(beeping) - Welcome back to Ask the Compound. Many people in the finance industry love to dunk on regular people, mom and pop, for not knowing what they're doing, for being inept at saving and investing. I think reading about behavioral finance makes finance people feel somewhat superior to their peers, other people, not our audience.

Every week, we get emails from people who diligently save their money, improve their career prospects. Their people are doing their best to achieve financial freedom, but they still have questions, right? These people are in a great place financially, and they still have questions, which shows you how difficult it can be because you have this uncertainty we're dealing with.

It's okay to admit you need help. Every year, I feel like I learn more and more, and it just makes me realize how much more I still have to learn. So that's what we're doing here at The Compound. We're learning together, Duncan. Come on this journey with us. - Sure, I learn every week.

- Our email here, askthecompoundshow@gmail.com. Today's show is sponsored by Bird Dogs. It's my Bird Dogs hat. I'm not a big hat guy, usually, right? Josh does the flat-brimmed thing. Michael does the dad hat thing. You have a huge collection of hats. You wear all kinds of hats. So this one, much like the Bird Dog shorts and pants and the warm-up sweats they have, it's breathable, it's stretchy.

You know, I'm not much of a hat guy, but in the summer, I'm out on the lake, I'm at the beach. - Out to brag. - I'm doing bike rides with the kids and the boat, and it's a lot of wind. And I wear products in my hair, but still, sometimes it just, it's not good being outside so much from being so active, so you need a hat.

And so Bird Dogs has this new hat where if you go, let's say you go buy a pair of their shorts, right? Birddogs.com/ATC for Ask the Compound. Put in promo code ATC and you'll get this hat for free. It's a nice tech-stretch hat. I like it, and I'm a simple man when it comes to investing in fashion, right?

I like to keep things simple and not a lot of words on this, just a simple picture, it's white, and it's comfy. So again, Birddogs.com/ATC. Enter code ATC and you get a free hat just like this. I do look like I'm going for a golf game after this. I will admit that.

But if you're gonna do golf or tennis or something, Bird Dogs are the way to go. - Yeah, you look like you're heading out to the courts right after this, you know? Maybe pickleball? Are you a pickleball person? - I'm a tennis pro. - So they also sent us this.

So maybe foreshadowing, something to come? I don't know. - I like it. - We don't know yet, so thanks, Bird Dogs. - All right, let's go to some questions. - Oh, also, before we get started, your intro just made me think, for people new here, I guess we never really explained the setup of this show.

I have people sometimes reach out and I'm like, Duncan doesn't know anything about finance for a finance professional. I'm not a finance professional. I'm a creative, I'm the video guy. I'm a producer. - You're the guy behind the guy. We pulled Duncan from, he was a professor. Duncan went to film school.

We needed someone to help us make our videos look better 'cause we didn't know what we were doing. And Duncan is on the production side of things, so. - Right, yeah, not a financial-- - Duncan is not a financial person. The Oatly call options should have been the sign there for people.

- Sure, sure, I would have done it. (laughing) Okay, up first today, we have the following. This is a two-parter, so hang in there. We have a 3% mortgage and $200,000 in equity since purchasing in 2015, but it's a tiny place and we want more space for our family of four.

With interest rates so high and given the fact that we love our neighborhood, we would rather add a second story than move. We don't have nearly enough save to cover the $250,000 price our architect is estimating. A HELOC seems like the only financing option that could make sense, but we need to withdraw the full amount we're eligible for.

We could begin to pay off the loan immediately and would be done in about 15 years. Our hope is that interest rates would come down in the future, but even at the current rate, this would be doable without reducing retirement contributions or tapping our modest emergency fund. Page two, John.

We are early 40s and federal employees making about $300,000 a year. We have no other debts and don't foresee any windfalls or additional income streams in the near future. Obviously, the safest choice would be to keep saving until we can pay for the addition, but that would take us a number of years during the time we'd be getting the most utility out of having a bigger home while our kids are still young.

We want immediate gratification. Is it foolish to max out a HELOC to fund an addition? Is there a significant chance that interest rates shoot up even higher and leave us scrambling? Are there creative solutions we aren't considering? So, just before you get into that second to last part, maybe explain for people like me that don't understand, why would rates moving after they've done the HELOC impact them?

- Because unless you're doing a cash out refinance, you're not exactly locking in the rates. These rates float. It's like LIBOR or something plus a spread. So, right now, my HELOC rate is like 8%. So, it kind of moves with mortgage rates. So, it's not, again, if you did a cash out refinance, you'd lock that in, that's your rate.

But with the HELOC line of credit, that moved. So, mine was 3% a couple years ago. Now, it's like eight. And so, I know it sounds like a lot of money to be pulling out and a lot of debt, but this idea makes sense to me. This is the whole idea behind taking out HELOC.

So, you have to think about it in terms of opportunity costs as well. How much would it cost if you're moving to a new house with a new higher rate mortgage plus house price appreciation? You'd probably be spending way more money. So, this is, I don't know. I look at this like taking on a 50 or 40 or 60% mortgage, however much your house is.

So, you have no debt. You can afford the monthly payments. It doesn't impact your retirement or emergency fund or 529 contributions. You can pay it off in a reasonable period of time. I say, what good is that equity doing sitting in your house if you have the ability to use it, right?

So, why wait if you have a family, you love the neighborhood, you obviously wanna stay there for the long haul. This makes a lot of sense to me. The whole point of the home equity loan in the first place is it's tax deductible interest. You have this asset that you can borrow against.

Most of these lines of credit give you a 10-year grace period where you can invest and pay it off interest only. So, you have some flexibility there too. So, let's say rates could go up higher. I don't know, mortgage rates could hit 8% and this HELOC could be 9, 10%.

It's possible. It's not out of the realm of possibilities. I tend to think eventually-- - Right, so there's no cap to what it could go to. - Yeah, so rates could go higher if they keep going up. I don't think the economy or housing market can handle 8% to 9% interest rates for very long, but it's possible so that it could take a while longer than we think to go down.

- Sorry, I meant for the HELOC rate, but there's no upper band. - If rates keep going up, it could keep going up, just like mortgage rates, right? So, then you also have 15 years from the time that interest-only period is done to then pay it off. So, we're talking like a 25-year period to pay it off, and they think they can pay it off in 15.

So, I don't see why you need to get more creative than this. It's a secured loan. You have the equity. You have the ability to service the debt. I know it's scary taking on that much, but I mean, just like, the only thing I would be worried about is the fact that it's probably gonna cost more than you think and it's gonna take longer than you think.

That's the thing I'd be worried about as much as the borrowing. If you wanna get creative, you could do, like when we did our basement, I've mentioned before, this was only like a 30, $35,000 project back in the day. I use 0% credit cards. We talked about this on Animal Spirits this week a little bit, and it gives you like a 12, 15, 18-month cushion if you wanna have that.

Obviously, you're probably not gonna be able to get $250,000 worth of 0% credit cards, but you could use it for a little bit of spending if you wanted to shelter from that HELOC rates for a while and hope they come down in the meantime. But I highly doubt you'll regret this decision in the future, especially if you have a family.

And again, you wanna stay in that area and you wanna make the house how you want to make it. So I see no problem with this. - I mean, the one thing that came to mind for me, though, is what you're talking about. How long is that gonna take to do that addition?

So if they're really looking to maximize time, probably getting into another place would be faster, right? But I know they say they like their neighborhood and that kind of thing. - Yeah, and I think this is probably gonna be the cheaper route, especially since you're using the equity. Yes, you're still borrowing, but you're not borrowing the full amount of a house.

It's this addition. So I'm guessing borrowing for a new place would be a lot more if you like the house and you can handle the construction period, which again, takes longer than you probably think. This is the whole point of these loans in the first place. I say, I don't see a problem with this.

- Yeah, makes sense. - Do it. - Cool. And that was from Ian. - Next question. - So our next question is from Dan. I'm anticipating needing to replace both the roof on my house and a car five years from now. I would like to have $100,000 set aside for these expenses.

I wonder how many know they're gonna need a new roof in five years, but that's neither here nor there. Five years out feels like an investment no man's land. Stocks seem to be a bit risky in that timeframe and high interest savings, while attractive now, will likely have lower rates if the Fed cuts at some point.

I've also considered doing something like a target date fund through a robo-advisor and having it managed for stock and bond allocations, decreasing risk over time. Do you have recommendations for how to allocate savings given this timeframe? - Google tells me 25 to 30 years for a good shingle, Duncan.

So maybe they've got the clock winding down here. I like this question. We got two renovation questions right away. This person is going the opposite where they're not gonna borrow for it. They're going to save every penny, which is a different way of looking at it. If we were looking at a simple lump sum that you had the money, you had the 100 grand right now and you just wanted to save it, this would be an easy question.

Put your money into a five-year treasury. You got a perfect asset liability match. You can probably get 4.5% right now in a five-year treasury, something like that. Call it a day. That's a pretty good return for the asset liability match. The fact that you're saving money periodically and that until you reach that goal, it kind of changes the equation a little bit, but I think we can still use the five-year time horizon to see like, are stocks too risky for this kind of goal?

So John, give me a chart on. This is five-year rolling returns for the S&P 500 going back to 1926. You can see they're all over the place. Most of them are above zero. John, next chart for another way of looking at these, kind of ranking them. This is going from worst to best.

You can see most returns over a five-year period. These are total returns. They don't include inflation and taxes and fees and all the usual caveats here, but we're talking 88% of the time, returns are positive on a five-year window over the past hundred years or so. The bad news is, you can do chart off, John, the range of returns from worst to best is huge.

So the worst five-year return ever, down 61%. The best five-year return ever, up almost 370%. Pretty wide range. Now, to be fair, a lot of these five-year windows occurred in the 1930s, but even if you look at post-World War II data, the worst five-year return was almost a loss of 30%.

The best was like 270% gain. I have a relatively high tolerance for risk, but if I'm investing for a specific goal in a specific timeframe, and I know I'm gonna have to spend it, I'm not a big fan of taking a ton of stock market risk, especially if it's less than five years.

I think that's kind of my cutoff, I think. And since you're saving this money over time periodically, dollar cost averaging in, you have a lower time horizon. So John, do this next chart. This is the win rate over one, two, three, four, and five-year periods. You can still see it's pretty good.

We've talked about this for three or four years the stock market's up on a one-year basis. It's a little over 80% of the time. Two years, three years, it's like 85% of the time. Four years, 87, and we talked about five years, it's like 88. So it's still pretty good win rates.

The odds are still in your favor. I still think that there's just two types of risks in the market. There's avoidable risks and there's unavoidable risks. Volatility is an unavoidable risk. Recessions is an unavoidable risk. Bear markets, all these things, you can't avoid those. Avoidable risks, I think just adding unnecessary levels of stress to your financial life.

So I do think the idea of maybe a target date or robo-advisor might make sense, because for those, you can determine your goals a little more. It's a little more diversification. The Vanguard 2030 target date fund is $65.35. 2025 is more like $60.40. So still a decent amount of stock risk.

John, one more chart here. These are the yields for short-term treasuries right now. I don't know why you want to overcomplicate things. You can earn 4.5% to 5.5% from three-month T-bills to five-year treasuries. I mean, could rates fall again? Sure, they could, especially for T-bills and high yield and short-term stuff.

That's a strong possibility in the coming years. But you have the ability to lock in higher yields for longer now, the first time in, I don't know, 15, 20 years. It's much higher. So I have three rules when it comes to short-to-intermediate-term financial goals like this. One, it has to be liquid.

Two, I'm not willing to accept much, if any, volatility. And three, I don't want the possibility of large losses right when I need to spend it at the worst possible time, which can happen. You could have a down 20% month in the stock market right when you need to spend the money, and then your plans are out the window.

So could you make more money investing in riskier securities? Sure. But I think the downside of not having that money or the money that you need at that time outweighs the upside you could get. So I say don't overthink this one. Short-term bonds, cash, high-yield savings account, count yourself lucky that you weren't saving for this goal five years ago when yields were much, much lower.

It's way easier now to save for a goal like this, with yields being where they are. Sure. And talking about the market being difficult to predict, after the Nvidia earnings, why is the market down today? What's going on? Buy the rumors, sell the news. Right? I don't get it.

If the market was my kid, I'd ground him. Makes no sense. That's the stock market, though, right? It's what was priced in, I guess. I guess. All right. All right, up next, we have a question from Mike. Big fan, haven't missed a single episode since you started, not to brag.

Wow, that's high praise. Thank you. I'm 53, with a secure career, and have $1.2 million invested across IRAs, Roth IRA, 401(k), and brokerage account. I have no debt except a mortgage where my home has approximately $200,000 in equity, and I hold six months' expenses in cash and a high-yield savings account.

My goal is to retire age 60 or 62. I'm told by all of the content pundits-- I don't know if he's including you-- that I'm way above average with my savings, but I stress every day that I'm not going to have enough money to retire a little early. I don't purchase lavish items, no extravagant mudrooms for me.

Any advice for me on how to manage emotions through this journey? All right, two topics that are coming up more and more in our emails. One is the early retirement thing, and two is the psychology behind spending money. So let's bring in someone who's on the front lines, dealing with this on a daily basis.

Financial advisor with us at Riddles, Kevin Young. Hey, Kevin. Hey, guys. Kevin, we get a lot of questions from people, what's the right asset allocation, where are interest rates going to go, when's the next recession, all these things. I think the biggest one most people want to know when they come to a financial advisor is, am I going to be OK?

And you can never give someone 100% certainty on that question, because we don't know what the future holds. But that's the job of being a financial advisor in a lot of ways, is managing the emotions as much as managing the finances. So how do you help people work through these things, where they're balancing the need to save and invest for the future with enjoying themselves now, and then dealing with those emotions?

Because it is a real thing. We get these kind of questions all the time from people who know something psychologically is holding them back from enjoying the fruits of their labor. Right. Yeah, and you're completely right. This is a really common question. When somebody reaches out to a financial advisor, I think it's more about this behavioral aspect of, I need to sleep at night, knowing that things are going to work out for me, regardless of maybe what happens in the markets.

And so for this question, to answer a question with a question is, well, how much are you spending? Like, if you're planning on spending $40,000 a month, you're not on track. If you're on maybe $4,000 a month, you're perfectly on track. So a little bit of it depends on the spending habits that you're going to be envisioning yourself having in retirement, which that's another really good question, because I think a lot of people just imagine, OK, well, whatever I'm doing today, that's how much I'll spend in retirement.

I like to think about it that, if every day were Saturday, would I spend more money than I do now? And the answer is yes. I would go out to dinner. I would play more golf. I would do whatever. I would do things that cost money. And so you might want to think to yourself that whatever you're doing now, maybe plus 20%.

And then whatever that number is, sort of the rule of thumb-- and I use that term very loosely in financial planning-- is generally around a 4% rate of withdrawal is pretty acceptable. And so if you do that math and you're around 4% right now, I'd say you're back in the envelope.

You're on track. But our goal as financial advisors is to make sure that, if you are going out and spending that money, that you're actually enjoying spending it. If you're going to Italy for a week and you're worried about every single dollar or euro that you spend, you're not really enjoying the money.

So you've got to kind of find that perfect middle ground where you feel comfortable in the plan, you're withdrawing at an OK rate, and that you're actually enjoying it. Right, the old Nick Murray quote is, if you're still worried, you're not really wealthy. But let's say someone comes to you and says, I want to take this extravagant vacation for six weeks on the Amalfi Coast, or I want to buy a convertible because I'm having a 3/4 life crisis, or I want to buy a vacation home or whatever.

How do you help them work through the finances behind that and also the emotions of, like, here's your financial plan. Here's what you usually do. If we take this one big lump sum here, it's going to impact you. And yes, you're OK, or no, you're not OK. Yeah, so we talk a lot about just having a framework for decision making when it comes to this stuff.

So instead of saying, yeah, like, I'm looking at the numbers and you should be OK, like, that's not a great answer. So we use a variety of types of software and just kind of our institutional knowledge here to understand, well, how would this impact it? And it might just be saying, well, normally, I spend $100,000 a year in retirement.

If I bump that up to $130,000 this year, and then we rerun the projections, and if everything still looks good and makes sense, and the plan is still really strong, it gives us the ability to say to that person, yeah, go ahead and do this. And it gives the client the feeling that, hey, like, this has been thought through.

It's not just Kevin, or Steve, or Sally, or whoever your financial advisor is saying, yeah, you're good, trust me, because that's not a great answer either. Yeah, and do you think that a lot of times they're looking for permission for you, or they're just looking for some reassurance that, OK, I was worried about this, and I want to do it, but I just don't know if I can?

Yeah, that's definitely the case. It's certainly not permission, but I think the reassurance part of it is big. And I think, broadly, financial advisors would agree that one of the actually more challenging aspects of our job is getting people to spend money. It's a hard psychological flip to switch, that I've been doing nothing but save, save, save, save, save every two weeks into my 401(k) for 35 or 40 years, and now you're telling me that I'm not going to make contributions anymore.

I'm just going to be taking money out. And that can be a challenge psychologically. So that's what I think we do, and financial advisors can help people manage that emotional aspect. It's like Ben Graham said, more money, more problems. Up next, we have a question from-- Hey, you gave me the drum chime on "Animal Spirits" this week.

You deserve one for that, too. OK, I appreciate it. No, that was funny. That was good. And Michael never gives you credit for your jokes on the show. You always make jokes, and Michael just steamrolls ahead. Never sells me. OK, up next, we have a question from Chris. Hi, Ben and Duncan.

I have a question about what to do with the dividends from municipal bonds. For several years, I have bought shares on a quarterly basis of a municipal bond ETF from my state, New York, for the tax-free dividends. Does it make more sense to reinvest the dividends and buy more shares of the ETF or to allocate the dividends elsewhere, given owning more shares of the ETF will likely lead to a bigger capital gains tax bill if I sell the shares in the future?

This reminds me of something I was pretty late to figuring out and thinking about that now seems obvious. But when you have drip set up, it can mess up. It can cause a wash sale whenever you get out of something, which I'd never really-- I'd never thought of until I saw it actually happen in my account.

I think the spending, getting out and selling or spending, is probably a big piece here. But I think my inclination, unless you're using that income for living circumstances, is you reinvest the dividends automatically. No matter what, because when you're setting expectations for asset classes, especially for bonds, that's the biggest part of the return, is the income.

So if you're trying to keep things in balance asset class-wise, it makes sense to reinvest. Is there another tax implication, Kevin, that I'm not considering here? What do you think? Well, it obviously depends on which way. I'm assuming this person's buying a muni bond ETF. Or even if it's just regular muni bonds, it's fine.

But as you're reinvesting dividends into things, if the price of that ETF, or bond fund, or whatever it might be, is rising over that time period, you're buying in at higher costs. So your average cost when you go to sell will actually be higher. Yeah, right. You're not reinvesting at the original cost basis.

Exactly. Exactly. So what I would maybe think about is you don't want to let the tax tail wag the portfolio dog. So I wouldn't be thinking about capital gains on selling a municipal bond as sort of the thing that's going to drive the allocation decision. And you're probably not going to have a huge capital gain there anyway in bonds.

Probably not. This is not a large growth tech ETF. It's probably going to be relatively slow and steady. So the capital gains shouldn't be super significant. Yeah, it's funny. I mean, I had a call with Bill Sweden, a client this morning. He said the exact same thing. And he's a tax guy.

He said, if there's a hierarchy, investing comes first. Tax is a part of it. But that's where you kind of improve on the margins. That's not like your first line of-- because if it was all taxes, people would have all their money in municipal bonds. And that's not ideal for most people either.

Yeah, exactly. Eventually, when you go to take money out of whether it's a bond ETF, or an individual bond, or a stock, or a stock fund, you're going to pay taxes. So that's part of this. And as Bill likes to remind us, when you're paying taxes on an investment, that means you won.

It's not a bad thing. You want to shelve them as much as possible, but it means you won the game. It's better than the alternative of selling Oatly stock down 90%. Yep, exactly. Hey, that's tax-loss harvesting, you know? For years to come. Yeah, I'm going to be set. All right, let's do another one.

One more. You joked, but I think it did just hit a new all-time low. I don't even need to look anymore. I can just judge by the expression on your face every day. Hey, my TQQQ is looking pretty good, though. OK, last but not least, I'm lucky enough to work in the finance industry in Manhattan, which has allowed me to build up a good cushion of assets that I keep in a diversified portfolio and a brokerage account.

However, when looking to buy a home, are you supposed to feel uneasy about liquidating a portion of this portfolio for a down payment? I understand that real estate becomes the largest portion of your overall wealth, but it still seems odd to tap into accumulated savings. Another emotions-based question here.

It's bizarre, because the whole point of saving in the first place is that you're going to spend that money at some time in the future. But I think once you start seeing the numbers go up and reach different goalposts, you're kind of hoarding this, and you're wanting to let go of it less and less.

I know certain clients over the years have-- it's funny. Some people look at returns and say, if I don't hit this return, I'm going to be upset or whatever. Other people, it's like a line in the sand of big round numbers, right? If my portfolio is above $1 million, I'm happy.

If it's below $1 million, I'm not happy. Not taking into account spending and all these different things that happen and markets fluctuating. But I think it is difficult to let go, even though doing this would be trading one financial asset for another, right? You're essentially rebalancing your personal balance sheet.

But how do you think through this stuff with people when it's, OK, this is a financial goal you've been thinking about and planning for. And at a certain point, you just have to let go and accept that this was the whole point of the goal in the first place.

Yeah, exactly. I mean, if you're not emotional about a home purchase, you're not human. So that's number one there. It's not an easy decision, regardless of what's going on with rates or prices. And yeah, I think what you just said is perfect. You probably started saving in this portfolio to achieve a goal.

And if the goal was, I'm going to use this money to buy a house, this portfolio is just a tool in order to achieve that goal. The other thing I think about is, is the home purchase something that is the goal? Or is it just you feel like you should buy a house because that's what people do when they're growing up or becoming adults or whatever?

If you don't need to and you feel better about your financial world being liquid and having this portfolio and continuing to pay rent, which right now it's not a bad deal, then that might be the right answer. Especially in a high cost of living area like Manhattan, where it's going to be very expensive.

I think the other thing is you can look at the portfolio value change in your brokerage account on a daily basis. You don't really see that in your-- you can go to Zillow if you want. I guess most people don't think of it that same way as, here's the value of my home, and it's worth this much money.

Because whatever, it's a form of consumption. But you're right. I think a lot of people feel peer pressured because it's like, well, that's the next logical step. You have to buy a house. It's not for everyone. Renting offers you way more flexibility. No, yeah, you don't have to buy a house just because you think you have to.

But the other thing, if this was the whole point of saving in the first place, then that's what you want to do. And you're going to own this house, or this apartment, or condo, or whatever, for a long time, then you're thinking about it the right way. And that's just part of saving.

That's how it works. I think an underrated aspect of renting is the ability to be like, yeah, I don't really like this neighborhood. We'll just move next year. If you move to a new neighborhood and buy a house, you're probably going to convince yourself that you love the neighborhood, even if you actually secretly hate it.

Yeah, you're stuck. The flexibility is a huge thing for renting that doesn't come up very often. If you're going to move for remote work or other career option-- I think this is similar, though, to Kevin. You probably get this, too, is some people get to the point of, I don't want to touch my principal.

I want to live off the income. And they think if they touch their principal, then they are somehow taking two steps back, and that they're depleting. It's OK to spend your principal. That's what you saved for. It's not going to be the end of the world if you spend a little bit of money and just live off something besides the income.

Yeah, 100%. I think the other thing to think about is you can-- you might get a lot of joy opening your portfolio and seeing it up, or seeing, oh, great, we were up 2% today, or we're up 1% today, or I'm up 8% on the year. You're not going to get that same emotional kick, like you said, pulling into the driveway of your house.

There's not a ticker symbol floating above your house that tells you what it did that day. But there's a nice emotional component to that. If you've got a family, like knowing you've put a roof over your family's head, knowing you've got a place to go, knowing the memories that are going to be made there, et cetera, you're not going to get that out of a portfolio.

Do people check the Zestimate regularly on their house, though? Is that kind of the closest you get? I would bet that people the last couple of years have checked their Zestimate way more than they would have in the previous three years. Because it's moved more than it did before.

Yes, this is what happens when we get the middle age. You check Zillow all the time. And if you don't check, they'll send you an email reminding you of it. Yeah, yeah. Wherever you are that's a new place, you're hopping on Zillow no matter what. Yeah. But again, we've had questions today from all sorts of people who are very financially secure, or they have a high income, or they have a lot of money saved.

And there's just some sort of emotional hurdle that's causing them to stop and think. And I think it's just worth pointing out that sometimes this stuff sounds easier on paper than it is, because a lot of times there is no right or wrong answer, right? Buying a house could be the right answer here.

Or holding out and renting, and then saving the difference or whatever could be the right answer. But either way, it could be the right answer, depending on how they feel in their circumstances. Yeah, there's a spreadsheet answer, and there's the personal answer, right? And just because it makes sense on a spreadsheet doesn't necessarily make sense for you as a person.

Bingo. OK. Thanks to Kevin for joining us again. We appreciate everyone. Great questions every week. Every week I get a Google Doc sent to me of new questions. And it seems like more and more questions every week. They're always really good. Or you can email us, askthecompoundshow@gmail.com. Leave us a comment or a review.

What else? This is the only time you'll ever see me wearing a hat on this show, probably. Duncan, you can have this one. We have Future Proof coming up very soon. Looking forward to that. Future Proof in a couple weeks. Everyone come say hi if you're there. Kevin's going to be there as well.

Duncan, me. And we'll see you next week. See you, everyone. (upbeat music) (upbeat music)