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