How Do I Teach My Kids About Money?

00:00:00.000 | Welcome back to our show, Portfolio Rescue. This is a show where you, the viewers, hand

00:00:22.640 | out the topics through your questions. Our inbox is overflowing. Duncan and I don't have

00:00:26.560 | enough time to get to all of them. We're trying. If you have a question, email us askthecompoundshow@gmail.com.

00:00:32.240 | Reminder, quick disclaimer, this show is for informational purposes only. It should not

00:00:36.360 | be relied upon for investment decisions. We're filming one day early today because tomorrow's

00:00:40.320 | obviously Thanksgiving. Duncan, any big plans?

00:00:42.600 | Just getting together with some family and eating some good food.

00:00:47.360 | All right. Biggest bar night of the year. Yes for you, no?

00:00:50.680 | No.

00:00:51.680 | It's amateur hour, right?

00:00:52.680 | Yeah, no. I'm actually running a 5K tomorrow morning.

00:00:55.560 | Okay, nice. Turkey run, is that what they call it?

00:00:58.120 | Yeah, something like that, yeah.

00:00:59.720 | All right. Remember, it's not just going to be me answering these questions. I'm going

00:01:02.680 | to answer some of them on my own, but I also have an expert waiting in the wings who's

00:01:05.440 | going to help me. Duncan, let's do it.

00:01:08.440 | Okay. First up today, Brett writes, "I'm 64 and my wife is 53. Due to good fortune and

00:01:16.440 | patience, our savings and investments have appreciated quite a bit over the years. We

00:01:21.960 | have $2.1 million in a rollover IRA, that is 75% stocks and 25% cash, $1.65 million

00:01:28.480 | in pre-tax accounts held more than a year, and $500,000 of post-tax cash. We also have

00:01:34.360 | about $1.4 million in home equity with a $175,000 mortgage debt at 2.99%, and neither of us

00:01:43.520 | works anymore. The reason I'm writing is that we don't have much in the way of income from

00:01:47.600 | our investments, just a lot of capital appreciation primarily from tech stocks.

00:01:51.760 | I'd like some advice on ways to reapportion these investments into a portfolio that provides

00:01:56.000 | more dividends, but in a tax-efficient way."

00:01:59.440 | First off, nicely done here. This is a nice-looking portfolio, financial plan. I do want to mention,

00:02:04.480 | we got a few comments last week about the guy who said, "Hey, I'm selling my house.

00:02:08.200 | I'm probably going to make half a million bucks on it, but that's not a lot of money."

00:02:12.720 | Don't get caught up in the numbers on these questions. This person here, obviously, is

00:02:15.920 | doing very well for themselves. They've retired early. They have more than $4 million. They're

00:02:21.040 | doing great. I'm more concerned about the decision-making framework here. First of all,

00:02:28.020 | this person has a tech-heavy portfolio, and it makes sense that they have lower dividends

00:02:31.680 | in their portfolio income, because tech stocks tend to have lower dividend yields than more

00:02:35.320 | blue-chip stocks.

00:02:36.320 | For instance, the Nasdaq 100 currently has a dividend yield of about 50 basis points,

00:02:39.520 | 0.5, 0.5%. If you look at the Dow Jones Industrial Average, that's closer to 2%. Those are more

00:02:43.760 | blue-chip stocks. They've been around longer. They're a little more stable. They pay out

00:02:48.780 | higher dividends, because most of these tech stocks are reinvesting, because they're such

00:02:52.720 | fast-growing companies.

00:02:54.800 | I think there's two questions you need to ask yourself about this, when you want to

00:02:57.080 | go from capital appreciation and growth to more income. Number one, am I looking to add

00:03:02.520 | more income to my portfolio because I want to diversify away from tech stocks? That makes

00:03:06.320 | sense to me. You've made a lot of gains here. You want to get away. Or, two, am I looking

00:03:11.560 | to add more income to my portfolio because I don't want to touch the principal balance?

00:03:15.000 | That I don't think makes as much sense. Let me show you why.

00:03:17.320 | So, John, let's do a chart on here of AT&T's dividend yield over time. This is AT&T's dividend

00:03:21.940 | yield over the past 10 years. It's really high right now, mainly because the stock has

00:03:27.100 | gotten crushed. But the average dividend yield for AT&T stock for the past 10 years is 5.7%.

00:03:32.820 | You're getting almost 6% dividend yield for 10 years. Now, let's do another chart on.

00:03:37.340 | This is the return of AT&T stock versus the S&P 500 over 10 years. The S&P is up nearly

00:03:42.020 | 400%, and this is total return. So, AT&T, they're up about 60%, a little less than 60%,

00:03:47.660 | with dividends. Basically, that entire return is dividends, because their price is actually

00:03:51.580 | down over that time. And so, I just want to make sure that people aren't too caught up

00:03:56.180 | in just earning income, because total return is really the only thing that matters. Right?

00:04:00.940 | And so, if you're doing this because you think you need more income, that's not always the

00:04:02.900 | best answer. Income can play an important role in your portfolio, but total return is

00:04:07.060 | the only thing that matters. And I know some people have an aversion to dipping into their

00:04:10.100 | principal balance, because they think that something bad is going to happen if they all

00:04:12.680 | of a sudden sell. But you can always create your own dividend stream by simply selling

00:04:16.540 | shares in stocks or the funds that you own.

00:04:19.260 | Now, if you want to diversify from tech stocks, that's a different story. Obviously, the simple

00:04:23.160 | answer here is just to take some gains from your tax-deferred accounts. You don't pay

00:04:27.580 | the capital gains taxes. If you're going to do a portfolio rebalance, do it in the tax-deferred

00:04:32.380 | way. Don't take the gains and pay the taxes on them, and then put it into income-producing

00:04:39.560 | assets that you're paying taxes on again.

00:04:42.260 | So, finding reliable income sources is another story. So, you're looking at, okay, dividend-paying

00:04:47.180 | stocks, potentially REITs, high-yield bonds, preferred stocks, convertibles maybe. All

00:04:51.140 | these things. We've looked into all this stuff. Anything with higher yield right now comes

00:04:55.340 | with higher return. That's period, end of story. There's more risk. Most of these other

00:05:00.660 | asset classes that have high income also have high drawdowns, like the stock market. So,

00:05:06.060 | in March 2020, you look at anything that had a high yield, it got crushed, just like the

00:05:09.420 | stock market. So, I don't know. If you're really going to look into some of these different

00:05:13.040 | income streams and you want to have a more income portfolio, that's fine. Just diversify

00:05:17.000 | those streams, probably, because some of them are going to get crushed as well. But also,

00:05:21.040 | remember, you can make your own dividends. Just sell some shares of your stock. If you're

00:05:24.920 | happy with your current strategy, that's fine. You don't have to have dividends in income

00:05:29.760 | just because you don't want to touch the principal balance.

00:05:32.000 | O'Reilly: Yeah. AT&T looks painful when you're looking at it like that.

00:05:35.400 | Lewis: I think the price is back to 1996 levels. It's tough. It's basically all dividends.

00:05:40.840 | O'Reilly: Yeah. That fat dividend.

00:05:43.080 | Lewis: Yeah, that's the thing that brings people in. "Oh, you're getting 8%!" But, also,

00:05:47.300 | the stock is highly volatile and it's been going down. Okay, let's do the next one.

00:05:50.700 | O'Reilly: Alright. Up next. "I've worked in financial due diligence at a Big Four accounting

00:05:55.100 | firm for the past 11 months and just signed an offer to move to a firm that is growing

00:05:59.740 | their own in-house due diligence team very quickly. They offer the same base pay, but

00:06:03.680 | the VC opportunity is two to four times what is possible at a Big Four. What is your take

00:06:08.120 | on making a move so early in my career?" This is a lot of questions, but I think they're

00:06:11.460 | good, so we'll go through them all. "To what extent do you think this type of churn in

00:06:15.220 | the financial services industry will continue, given the hot job market? Am I buying high

00:06:19.780 | in this cycle and putting myself at risk of being one of the newest employees at a publicly

00:06:23.760 | traded firm that could cut labor if things go south? Is the move I'm making worth giving

00:06:28.500 | up a more favorable work-life balance in the short term for better long-term earnings potential?"

00:06:33.220 | That last one's a big one, right?

00:06:36.480 | Lewis: First of all, don't look a gift horse in the mouth here. Don't worry about the hot

00:06:42.140 | job market. When I came out of college, the job market was awful. So, if you're in a hot

00:06:45.940 | job market, don't worry about that. That's a good thing. Also, most career advice is

00:06:50.360 | basically useless. Follow your passion, do what I did. Most people don't understand how

00:06:56.260 | much of their actual career path was based on luck. Sorry. I couldn't have planned out

00:07:04.840 | my career path the way it went. If I would have, after college, said, "I'm going to do

00:07:08.300 | this, and then I'm going to do this, and then I'm going to do this. I'm going to start a

00:07:10.140 | blog, and then a podcast comes, and a YouTube channel, all this stuff. I'm going to work

00:07:13.420 | for this RIA in New York, and I'm going to live in Grand Rapids." All this stuff that

00:07:16.320 | happened in my career was happenstance and luck and hard work. Basically, most of the

00:07:21.820 | stuff you get, just follow your passion, says the guy who got a job from his dad, and he's

00:07:26.100 | going to take over his manufacturing cram or whatever. The good thing is, you don't

00:07:29.940 | have to have it all figured out in your 20s. There's a lot of career paths, especially

00:07:33.220 | in the finance field. I think diversifying your opportunity set, first of all, makes

00:07:37.980 | a lot of sense. That's number one. I think taking new jobs and diversifying your opportunity

00:07:42.540 | set is a good thing. I think it's good to have diversification on your resume. I also

00:07:47.100 | think now is the time in your 20s to take a little risk. If you're worried about this

00:07:50.420 | company that, well, it could go under, and it's not going to work out, I think now is

00:07:53.500 | the time you want to do this. When you're in your 30s and you're more settled down,

00:07:56.460 | and you have bigger responsibilities, that's the time where you can't take as many risks.

00:08:00.460 | I also think there's this idea between learning and earning early in your career. My first

00:08:06.220 | boss at the internship I had complained about or talked about how he worked at an investment

00:08:10.700 | banking shop. In the first 18 months, he said he had three days off total. He was working

00:08:14.400 | all these nights and weekends. He had three total days off in the first 18 months, and

00:08:17.580 | he wore that as a badge of honor. He thought it was awesome. Me, not being the type A personality

00:08:22.540 | like he was, thought, "That sounds awful. I am certainly not going into investment banking."

00:08:27.260 | Now, that could also have been because of my GPA, and they probably wouldn't have taken

00:08:30.540 | me. He said it was basically his MBA. It helped boost his career. I took a different route.

00:08:36.660 | I decided to go to a job that paid me basically nothing. All of my friends after college were

00:08:42.180 | earning way more money than me. I got to do a job for three years where I learned a ton.

00:08:46.420 | I still go back to stuff that I learned in my very first job. I think this idea between

00:08:50.260 | learning and earning is important. This question is worried about the work-life balance. I

00:08:57.940 | think a lot of it depends on your personality. Do you want to be one of these people that's

00:09:01.340 | attached to your job? I'm not saying there's a right or wrong answer here, but are you

00:09:04.300 | a type A personality that your job and your salary, that's everything to you in your 20s?

00:09:09.420 | Some people are like that. That's fine. That wasn't me, but some people are like that.

00:09:12.520 | I think it depends on what you want to get out of your career and what you want to get

00:09:14.980 | out of your youth. Do you want to look back in 10 years and realize, "Geez, I could have

00:09:18.260 | had so much more fun in my 20s. Now I'm settling down. I have a family. I think I really wasted

00:09:23.300 | those years by working all the time." Or you could say, "Listen, I wanted to work hard

00:09:26.940 | in my 20s so I could bump up the baseline of my salary. That way in future years, it's

00:09:31.180 | compounded on top of each other in any future job I get. It's starting from a higher baseline

00:09:35.100 | because I earn more money." I think it depends what you want to get out of it.

00:09:38.420 | I've personally never worked a job before where I'm working past 5 o'clock and I'm working

00:09:42.340 | on the weekends unless I really wanted to, writing and reading and that sort of stuff.

00:09:47.020 | I think it really depends on your personality type and if you're that type that really needs

00:09:50.980 | to have that. What do you think, Duncan?

00:09:53.060 | Yeah. It kind of reminds me of what you guys talk about a lot with retirement in general,

00:09:57.220 | like doing things today for a day far into the future but trying to make the best balance

00:10:02.740 | of your current life with your future life.

00:10:05.620 | I also think work-life balance is basically bullshit. No one actually has that balance

00:10:10.460 | in life because if you spend too much time at work, you're like, "I'm missing out on

00:10:14.980 | friends and family and hobbies." If you spend more time with friends and family and hobbies,

00:10:18.500 | then you're like, "Oh, jeez. I could be working and increasing my career and doing better."

00:10:23.340 | There really is no balance for most people. I think most of the time, you just have to

00:10:26.260 | kind of vary between each of them.

00:10:29.180 | Yeah. I agree.

00:10:30.420 | All right. What's the next one?

00:10:33.220 | Next up, question three. Oh, by the way, that last one was from Nick. I didn't mention.

00:10:38.280 | Next up, we have a question from Glent who writes, "I work in the arts and just lost

00:10:41.940 | my job. I'm trying to figure out what to do next. I've saved a decent amount of cash and

00:10:46.060 | want to figure out what to do with it. I will be debt-free soon and have saved up with the

00:10:49.940 | intention of taking some time off to fund my own film projects. I have about $350,000

00:10:54.820 | in personal cash, $300,000 in a business account, and $100,000 in my 401(k). During the pandemic,

00:11:00.740 | I put it all into high-interest savings account at about 1.5%, which was good for cash flow,

00:11:06.220 | but I understand this isn't the best thing, especially with higher inflation. I'm a very

00:11:09.900 | light spender, so I can live on about $30,000 a year. Now that I'm unemployed, what should

00:11:14.140 | I do with this cash? Ideally, I would like to give myself a bit of income and cash flow

00:11:18.900 | during unemployment, as well as invest for the future."

00:11:22.100 | By the way, someone in the comments said this must be an NFT artist, which is pretty good.

00:11:26.820 | This seems like an investment question. It's probably really a personal finance and financial

00:11:30.340 | planning question, so I'm actually going to bring in an expert here. Dina Isola, who is

00:11:34.500 | a rockstar financial planner for us, is going to help me answer this one because she works

00:11:37.780 | with clients of varying financial circumstances. Dina?

00:11:41.280 | Isola: Hello.

00:11:42.300 | Lewis: How's it going?

00:11:43.620 | Isola: Good! Good to be here.

00:11:45.340 | Lewis: So, this is a person who has a pretty good financial nut, right? They have a good

00:11:50.420 | amount of money set aside. They're out of a job. It sounds like they probably could

00:11:53.300 | get another if they wanted to. What are you thinking here? This is almost like they're

00:11:57.340 | retired in some way. How do you think about this from a financial planning perspective,

00:12:01.140 | and also a portfolio management perspective, from keeping this money safe? What do you think?

00:12:04.940 | Isola: Well, first of all, I just want to say he's done a really good job because for

00:12:08.340 | him the value of money is the freedom it's going to afford him to do these projects that

00:12:13.220 | he wants to do. He was very cognizant of that, and in doing that, he stockpiled a lot of

00:12:19.620 | cash, which is a very good thing. That being said, he does raise an interesting point,

00:12:24.060 | which is the whole inflation component. He's got a lot in cash. I'm hoping he didn't mean

00:12:28.940 | his 401(k) is in cash as well, because that should be invested differently, obviously.

00:12:35.460 | The key here is he's still going to need quite a bit of cash, because if he expects to be

00:12:41.020 | out of the full-time working world doing his project for one to three years, and he's spending

00:12:46.460 | about $30,000 a year, I would probably keep about $100,000 in cash.

00:12:50.980 | Lewis: I was going to ask that. Do you think the best way to go about this is, how many

00:12:55.140 | years' worth of spending do I want to keep safe? That gives you an idea of how you can

00:12:59.340 | invest the rest of it, right?

00:13:01.420 | Maxfield: Correct. He needs that cushion, because if he's working on a film and he's

00:13:07.660 | not earning income otherwise, he's going to need that money. I'm assuming the business

00:13:12.260 | account is paying for the project itself, so there's not too much he's going to be doing

00:13:17.900 | with the business account. But I will say this, if he is self-employed, if he doesn't

00:13:22.620 | end up working other than doing freelance stuff, he could set up a single K, and the

00:13:28.700 | business can certainly do some sort of profit sharing with him, a bonus of 25%, and he could

00:13:36.340 | contribute pre-tax dollars to a solo 401(k). That would be a good thing to do with some

00:13:42.940 | of the money as well.

00:13:44.100 | Lewis: If the film starts making some money, they could still potentially keep saving for

00:13:47.420 | retirement along the way in a tax-deferred route.

00:13:49.820 | Maxfield: Exactly. And I would do a Roth. He doesn't say how old he is, but if he's

00:13:56.180 | under 50, it's $6,000. If he's over 50, it's $7,000. He could fund for this year and next

00:14:02.020 | year. That would be a good way to deploy some of that cash. I think IBONZ actually makes

00:14:07.020 | a lot of sense. He can do $10,000 in IBONZ if he does it quickly.

00:14:12.500 | Lewis: Yeah, earning 7% annualized right now, right?

00:14:14.740 | Maxfield: Exactly. I think that changes in April, so you have to pay attention to the

00:14:19.740 | rates, obviously. You'd want to hold it for at least 12 months. You would also realize

00:14:25.900 | that if you forfeit before five years is up, you're going to forfeit three months' worth

00:14:30.420 | of interest. Not a steep price to pay, but just to be aware of. He does that before year

00:14:37.940 | end, puts in $10,000, does another $10,000 in the new year, that accounts for $20,000.

00:14:44.580 | With the rest of the money, I think what I would do there would be, depending upon his

00:14:48.620 | risk tolerance, I would put it into some sort of balanced and/or more bond-heavy portfolio.

00:14:55.180 | Lewis: Duncan is a former film professor, right? Duncan went to film school. How risky

00:15:00.740 | is this, Duncan, going out of a film project like this?

00:15:03.260 | Maxfield: Oh, yeah. Most people don't make indie films for money, because it's not a

00:15:10.180 | reliable thing to do.

00:15:11.180 | Lewis: Is it kind of like a kitchen remodel, where you go in budgeting a certain amount

00:15:14.260 | and you end up spending 20% more every time?

00:15:16.420 | Maxfield: 100%. Except instead of 20%, it's usually double. It's risky, but again, it's

00:15:23.980 | an art. People are doing it for the art, generally speaking. If it makes money, then great. I'd

00:15:29.660 | say most people are just happy if they cover their costs.

00:15:31.820 | Lewis: And Duncan would be happy to publicize it on The Compound if you give him an executive

00:15:36.700 | producer credit, right?

00:15:37.700 | Maxfield: Yeah, sure. There you go.

00:15:39.260 | Lewis: Alright, one more question.

00:15:41.580 | Maxfield: Next up, we have a fun one from Oliver, who writes, "I have two teenage boys

00:15:47.540 | and I want to show them the basics of financial literacy. For example, compound interest,

00:15:51.420 | stocks, bonds, target date funds, etc. Any pointers?"

00:15:55.180 | Lewis: "Like myself, Dina is a parent of twins. My twins are four. Her twins are now

00:16:01.540 | in college. I also have a seven-year-old. Dina, the question I'm trying to ask myself

00:16:05.300 | too, like Oliver who has teenage boys, is, what do you think is a good age to start this?"

00:16:09.900 | Then we can talk about some of the things that we want to teach these kids. When do

00:16:13.260 | you think is a good age to start this? My daughter is seven. The only thing she knows

00:16:17.060 | about money now is that she's got some from the Tooth Fairy and she hoards it, so she's

00:16:20.820 | a saver like me, which is good. She's hoarding all of her money. She sits there and counts

00:16:24.700 | it every day. But when is a good time to start with some of these topics? What are the best

00:16:28.380 | topics to start with?

00:16:29.860 | I'll be honest with you. I probably started talking to children about money maybe prior

00:16:35.660 | to even speaking to my own kids about money. I've been going into elementary schools on

00:16:41.060 | career day and doing personal finance with third graders. The truth of the matter is

00:16:47.020 | kids are curious about money. They may not realize that they're curious about money,

00:16:51.340 | but once you start talking to them about it, time and time again, I watch them light up

00:16:55.820 | over it. Because they realize that, A, if they have some money and they know what to

00:17:00.620 | do with it, they're 10 steps ahead of their friends. Not only their friends, but sometimes

00:17:06.700 | adults, quite frankly. It's a great topic to introduce.

00:17:11.020 | When a child is young, like your daughter, it could be allowance. They need to know what

00:17:16.740 | things cost, what the trade-off is. Suddenly, they become more attentive to how they're

00:17:23.340 | spending, why they're spending, what they're spending it on, whether there's a better price

00:17:26.580 | to be had. They become just more aware. For teenagers, the real takeaway here is they

00:17:34.340 | have to earn money. I cannot emphasize that enough. If you think of money like driving

00:17:40.620 | a car, you wouldn't tell your teenager, "Here are the keys. I gave you a book to read about

00:17:48.380 | driving and you've watched a few movies about driving. Now you're ready to go." No. You've

00:17:53.180 | got to actually instruct the driving part. The same thing happens with money.

00:17:58.460 | Earning it is first and foremost the most important thing because they will treat the

00:18:01.700 | money differently when it's something that they've actually put some sweat equity in

00:18:06.420 | for. I think personal finance probably is more

00:18:10.940 | applicable than teaching them about stocks and bonds and saving and investing. Stuff

00:18:15.500 | like budgeting and spending and debt and spending-wise. Like you said, how much stuff costs? My kids

00:18:20.600 | ask me, "How much does a car cost?" Numbers don't mean anything to them yet. The size

00:18:26.040 | of numbers. They don't really get it yet. I do think that simply starting an allowance...

00:18:31.140 | Now here's a question for you, Deena, as a parent. Do you automatically give kids allowance

00:18:34.980 | or do you make them work for it and do some chores for it?

00:18:39.620 | Me personally, I think it's important that they do something for it so that they understand

00:18:43.860 | that it took them X amount of hours to get X amount of money and then it makes them treat

00:18:49.420 | that money very differently. I do. I feel like when you're given money, it's different

00:18:55.420 | than if you've earned it. I've seen it with my own children. They're less likely to spend

00:19:00.580 | money that they've earned than what has been given to them.

00:19:04.260 | I think I'm going to give my daughter an allowance and I'm going to make her respond to all the

00:19:07.780 | trolls on Twitter that try to actually me. Then she's going to really learn about how

00:19:11.620 | people can be in the real world. That's not bad, right?

00:19:14.260 | Maybe just set her up on Axie Infinity, right? She can be earning income from playing the

00:19:18.180 | game.

00:19:19.180 | All right. Deena, you have a few compound interest charts here. I do think learning

00:19:22.260 | about compound interest is helpful too. So John, why don't we do a chart on here?

00:19:26.020 | Yeah. So we go into the schools and I watch the eyes just open up really wide when we

00:19:34.700 | go through this example. So it's an exaggerated example, albeit, okay, because we're compounding

00:19:41.260 | it a hundred percent a day and that's just not reasonable. But if you're given a penny

00:19:45.620 | every day and it doubles every day over the course of 31 days, we ask the kids, how many

00:19:50.620 | pennies do you think you'd have at the end of that timeframe?

00:19:54.180 | And the staggering answer, I only had one student actually calculate the number, but

00:19:59.980 | it's over $10 million. And you say, well, how the heck is that possible? And that is

00:20:06.460 | the miracle of compounding. And what I like to point out, and that's why I like to show

00:20:10.100 | the numbers that you have here, is that there's a good chunk of time where it's not exciting

00:20:15.260 | at all. It's boring as hell and it would probably be very tempting for somebody to say, I'm

00:20:19.580 | not going to do this anymore. This is just a waste of my time. And meanwhile, you get

00:20:23.540 | to about day 16, 17, that's when it really starts to take off. And so if we did this

00:20:30.640 | experiment in a 28 day month, it would be worth significantly less. I think it's a little

00:20:36.740 | over 1 million versus the 10. So that highlights a few things that are very key basic fundamentals

00:20:43.580 | to good investing that children need to know. One is it requires discipline. You've got

00:20:48.140 | to stick with it. That requires patience. It's going to seem like nothing's going on,

00:20:53.620 | but that's actually, it's percolating. Be patient. The other thing is their biggest

00:20:58.340 | advantage is not their earning potential at this point, it's their time, their youth.

00:21:03.420 | And they feel kind of disempowered at that age. They're not old enough to do certain

00:21:08.980 | things and they can't earn a lot of money. But when you tell them, no, no, no, the biggest

00:21:13.140 | thing that you have going for you is time. And here's the evidence. And you show them

00:21:17.500 | that chart, it's very, very powerful.

00:21:19.860 | Yeah. The idea that my daughter always asks, Dad, what do you actually do? And I tell her

00:21:23.860 | I help people invest their money and trying to explain that you can make money on money.

00:21:28.660 | And she's just kind of sitting there, right? That is a concept that is kind of mind blowing.

00:21:33.420 | If you think about it, I totally agree. All right. I have one more important question

00:21:36.340 | before we get out of here. So last year for Thanksgiving, we didn't meet with family because

00:21:39.880 | COVID and all that stuff was a big worry. And I talked my wife into making steaks instead

00:21:44.260 | of turkey because we weren't going to make a turkey for just us and my kids. Dina, I'm

00:21:48.220 | trying to convince my family to go full-time steaks and no turkey for Thanksgiving. What

00:21:52.660 | do you think? Is that against the rules or can I pull this off someday?

00:21:55.940 | I think you can pull it off. My husband despises turkey to be perfectly honest.

00:22:00.980 | Thank you. I'm with Tony.

00:22:02.220 | So yeah. And I'm not a huge turkey fan myself, but I'll do it for tradition. I think people

00:22:07.900 | should eat what they want to eat.

00:22:09.220 | Yes. It's tradition. People do it because they've always done it, right? Duncan, I know

00:22:11.820 | you don't eat meat. You can be an impartial observer here.

00:22:14.420 | Tim Turkey, I guess, yeah.

00:22:16.340 | Hopefully.

00:22:17.340 | All right.

00:22:18.340 | If you want to have it with family, enjoy and have your blessings and be grateful, right?

00:22:23.220 | All right. Yep. Have some thoughts today. Let me know what you think about my steak

00:22:25.740 | versus turkey thing. I'm going to try to make it happen. Leave us a comment below. I'll

00:22:29.460 | read every one of them. Question for the show, email us, askthecompoundshow@gmail.com. Subscribe,

00:22:34.180 | like, all that good stuff. I want to thank Dina again for joining us. Check out idontshop.com

00:22:39.380 | for all your compound merch needs. I want to thank Duncan as well for always being here

00:22:43.220 | and happy Thanksgiving, everyone. We will see you next time.

00:22:45.860 | See you.

00:22:46.740 | [music]

00:22:51.500 | [BLANK_AUDIO]

How Do I Teach My Kids About Money? | Portfolio Rescue

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