The camp that makes future millionaires

‘Work hard for a good life’ Getting a head start

Camp Millionaire’s curriculum encourages a nuanced financial literacy many grown-ups do not possess, while also touching on both philanthropy and socially responsible ways to spend money. The sessions focus more on building your own wealth than its redistribution, but Lookman does encourage children to make connections with what’s happening in other countries, like how climate change might impact their investments. “We talk about heatwaves in Paris and what that means for the stocks you’re carrying,” says Lookman.

For the stock market challenge, Lookman gives each of the campers a virtual $10,000 to invest. On day one, when they learn the basics of the stock market – how it works, trading currencies, opening and closing times – she says that the children tend to pick stocks that belong to very familiar companies, like Apple and Disney, without giving it much thought. But a couple of days in, once they’re familiar with dividends and other relevant information, they start scrutinizing companies based on a much wider range of variables. “You see the children evolve quite a bit in five days,” says Lookman.

Others get a head start. Alexandra Reeves, 10, says she often listens to economics podcasts and that she scoured Barron’s (a US financial publication) in search of an affordable tech stock, before camp started. She’s interested in how going to Camp Millionaire might help her save enough money to pay for university.

James Begin, 13, lost money on the stock market challenge on the first day by investing in Blockchain, but then made a virtual $1,000 overnight by investing in Golden Star Resources, a Canadian company with mines in Ghana. Begin says he’s learned how banks make money, but is still confused by how President Trump’s tweets can move the stock market. “It’s pretty insane that one person can affect trillions of dollars,” he says.

‘Learn now, with a safety net’

It’s not just summer camps; money advice for young children and teens is increasingly becoming a cottage industry. Budding young speculators can try out a new crypto-currency piggy bank from start-up Pigzbe. “Teen Boss” magazine has headlines like “How to build your brand by being you.”

Frazier points out that kids are learning about money whether they know it or not. “Parents need to make it intentional by paying attention to the conversations they’re having with their kids,” she says.

Finance camps are one way to make those conversations intentional and to avoid colouring advice or education with personal baggage. “You just want them to understand money as a tool,” says Frazier. “It’s not good or bad, it’s neutral. They need to learn the idea that wants come after the needs, why money is important and how we earn money. Then build on that.”

While the children at Camp Millionaire had clearly mastered the meaning of compound interest, they were still kids. At break time, shortly after a conversation about the renegotiation of the North American Free Trade Agreement, several of them attempted to clobber each other with a big rubber ball. Later in the afternoon, they gathered in the courtyard to tie-dye shirts.

For the most part, their thoughts on money were relatively short-term. Many liked the idea of playing shares, of being able to help pay for university or maybe buy a car one day, but they didn’t appear to have grand aspirations of power or greedy accumulation.

“Everyone needs money to get anything in life, whether you’re broke or part of the 1%, and it make more sense to learn now while you still have your parents as a safety net,” says Abtin Abbaspour, a 16-year-old counsellor at Camp Millionaire.

Abbaspour is learning to drive and he used to have his eye on something flashy. “But now when I think about the money coming out of my pocket, I’ll settle for a Honda Civic.”