of self-awareness, was to determine what those individual personal values are.

If you ask someone what they value most, what do you think the answer would be?

Self-esteem, outward display of wealth, your health, your family, your jewellery, your home, your latest collectible, social standing, your faith, your relationship to someone, something?

Almost never will you hear, “I value my intellect, and my integrity”. Yet, these two values are probably the most important acquisitions that you will ever own – and you have them already!

How is value quantified?

It is:

• Rare, not much out there, few can own it, the rest of us may aspire to have it.

• Deemed extremely precious in collective social minds. If diamonds were considered the same value as an ordinary saucepan, who would want to own any?

• Appreciates over time – a thing that may have been used as a chamber pot 5,000 years ago is historically valuable today

• Ideas, ideas, that were so radical at one time, not fit for the ordinary person’s contemplation, are now adapted to commonplace use today. Ideas now so valuable, they are patented as intellectual property: inventions, music, thought processes, digital processes and so much more.

• Personal integrity, friendship, trust – intrinsic values, how do you value those?

Your thought process now in reading this, may be: “Who cares? This just seems to be a semantic discussion about nothing.”

However, it is far more than that. How we value anything, particularly ourselves, almost involuntarily leads to how we make our decisions in:

• Relationships

• Acquisitions

• Careers

• Everyday matters

• Time

• Power

• Money

To explore this topic further, listen to my podcast on “Valuing Yourself”, attached to this article.

To be continued.

Readers, I am always looking for personal stories on how an individual or a family has managed their finances, or met a financial challenge, or needed additional information or resources for a financial decision, or would like to see more Moneywise focus on certain topics.

Please feel free to contact me at martha.myron@gmail.com

Don’t forget the CFA Bermuda Financial Literacy Series 2022, part of the Bermuda College PACE programme, which will commence Wednesday evenings on Zoom, 6pm to 8pm for four weeks, starting on Wednesday, September 28.

Registration details are available at the PACE website.

• Martha Harris Myron is a native Bermuda islander with US connections. Author of Bermuda’s First Financial Literacy Primer – the Dawn of New Beginnings, and also the Bermuda – Bermy Island Finance Blog. Contact: martha.myron@gmail.com