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this question comes via email I'll read it hi Cara and Scott big fan of the podcast and would love your insights on
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a financial challenge with a parent how do you approach Financial playing with a
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parent who's increasingly keen on betting against the US economy influenced by questionable sources and
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conspiracy theories basically anything but mainstream media my mom is particularly bullish on gold convinced
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the US dollar is on the verge of collapse I strive to listen and offer datadriven advice but I'm concerned if I
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challenge her belief too directly if I push her further to those ideas how can I communicate that the US economy isn't
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on the brink of imploy without alienating her thank you Nikki from Texas oh man Scott oh I don't know get
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control of her stuff I guess Nikki uh Scott you committ never her committed like my mom spends way too much money
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but it's her money I don't really care what she does with her money I think you
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got to reframe the argument and that is rather arguing against or for an asset class because quite frankly she might be
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right and you might be wrong each of you has a 50-50 likelihood that gold is a good or a bad investment or the US
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economy is going to go up or down from here it's the wrong argument the argument is the following it's Mom we
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have some money you have some money Nobody Knows the brightest people in the world don't know what they do know is
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that we shouldn't put too many of our eggs in one basket mom if you feel you
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have inside here or you get some reward from picking this stuff then okay we're
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going to take 10 maybe 15% of your assets and you're going to buy gold but we're going to put the rest in
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Diversified index funds because here's the thing mom you don't have the time to
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make it back and it doesn't matter how smart you are Warren Buffett lost 50 60%
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of his net worth during the great financial recession you can be a genius the market will always Trump individual
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Behavior so if you want to have some fun you're really into gold fine but the
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majority of your assets because we love you and we want to make sure that you are always
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economically fine and that you don't have the emotional stress a financial stress of this age we're putting the
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rest in Diversified index funds can we agree on this mom you want to put some money in Gold fine but the majority of
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it needs to be in Diversified lowcost index funds don't argue over asset classes she knows no less or more than
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you what you know is that she needs to be Diversified and ensure she doesn't
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have the stress a financial stress at this point in her life listen Nikki I would do the opposite I would um I would
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make a fake gold bar and hand it to her and try to get control of her finances that's called parental abuse that's
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correct because you're protecting her I I think I I it's is she old I don't know
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if she's not old I don't know I'm always like with my mom and her money um you
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know if it's your money spend it down to zero and then you'll be at our beast at
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some point but I don't I think you can't protect people from the things they want
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to do what you can protect them from is schemes and things like that that's something that's important don't let her
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buy Trump gold coins or or sneaker gold sneakers whatever she happens to like gold um be careful of scams and get keep
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her out of those let her buy a gold whatever gold future individual assets care are a scam individual assets at
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that age or a scan yeah I agree but I'm just saying just buy a little bit of a
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go what is it gold future what do you buy what you don't actually buy gold give me some kruggerands old people like
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KS not give put them in your put them in your um put them in a safe so people don't come and steal them from her as
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she gets never stay at Trump Plaza and there's going to be Gold Everywhere Gold
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Everywhere I don't know I it's very difficult my policy with my mom is just
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wants to spend her money let her do whatever she wants as long as she isn't fooled by doy spend her money on other
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than pooie dresses she looks fabulous she does look good she spend her money on oh silly things buy stuff for like
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the children my kids and um a lot of that um a lot of stuff we don't we get a
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package from Ralph Lauren every five minutes which we most of which we take back and your daughter's a podcast
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baller her son owns a Coal Company and the other son is a head of anesthesiology she should be spend all
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your money luy no I know that go to Vegas get a cocaine habit lucky your kids she used to buy clothes it used to
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be clothes and and and rental properties and she's you know whatever she likes to
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she has a shopping problem I would say but she likes it it makes her happy I don't know what to say it's her money um
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she should do whatever he wants with it as long as she doesn't get scammed out
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of it which really there was an incident where she gave someone her numbers on the phone very typical and they were
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trying to get into a bank account my brother handled it that kind of stuff I just as she gets older Nikki watch for
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scams it really is something sad that happens to not just olderly people but they're much they're much in the focus
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of those people anyway um while we're on listener mail we want uh to start having
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you the audience be more part of the show to start we have a question for you how often are you personally using AI
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just like Scott Galloway now to answer go visit us on threads at pivot pod pivot podcast official and submit your
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answer uh and let us know what else you want to know about Club pivot also known
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as your fellow listeners is that we're calling them Club pivot Club pivot I like it Club pivot do you like that I
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don't know it seems kind of cool anyone can get in Che anyone can get in people
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are not that attractive but it's free it's free yeah anyway give us your
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answers we'd love to know how you personally use it we talk about how we use it especially Scott who uses it much
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more than I do but um please let us know and we'd love to hear from you if you've
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got a question of your own you'd like answered send it our way go to nymag.com
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Pivot a question for the show or call 85551 pivot