WEBVTT 1 00:00:00.200 --> 00:00:02.480 Welcome to another edition of the Chicks on the Right podcast. 2 00:00:02.640 --> 00:00:05.799 We are here with Zach Abraham, who is the chief 3 00:00:05.839 --> 00:00:12.199 investment officer for Boer Capital and Financial Guy Extraordinary. This week, 4 00:00:13.000 --> 00:00:15.560 I have an assignment from my fifteen year old daughter. 5 00:00:16.320 --> 00:00:20.399 She is nothing like me, dak Like when I was fifteen, 6 00:00:20.519 --> 00:00:24.600 I was thinking about blue eyeshadow and Duran, Duran and 7 00:00:24.719 --> 00:00:28.800 like all things nineteen eighty six. You know, my daughter. 8 00:00:29.519 --> 00:00:33.000 My daughter is asking me the other day. She was like, Mom, 9 00:00:33.000 --> 00:00:35.679 I have this friend of mine, her friend Emma, is 10 00:00:35.759 --> 00:00:38.840 already investing. She has like ten thousand dollars in an ira. 11 00:00:39.119 --> 00:00:42.119 She was telling her because she does the stock market stuff, 12 00:00:42.159 --> 00:00:43.439 and she was like, I want to do this too. 13 00:00:43.479 --> 00:00:45.240 I'm really interested in it. I want to learn how 14 00:00:45.240 --> 00:00:47.880 to play the stock market. How can we do this? 15 00:00:48.039 --> 00:00:52.560 And I was like okay. And she already has a 16 00:00:52.640 --> 00:00:55.719 checking account and she has a savings account and so 17 00:00:55.799 --> 00:00:58.039 like when she gets checked her birthday and stuff like that, 18 00:00:58.359 --> 00:01:00.840 I always tell her. I'm like, try to pay yourself 19 00:01:00.880 --> 00:01:04.120 first and put like ten to fifteen percent of whatever 20 00:01:04.159 --> 00:01:06.040 you get, you know, for your birthdays, put it into 21 00:01:06.079 --> 00:01:08.000 savings and then whatever. I don't care what you do 22 00:01:08.040 --> 00:01:10.040 with the rest, but try to save a little bit 23 00:01:10.079 --> 00:01:12.040 each time you get money from whoever or whatever. 24 00:01:12.400 --> 00:01:13.079 So she does that. 25 00:01:13.439 --> 00:01:15.719 So she has her little chase, you know, checking cout. 26 00:01:15.719 --> 00:01:17.640 She's got her little app, and she does all of 27 00:01:17.640 --> 00:01:19.640 her things, and she learns how to manage money. And 28 00:01:19.920 --> 00:01:22.200 no one ever has to balance like a checkbook anymore. 29 00:01:22.239 --> 00:01:24.200 But at least that's how kids are learning how to 30 00:01:24.200 --> 00:01:24.879 manage their money. 31 00:01:24.920 --> 00:01:25.079 Right. 32 00:01:25.439 --> 00:01:28.760 But when it comes to this stock stuff, I'm not 33 00:01:28.920 --> 00:01:32.280 very well versed on stock, like I use you to 34 00:01:32.319 --> 00:01:34.200 help me with that kind of stuff, right, right, But 35 00:01:34.319 --> 00:01:37.040 Gwen is very interested. She's like, I want to know 36 00:01:37.120 --> 00:01:38.879 how this works. I want to see it. I want 37 00:01:38.920 --> 00:01:40.519 to do it myself. It's kind of like a game, 38 00:01:40.599 --> 00:01:43.840 and you know, kids are really into games. So Fidelity 39 00:01:44.040 --> 00:01:48.400 has a little I guess it's like a it's like 40 00:01:48.439 --> 00:01:51.200 an app for teens thirteen to seventeen. I believe it's 41 00:01:51.200 --> 00:01:53.640 where it's like a youth account and it's kind of 42 00:01:53.640 --> 00:01:55.959 like a mini brokerage account, and that it gives them 43 00:01:56.000 --> 00:01:58.519 training wheels and so teens get to invest real money 44 00:01:58.560 --> 00:02:00.879 in stock ets, fidelity and stuff like that. But I 45 00:02:00.879 --> 00:02:05.480 think parents have to have an account themselves and then 46 00:02:05.640 --> 00:02:08.360 they can set their teams up. I'm curious to know, 47 00:02:08.599 --> 00:02:10.759 like what you think about all of this, if there 48 00:02:10.759 --> 00:02:15.439 are alternatives to that, if what if parents don't have fidelity, 49 00:02:15.520 --> 00:02:17.360 or there are there other things that they can use, 50 00:02:17.479 --> 00:02:21.080 Like this is what she wants to know. I'm asking 51 00:02:21.080 --> 00:02:23.439 all these questions for her. Yeah, on her best. 52 00:02:24.319 --> 00:02:26.159 So I love it. I love it. 53 00:02:26.199 --> 00:02:30.520 So first of all, funny, I've got a fifteen year 54 00:02:30.520 --> 00:02:34.080 old working in the office right now. 55 00:02:34.240 --> 00:02:38.120 He's a he's a kid of one of our friends. 56 00:02:38.560 --> 00:02:43.280 Yeah, that's got an interest in finance, and I I, well, 57 00:02:43.319 --> 00:02:45.039 I don't think it's a surprise to most people that 58 00:02:45.080 --> 00:02:46.479 I love what I do, that I'm. 59 00:02:46.319 --> 00:02:47.120 Getting into it. 60 00:02:47.479 --> 00:02:50.120 But I also love explaining it to kids, and I 61 00:02:50.159 --> 00:02:52.719 love explaining it to us, like because it's not. 62 00:02:54.479 --> 00:02:56.039 You know I and I totally get it. 63 00:02:56.080 --> 00:02:58.240 I think it's one of those things that's really intimidating 64 00:02:58.240 --> 00:03:00.599 from the outside looking in, like, oh, I don't know 65 00:03:00.599 --> 00:03:01.120 how it works. 66 00:03:01.280 --> 00:03:01.919 And the one thing I. 67 00:03:01.840 --> 00:03:04.319 Tell people all the time, yeah. 68 00:03:03.639 --> 00:03:05.919 Well, and part of it is part of it is 69 00:03:05.960 --> 00:03:09.439 the ecosystem built around it, which is so much of that. 70 00:03:09.680 --> 00:03:11.960 And now this will sound like I'm selling against myself 71 00:03:12.039 --> 00:03:15.360 because I do this for a living, but so much 72 00:03:15.439 --> 00:03:19.039 of it, I am convinced is vernacular that's been put 73 00:03:19.039 --> 00:03:22.080 in place to make Wall Street people sound smart and 74 00:03:22.080 --> 00:03:24.159 to make the average person sound like they, you know, 75 00:03:24.599 --> 00:03:27.120 think that they've got no idea what they're doing right, right, 76 00:03:27.159 --> 00:03:29.479 And I always tell my clients, I go, you understand 77 00:03:29.520 --> 00:03:30.919 this more than you think you do. 78 00:03:31.039 --> 00:03:33.639 You're just not up on the words and the catch phrases. 79 00:03:33.719 --> 00:03:35.360 Right. It's like a different end of that makes me 80 00:03:35.400 --> 00:03:38.039 feel a little bit better, but it's still it's scary, 81 00:03:38.280 --> 00:03:40.000 Like it's really scary. There's a lot of suff You're like, 82 00:03:40.039 --> 00:03:42.800 I don't know what that isn't like I don't this fun? 83 00:03:42.879 --> 00:03:45.120 That fun like that kind of account like it's it 84 00:03:45.199 --> 00:03:47.479 is hard to navigate, and like where to get started? 85 00:03:47.719 --> 00:03:49.639 How do you get started on it? What should you invet? 86 00:03:49.719 --> 00:03:53.080 I mean that's why obviously people need somebody like you, 87 00:03:53.639 --> 00:03:56.400 But I think it's really important for kids to at 88 00:03:56.520 --> 00:03:58.400 least have that education. 89 00:03:59.039 --> 00:04:02.000 Yeah, yes, so right out of the gate, now we've 90 00:04:02.000 --> 00:04:04.319 looked there's a bunch of different tools out there. The 91 00:04:04.319 --> 00:04:06.280 one that I have found that I think has been 92 00:04:06.319 --> 00:04:08.759 the best. Fidelity's got a good way to do it. 93 00:04:09.039 --> 00:04:11.520 But the one that was even easier for younger kids. 94 00:04:11.719 --> 00:04:13.919 Was this green Light that my wife and I use. 95 00:04:14.240 --> 00:04:16.079 Yeah, we'd use green Light for a while with Gwen. 96 00:04:16.319 --> 00:04:19.079 Yeah yeah, And it's really easy to move money back 97 00:04:19.120 --> 00:04:22.639 and forth. I also like their trading platform because you 98 00:04:22.759 --> 00:04:25.920 don't have to put a quote unquote enough money, because 99 00:04:25.959 --> 00:04:29.199 the trading platform lets you buy partial shares. Okay, So like, 100 00:04:29.279 --> 00:04:30.800 let's say the kids want to buy a share of 101 00:04:31.079 --> 00:04:32.480 you know, let's say the kids have one hundred and 102 00:04:32.519 --> 00:04:34.399 fifty bucks in their account, right, right, and they want 103 00:04:34.399 --> 00:04:37.720 to buy a share of Google. Okay, Well, Google's trading 104 00:04:37.720 --> 00:04:40.600 at one hundred and eighty right, so that'd be you know, 105 00:04:40.680 --> 00:04:41.879 so what it allows them to do. 106 00:04:41.920 --> 00:04:44.079 They can buy twenty dollars worth of Google stuff. 107 00:04:44.480 --> 00:04:44.759 Okay. 108 00:04:44.759 --> 00:04:47.399 So I really love that my kids use that. My 109 00:04:47.560 --> 00:04:50.480 youngest is the most interested in it. He's the one 110 00:04:50.480 --> 00:04:53.120 that will most often bring me a portfolio and go, hey, dad, 111 00:04:53.519 --> 00:04:55.600 let's move some things around with picture stock. 112 00:04:55.600 --> 00:04:56.439 Shay is Zach. 113 00:04:56.480 --> 00:04:59.000 I had no idea that they had an investment part 114 00:04:59.000 --> 00:05:01.199 of it. I used Dream simply as like a checking 115 00:05:01.199 --> 00:05:03.160 account before I moved her over in Chase. I had 116 00:05:03.199 --> 00:05:05.160 no idea. So this is news to me. I'm an idiot, 117 00:05:05.199 --> 00:05:07.040 so this is news to me and maybe news to 118 00:05:07.040 --> 00:05:09.360 other people. Maybe I'm not the only idiot. So it 119 00:05:10.000 --> 00:05:12.279 so it has an investment part of it that you 120 00:05:12.319 --> 00:05:14.879 can actually give kids like two hundred bucks and stay here, 121 00:05:15.480 --> 00:05:17.600 go play in the market. 122 00:05:17.759 --> 00:05:19.720 Yeah, and then and then you can do stuff. So 123 00:05:19.759 --> 00:05:21.720 we've looked at the kids a couple of times been like, okay, 124 00:05:22.279 --> 00:05:26.519 now you've made some we've made some nice returns here, right, 125 00:05:26.600 --> 00:05:28.920 so what are we going to do? And they're like, oh, well, 126 00:05:28.959 --> 00:05:30.279 I want to buy this or you know, and just 127 00:05:30.319 --> 00:05:32.759 teaching them like okay, you know, letting them watch that 128 00:05:32.839 --> 00:05:36.360 account grow and be like, oh now I started with fifty, 129 00:05:36.639 --> 00:05:38.800 but now there's fifty and I can go buy something. 130 00:05:39.319 --> 00:05:41.600 And the other thing it does is it opens up 131 00:05:41.639 --> 00:05:45.600 conversations and it helps them be And it's such a 132 00:05:45.639 --> 00:05:46.439 strange thing. 133 00:05:46.319 --> 00:05:48.120 Because we live in the Internet world where we've. 134 00:05:48.000 --> 00:05:50.360 Got all of this right, We've got access to more 135 00:05:50.399 --> 00:05:53.600 information than we've ever had and human beings I've ever had, right, 136 00:05:53.639 --> 00:05:57.079 and yet financial literacy, I think it's just as bad, 137 00:05:57.160 --> 00:05:59.399 if not the worst, as I've ever seen it, especially 138 00:05:59.399 --> 00:06:03.319 among young kids, right, Yeah, and they all are aware 139 00:06:03.360 --> 00:06:05.560 of nicer things like, for instance, when I was a kid, 140 00:06:05.600 --> 00:06:07.439 I didn't know what a my Bock Mercedes was. 141 00:06:07.839 --> 00:06:10.000 Kids today do, right, So. 142 00:06:10.120 --> 00:06:13.959 There's an awareness of more expensive things, but the idea 143 00:06:14.160 --> 00:06:18.079 of what they can afford, how that works, it's just 144 00:06:18.160 --> 00:06:20.680 as alien to them as it's ever been. Right, And 145 00:06:21.680 --> 00:06:24.800 the one thing I love about walking through stocks and 146 00:06:24.879 --> 00:06:28.519 explaining it to the kids is I think it provides 147 00:06:28.560 --> 00:06:31.439 a really good understanding of just the way money works. 148 00:06:32.240 --> 00:06:35.360 For instance, Dad, what kind of stocks are you investing in? 149 00:06:36.120 --> 00:06:40.360 And explaining them the difference between chasing what is popular today, 150 00:06:40.399 --> 00:06:43.120 which is what most people are doing, and being more 151 00:06:43.120 --> 00:06:47.639 of a long term fundamentalist fundamental investor, which is looking 152 00:06:47.680 --> 00:06:52.360 to buy things at values that are less than what. 153 00:06:52.240 --> 00:06:54.600 We believe the intrinsic value of that investment to be. 154 00:06:54.879 --> 00:06:57.199 Warren Buffett's got a great line, which I think it's 155 00:06:57.800 --> 00:07:02.079 a miss way too often investing which is the number 156 00:07:02.199 --> 00:07:07.319 one most important factor that will decide the success or 157 00:07:07.399 --> 00:07:10.199 failure of an investment, or how much the success or 158 00:07:10.199 --> 00:07:13.360 failure of an investment. There's nothing more important than what 159 00:07:13.480 --> 00:07:17.160 price you paid, right, And so keeping that idea kind. 160 00:07:17.000 --> 00:07:17.480 Of a weird thing. 161 00:07:17.519 --> 00:07:18.959 We all sit there and go really and then you 162 00:07:19.000 --> 00:07:21.399 start thinking about it. Yes, right, the less you pay 163 00:07:21.480 --> 00:07:24.240 for any investment, that's where the win is made. It's 164 00:07:24.279 --> 00:07:26.959 not when you sell it, it's when you buy it, right, Yeah, 165 00:07:27.000 --> 00:07:29.680 and so and so getting them to understand that, getting 166 00:07:29.720 --> 00:07:33.639 them to understand the way that money floats around. Why 167 00:07:33.800 --> 00:07:36.160 is this stock at this price? And then do it, well, 168 00:07:36.199 --> 00:07:38.800 this is how much profit it made. You know, here's 169 00:07:39.160 --> 00:07:42.160 interest rates, and you know, just showing them how these 170 00:07:42.199 --> 00:07:43.920 things all work. And you don't need to be a 171 00:07:44.199 --> 00:07:46.079 One thing I've told a bunch of my other friends 172 00:07:46.199 --> 00:07:48.560 is like, hey, you don't need to be an expert 173 00:07:48.600 --> 00:07:50.319 to teach your kid. You guys can go down this 174 00:07:50.399 --> 00:07:53.360 path together, right, and learn it together and kind of 175 00:07:53.680 --> 00:07:55.360 you know, work your way through it and figure it 176 00:07:55.399 --> 00:07:56.800 out and ask those questions. 177 00:07:56.839 --> 00:08:00.360 And people are like, well, what should I let them by? 178 00:08:00.399 --> 00:08:02.279 And I'm like, you know what, Honestly, some of the 179 00:08:02.319 --> 00:08:04.680 best ways to learn how to do this. Don't be 180 00:08:04.759 --> 00:08:07.160 too worried about them winning or losing. Some of the 181 00:08:07.199 --> 00:08:09.560 best ways to teach people, it's like anything else. The 182 00:08:09.560 --> 00:08:11.879 best way to get somebody how to manage money is 183 00:08:12.040 --> 00:08:14.240 we have a joke around here. Thank god, I've never 184 00:08:14.279 --> 00:08:17.439 done it with a client account. But I you know, 185 00:08:17.879 --> 00:08:20.519 I don't think that you're a good money manager until 186 00:08:20.519 --> 00:08:22.000 you've blown an account up, right. 187 00:08:22.439 --> 00:08:25.000 I think it takes more than that athlete until you've failed, 188 00:08:25.199 --> 00:08:27.959 or good anything until you've fallen on your face really right? 189 00:08:28.079 --> 00:08:31.120 Yeah? Right? And you know it's it. And it's funny 190 00:08:31.160 --> 00:08:32.799 because you learn over time. 191 00:08:33.360 --> 00:08:35.480 There's so many little things where they'll be like, well 192 00:08:35.480 --> 00:08:37.000 what about that, And I'm like, oh no, no, we're 193 00:08:37.000 --> 00:08:38.600 not going to do that, and they're like why and 194 00:08:38.639 --> 00:08:42.399 I'm going, well, because that's bit me before, right, Can. 195 00:08:42.279 --> 00:08:45.240 I learn because I learned by falling down? 196 00:08:45.440 --> 00:08:45.799 Exactly? 197 00:08:45.919 --> 00:08:46.120 Right? 198 00:08:46.600 --> 00:08:49.639 Do you think already your kids interested in finance because 199 00:08:49.639 --> 00:08:51.799 of this stuff or do you think just intrinsically they're 200 00:08:52.000 --> 00:08:53.879 like maybe one or two of them are interested just 201 00:08:53.919 --> 00:08:54.919 because dad does it. 202 00:08:56.159 --> 00:08:59.039 I think that I think that the one my youngest 203 00:08:59.159 --> 00:09:02.399 is interesting, he got it. Yeah, he's got an interest 204 00:09:02.440 --> 00:09:06.000 in it. I think my middle yeah, he does, and 205 00:09:06.440 --> 00:09:08.799 he's just he's just kind of he's kind of bent 206 00:09:08.879 --> 00:09:11.200 that way. I you know, we'll see the way it 207 00:09:11.240 --> 00:09:16.279 plays out. Like early on, we didn't have yeah, but 208 00:09:16.320 --> 00:09:18.120 we didn't have act like there was you know, there 209 00:09:18.159 --> 00:09:20.080 was no way for me to trade stocks or do 210 00:09:20.120 --> 00:09:20.879 anything like that. 211 00:09:20.960 --> 00:09:22.279 I mean, I remember, I. 212 00:09:22.200 --> 00:09:24.480 Remember, I think I shorted my first stock at like 213 00:09:24.559 --> 00:09:25.600 seventeen years old. 214 00:09:25.759 --> 00:09:28.559 Oh my gosh. See that's still like I wouldn't have known. 215 00:09:28.600 --> 00:09:31.399 I wouldn't at seventeen. I didn't care about any of 216 00:09:31.399 --> 00:09:31.840 that stuff. 217 00:09:31.840 --> 00:09:32.600 I had no. 218 00:09:34.120 --> 00:09:35.279 But I but my dad. 219 00:09:35.519 --> 00:09:38.600 So I've grown up in the business. Like literally, yeah, 220 00:09:38.639 --> 00:09:40.679 my dad had a brokerage firm. I've got pictures of 221 00:09:40.720 --> 00:09:43.720 me being like in a crib in a brokerage firm. 222 00:09:43.919 --> 00:09:45.360 Oh gosh, yeah. 223 00:09:46.919 --> 00:09:47.879 So yeah, and. 224 00:09:48.000 --> 00:09:50.960 And but it but it was always there was something about, 225 00:09:51.240 --> 00:09:55.039 especially value investing, and I can't really explain why, but 226 00:09:55.120 --> 00:09:58.279 there was something as a kid that was so intriguing 227 00:09:58.360 --> 00:10:02.240 to me about the idea of buying something that everybody 228 00:10:02.240 --> 00:10:04.720 else is thrown away and doesn't think it's worth anything, 229 00:10:05.320 --> 00:10:08.399 and that you know that it is, and then turning 230 00:10:08.440 --> 00:10:10.919 back around later and going, see we were you know, 231 00:10:11.120 --> 00:10:14.279 there was just something that was so exciting about that. 232 00:10:14.320 --> 00:10:14.879 I don't know why. 233 00:10:14.919 --> 00:10:17.360 It sounds weird to say it's exciting, but no, I 234 00:10:17.360 --> 00:10:18.279 mean it's really cool. 235 00:10:18.320 --> 00:10:20.000 But you're either going to do it and you were 236 00:10:20.000 --> 00:10:21.360 going to grab onto it and you're going to do 237 00:10:21.399 --> 00:10:23.120 it yourself, or you're going to go the complete op 238 00:10:23.240 --> 00:10:26.600 the direction and become like an underwater basket weaver or something. 239 00:10:27.600 --> 00:10:29.799 Right, which, by the way, I'm sure you can get 240 00:10:29.840 --> 00:10:31.080 a degree for these days. 241 00:10:32.480 --> 00:10:33.879 Yea, absolutely you can. 242 00:10:34.639 --> 00:10:36.720 Yeah, you can spend two hundred and fifty grand learning 243 00:10:36.759 --> 00:10:39.399 how to be an underwater basket we Yeah. 244 00:10:39.240 --> 00:10:42.639 It's probably like lesbian underwater basket. 245 00:10:42.480 --> 00:10:45.799 Yeah, you know the other the other thing that and this. 246 00:10:45.799 --> 00:10:48.240 This sounds kind of crazy, but I'm probably gonna do 247 00:10:48.279 --> 00:10:50.519 with my kids too, And I think it's another great 248 00:10:50.600 --> 00:10:53.679 lesson I would have if my kids are running a 249 00:10:53.720 --> 00:10:55.759 trading account, I would have them buy a little bit. 250 00:10:55.679 --> 00:10:58.200 Of crypto currency, a little bit of crypto. 251 00:10:58.279 --> 00:11:00.639 Yeah, that's what a lot of like this fidelities is 252 00:11:00.679 --> 00:11:03.360 that they don't do, which I think is interesting. 253 00:11:03.639 --> 00:11:07.879 Yeah, and here's why I think the vast majority of 254 00:11:07.919 --> 00:11:09.200 things in the crypto world. 255 00:11:09.279 --> 00:11:10.919 And I always get pushed. 256 00:11:10.679 --> 00:11:12.759 Back when I say this, I don't really understand why, 257 00:11:13.320 --> 00:11:15.279 but I think the vast majority of the things in 258 00:11:15.320 --> 00:11:17.200 the crypto world are completely worthless. 259 00:11:17.399 --> 00:11:18.679 Okay, okay, And. 260 00:11:19.519 --> 00:11:23.240 This sounds bizarre, but one of the best ways to 261 00:11:23.279 --> 00:11:25.720 teach somebody about investing and about money is to have 262 00:11:25.799 --> 00:11:30.279 them lose it. Yeah, right, And I think that that 263 00:11:30.440 --> 00:11:33.000 is such an important thing for them to see something 264 00:11:33.159 --> 00:11:36.960 lose substantial value and realize this isn't just a game. 265 00:11:37.240 --> 00:11:40.039 And you think that generation, that generation thinks that crypto 266 00:11:40.120 --> 00:11:41.720 is like the shiny object right now. 267 00:11:41.799 --> 00:11:44.080 Oh and look, I know people. 268 00:11:44.559 --> 00:11:47.840 I was listening to a previously what a guy that's 269 00:11:47.879 --> 00:11:52.320 considered very well respected in the industry and very conservative. 270 00:11:52.679 --> 00:11:54.759 I heard an interview recently where he was saying that 271 00:11:54.799 --> 00:11:56.919 people should own twenty five to forty percent of their 272 00:11:56.960 --> 00:12:00.519 portfolio crypto. Oh, I'm got no, and I and I'm 273 00:12:00.559 --> 00:12:02.000 watching him say this, and I'm like, you're out of 274 00:12:02.000 --> 00:12:02.399 your mind. 275 00:12:02.679 --> 00:12:05.440 You're out of your mind. And here's why. 276 00:12:05.639 --> 00:12:09.840 Here's why you don't know what it is. Right, this 277 00:12:09.919 --> 00:12:11.600 is their retirement portfolio. 278 00:12:11.960 --> 00:12:12.679 You can't. 279 00:12:12.679 --> 00:12:16.559 This isn't black box time, This isn't hey, let's throw 280 00:12:17.039 --> 00:12:20.279 three hundred grand in this and see if it pans out. 281 00:12:20.360 --> 00:12:22.840 Oh my right god, yeah no. 282 00:12:22.919 --> 00:12:25.840 And there's and look, the problem is that so many 283 00:12:25.879 --> 00:12:29.000 people are anesthetized to the risks and crypto, and the 284 00:12:29.039 --> 00:12:31.279 one way they justify it is they go, well, it's 285 00:12:31.279 --> 00:12:33.600 gone up, and you're like, yeah, That's what people were 286 00:12:33.639 --> 00:12:36.840 saying about tulips in sixteen hundred until they quit going 287 00:12:36.919 --> 00:12:39.759 up right the other people, and I've had that conversation, 288 00:12:39.799 --> 00:12:42.919 they go, tulips, what are you talking about? And You're like, dude, hey, 289 00:12:43.279 --> 00:12:45.879 do yourself favor and go home and read about tulipmania. 290 00:12:46.240 --> 00:12:49.399 Hey, this is not a new thing that you're doing. Right, 291 00:12:49.720 --> 00:12:51.240 There is nothing new under the sun. 292 00:12:51.279 --> 00:12:53.759 One of my favorite Bible verses, right, Solomon talking about 293 00:12:53.759 --> 00:12:55.240 there is nothing new under the sun. 294 00:12:55.879 --> 00:12:59.519 You have not invented anything. Right. We have seen it before. 295 00:12:59.720 --> 00:13:03.480 It's happened with tulips, It's happened with sardines, It's happened 296 00:13:03.480 --> 00:13:05.159 with all kinds of weird stuff. 297 00:13:05.440 --> 00:13:05.639 Right. 298 00:13:06.000 --> 00:13:08.639 When I was a kid coming up, it wasn't crypto, 299 00:13:09.039 --> 00:13:12.480 but it was dot com. Any company that ipoed with 300 00:13:12.559 --> 00:13:15.159 the name dot com and their title, the ipo up 301 00:13:15.159 --> 00:13:17.360 on one hundred and fifty to two hundred percent every 302 00:13:17.399 --> 00:13:21.480 single time, first day of action, sometimes more right, everybody thought, hey, 303 00:13:21.559 --> 00:13:24.440 we found a way of investing where you can't lose. Then, 304 00:13:24.559 --> 00:13:27.039 minute you hear that, grab your chips and head for 305 00:13:27.120 --> 00:13:31.200 the door. Right, And just teaching the kids that right, 306 00:13:31.360 --> 00:13:35.480 understanding that money is a fluid thing, and you're gonna 307 00:13:35.480 --> 00:13:38.720 make it, you're gonna lose it at times. That's the game, right, 308 00:13:38.840 --> 00:13:42.519 and to not be afraid of that, but to be 309 00:13:42.600 --> 00:13:46.519 aware of it, and then also trying to keep them 310 00:13:46.759 --> 00:13:50.159 in that mindset of and you see this everywhere today. 311 00:13:50.679 --> 00:13:53.559 What do you make Now? I make X amount of dollars? Okay, 312 00:13:53.559 --> 00:13:55.840 why does your life look like you make twenty percent 313 00:13:55.840 --> 00:13:56.240 more than that? 314 00:13:57.159 --> 00:14:00.799 Right? Your life should look ideally, it should look. 315 00:14:00.679 --> 00:14:05.759 Like you make thirty or forty percent of what you make, right, buffer. 316 00:14:06.000 --> 00:14:08.759 Quality of life? Yeah, all those kinds of things. 317 00:14:08.840 --> 00:14:11.159 And you know, I just think that one of the 318 00:14:11.159 --> 00:14:14.240 best ways to teach your kids that is through you know, 319 00:14:14.360 --> 00:14:18.679 running through that investing. And then when really big shocks happen, 320 00:14:18.799 --> 00:14:22.919 like coronavirus or like a great recession or whatever, the 321 00:14:23.039 --> 00:14:26.960 kids have something you know, palatable, They've got something tangible 322 00:14:27.000 --> 00:14:30.480 that they can actually see, and they're like, wow, people 323 00:14:30.480 --> 00:14:31.519 have lost you know what I mean. 324 00:14:31.600 --> 00:14:34.080 I think it helps them put context to Yeah. 325 00:14:34.200 --> 00:14:37.000 I just think in general, like I know that Gwen, 326 00:14:37.279 --> 00:14:39.559 my daughter, I know that the youngest are older ones, 327 00:14:39.759 --> 00:14:43.000 are older ones, and are younger youngest is they're just 328 00:14:43.159 --> 00:14:44.559 way smarter than we. 329 00:14:44.559 --> 00:14:47.080 Ever were, which is a good thing. And I think 330 00:14:47.080 --> 00:14:48.159 that's big boiames. 331 00:14:47.879 --> 00:14:49.759 Because a lot of times we hear that this generation 332 00:14:49.919 --> 00:14:53.080 is dumb or they're they're dumbed down, or they're being 333 00:14:53.120 --> 00:14:56.000 dumb down because they're not. I think that they actually 334 00:14:56.120 --> 00:14:58.200 are way more astute than we ever were, which is 335 00:14:58.200 --> 00:14:59.679 a good thing, because they do have some of these 336 00:14:59.720 --> 00:15:01.840 fo and I hope that they're using them in the 337 00:15:01.879 --> 00:15:02.639 best way possible. 338 00:15:02.720 --> 00:15:04.960 Parents can use these tools like green light. I'm going 339 00:15:05.000 --> 00:15:06.720 to start using them. I think that one is. 340 00:15:06.759 --> 00:15:08.840 Probably the one that we're going to use to do 341 00:15:08.879 --> 00:15:12.279 the investing stuff to try to navigate those waters with her, 342 00:15:12.679 --> 00:15:16.960 because I remember the interface with the checking and all that, 343 00:15:17.360 --> 00:15:20.080 and I like that. I like that the greenlight, and 344 00:15:20.240 --> 00:15:21.960 so we'll try that and see what happens and she 345 00:15:21.960 --> 00:15:23.200 can play around a little bit in that. 346 00:15:23.240 --> 00:15:24.399 I think that's great. 347 00:15:25.080 --> 00:15:27.840 And it gives them little cards, right, like little debit 348 00:15:27.879 --> 00:15:31.120 cards that they can actually use places and do things. Yes, 349 00:15:31.360 --> 00:15:35.559 and so it's just that, you know, it's it's that practical. 350 00:15:36.039 --> 00:15:39.320 You know, Now we're mixing and balancing a checkbook and 351 00:15:39.360 --> 00:15:42.720 balancing a debit card and payments with investing, right and 352 00:15:43.840 --> 00:15:46.960 just like anything else, the more you see those things interact, 353 00:15:47.000 --> 00:15:51.159 the more you see those those things whirling around and 354 00:15:51.200 --> 00:15:53.840 working together, the better idea it's going to give you 355 00:15:53.879 --> 00:15:54.879 of the world around you. 356 00:15:55.000 --> 00:15:56.159 And you know, you got all. 357 00:15:56.200 --> 00:15:59.960 Like I said, the kids are smarter these days. Yeah, 358 00:16:00.120 --> 00:16:03.120 But at the same time, on the financial side of it, 359 00:16:03.240 --> 00:16:05.559 like I said, so much of it is geared toward 360 00:16:06.440 --> 00:16:09.279 the material side of money as opposed to the working 361 00:16:09.320 --> 00:16:12.799 side of it. And you know, teaching them to understand. 362 00:16:12.799 --> 00:16:15.879 I have these conversations with my daughter's friends. My daughter's fifteen, 363 00:16:16.279 --> 00:16:18.679 and I have my conversations with her and her friends 364 00:16:18.720 --> 00:16:21.600 all the time where I'm like, guys, it's not just 365 00:16:21.679 --> 00:16:24.759 about what you can buy, right, It's about owning your 366 00:16:24.759 --> 00:16:27.159 assets them not owning you, right. 367 00:16:27.200 --> 00:16:29.240 And you know, just all these things that we learn, 368 00:16:29.720 --> 00:16:31.080 and we learn either because we. 369 00:16:31.080 --> 00:16:33.799 Listen to somebody that's a really good example, or we 370 00:16:33.919 --> 00:16:36.200 learn the old fashioned way because we do it wrong. 371 00:16:36.519 --> 00:16:38.720 And it's usually the old fast it's usually the old 372 00:16:38.720 --> 00:16:41.960 fashion way. I mean, it's real, and it's gonna that will. 373 00:16:41.759 --> 00:16:44.919 Be learned probably in the next five to fifteen years 374 00:16:44.960 --> 00:16:45.559 when they learn it. 375 00:16:45.639 --> 00:16:46.159 The old fact. 376 00:16:46.279 --> 00:16:49.759 Yes, Now, if you could actually do seminars with kids 377 00:16:49.879 --> 00:16:51.919 I think that would be amazing. You probably should think 378 00:16:51.919 --> 00:16:53.879 about doing that, Zach, But I know you have one 379 00:16:53.919 --> 00:16:56.799 coming up on July twenty fourth with adults. 380 00:16:57.120 --> 00:16:58.759 Yes, can your kids if they wanted to. 381 00:16:59.519 --> 00:17:01.360 Yeah. Yeah. 382 00:17:01.399 --> 00:17:04.640 So we're doing our same as the road shows we 383 00:17:04.680 --> 00:17:07.640 do before, but this one we're really tailoring it toward 384 00:17:08.039 --> 00:17:11.240 the environment we're living in, talking about like, you know, 385 00:17:11.279 --> 00:17:14.359 how urgently we really need There's another. 386 00:17:14.119 --> 00:17:15.480 One we saw today. Okay. 387 00:17:15.519 --> 00:17:18.680 So it's the what we call the Warren Buffett valuation Indicator, 388 00:17:19.000 --> 00:17:21.839 and Warren Buffett has always looked at the value of 389 00:17:21.880 --> 00:17:25.440 the US stock market as a percentage of the amount 390 00:17:25.480 --> 00:17:29.480 of economic activity that we put out. Okay, that metric 391 00:17:29.920 --> 00:17:31.519 just the other day, I believe it was just yesterday, 392 00:17:31.599 --> 00:17:34.720 hit a new high, a new all time high. And again, 393 00:17:34.759 --> 00:17:36.759 it doesn't say that there's panic you need to sell 394 00:17:36.799 --> 00:17:38.920 everything and get out. What it does mean, though, is 395 00:17:38.920 --> 00:17:41.319 the composition of the portfolios that have worked from US 396 00:17:41.400 --> 00:17:44.480 the last fifteen years. Like this year, you know, the 397 00:17:44.599 --> 00:17:47.119 US is one of the worst performing markets in the world. 398 00:17:48.519 --> 00:17:50.240 And one of the reasons that we're having a great 399 00:17:50.319 --> 00:17:54.480 year is because we're internationally diversified and most people are not. 400 00:17:54.519 --> 00:17:56.319 At all they're not at all. They're all loaded up. 401 00:17:56.400 --> 00:17:57.440