By Bill Quain
On Monday, April 8, Ocean City experienced a solar eclipse. This event coincided with Financial Literacy Month, which occurs every year in April. The convergence of these two events reminds me of a story passed down for generations through my family. I wanted to share it with my readers because there’s a lesson to be learned. It’s a great reminder that “correlation is not causation.” You see, in ancient Ireland, the Quain family fortune was made when Shamus Quain, an ordinary, mud-hut-dwelling Irish peasant, saved his village, (and perhaps the world), by bringing back the sun.
Shamus Quain brings back the sun.
In early and ancient times, the Quain family lived in a small, mud-hut Irish village, in an area that would later become known as Roscommon. Shamus Quain lived there with his wife and 14 children. Like every other villager in those days, he was a superstitious man. Like everyone else, the Quain family lived in fear most of the time, because much of the world was beyond their control. They were farmers at the mercy of the weather. In dry seasons, the crops were scarce. When there was a heavy rainy season, it got even worse, because the mud huts would soften and sometimes collapse. Although these were tough times, the peasant farmers could always depend on one thing – the sun. It warmed their fields and brought a feeling of health and well-being to everyone.
However, on April 8, 1024 (ironically) the unthinkable happened. At 2 o’clock in the afternoon, the sun disappeared! It didn’t happen all at once. As the frightened villagers looked up, a shadow slowly crept across the face of the life-giving sun. Soon, it was completely covered, and the world went dark. Children screamed, and women fainted. Even the Druid priests, who normally face down these dangers, ran into their huts to hide. Everyone in the village was sure that the world was ending. All hope was lost.
But not Shamus Quain! Like everyone else, he ran into his hut, but not to hide. Shamus grabbed his huge Irish bone drum (called bodhran) and ran back out into the center of the village. Standing there unafraid, Shamus looked up to the sky, began beating the drum, and commanded the sun to return. And guess what? It did! It came back, and its warm rays lifted the spirits of all the villagers. Shamus was declared a hero. The villagers all brought the Quain family gifts of thanks: chickens, goats, potatoes, and Guinness beer. It changed the Quain family’s fortunes forever.
Over the years, the tradition continues.
Over the years, generation after generation, the oldest Quain man of the clan was responsible for restoring the sun. On Monday, April 8, 2024, it was my turn. I was out there with my bodhran drum. So, while your children cried, and the dogs howled, I was at my post, drumming away. Did it work? Well, you know it did! So, go buy those beach tags, because your summer is saved! Please don’t bother bringing me chickens and goats. There are strict ordinances in Ocean City about that. Feel free to buy me a Guinness beer at Passion Vines. If I’m not there, just leave a donation with my fellow Shore Local columnist David Setley. He’ll make sure that a frothy pint slides down the bar in front of me the next time I’m there.
Here’s the lesson: Correlation isn’t causation.
What is the big difference between Shamus Quain’s actions and the ones I carried out on Monday, April 8? Well, back then, the villagers thought that Shamus’ actions actually caused the sun to return. In fact, for many generations after that, people assumed that beating on a drum was the cause of the sun returning. Now, scientists recognize that while there was a 100% correlation between beating the drum and the sun coming back, there was a 0% causation.
Correlation occurs when two things happen at the same time. Correlation can be very useful because it can predict a future occurrence. However, just because two things occur simultaneously does not mean that one causes the other to happen.
Financial literacy does not cause prosperity.
Okay, you were probably wondering when I was going to bring this whole thing together and circle back to financial literacy. Well, here it is! Financial literacy does not cause financial prosperity. The correlation between financial literacy and financial prosperity might be high, but it is not a matter of causation.
I teach a course at Stockton University called “Make Money & Pay it Forward,” so I am always on the lookout for resources that would be beneficial to my students. This week, I attended an online workshop called “A Deep Dive into Budgeting.” It was very good, but it was missing one important thing. It never gave people a reason to make a change, to do something! Participation in this workshop did not cause the participants to become financially prosperous. You see, knowing something and doing something are two completely different things. As I said to my students, “It’s not what you know; it’s what you do!”
I can’t make the sun return.
I know that beating my drum on April 8 did not make the sun return. And just telling people about financial ideas will not make them prosperous. Here’s what I can do for you. In my next two April columns, I’ll share some secrets about turning financial literacy into financial prosperity. I hope you’ll join me.
As always, I’d love to get your feedback. Just shoot me an email at bill@quain.com. Check out my website, www.billquain.com, to learn more about my story, my speaking, and my writing. As I say each week, I’ll see you in the papers!
Bill is a Professor in Stockton University’s Hospitality Management Program. He is the author of 27 books, and a highly-respected speaker. Even though he is almost totally blind, Bill is a long-distance runner and runs the Ocean City Half Marathon each year. He lives in Ocean City with his wife Jeanne, and his Guide Dog Trudy. Visit www.billquain.com or email him at bill@quain.com.
