Latest / The Family Teams Podcast / Ep. 201 | Investing Wisdom from Solomon

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Ep. 201 | Investing Wisdom from Solomon · The Family Teams Podcast

• 0:00
  Diversification. You must diversify your investment portfolio. Hey, guys. Welcome to the 5-Minute Fatherhood Podcast. I'm your co-host, Jeff Bethke, along with my friend and mentor, Jeremy Pryor. Join us Monday through Friday as we chat about quick tips, skills, and ways to help equip you on your journey as a father to build your multi-generational family team on mission. Stay tuned.
• 0:30
  What's up, guys? Jeff and Jeremy here in another episode of 5-Minute Fatherhood. Today, we're talking about investing advice from Solomon. Ancient wisdom. Does the scriptures have anything to say about that? It does, which I think is really fascinating. Solomon, this was something that was very important to him. Thinking about the long-term goals financially, how to set up his assets, how to do all these different type of things, and how to set up his household was really important. So yeah, Jeremy, what are some of these ones? The one I see right here where it says, the verse that says, cast your bread upon the waters, for you will find it after many days. I have no idea what that means. So I'm really interested to hear what that means.
• 1:00
  That's right. But yeah. All right, guys. This is... What is he talking about? Let's go throw bread on water. Yeah, it's a little more nuanced than that. I'm thinking like maybe it's because I have little kids, but I'm thinking like the ducks. You know, that's like we're always throwing bread in the water with the ducks and with the little kids. Yes. Yeah. Take your kids to the park and feed the ducks. Yes. Now, what it's talking about, you guys, and this is... I think this is the absolute... Like if somebody had to ask, what is the best advice the entire Bible has about investing? Yeah.
• 1:28
  I would say it's in Ecclesiastes chapter 11, verses 1 and 2. So yeah, like Jess said, cast your bread upon the waters, for you will find it after many days. What does that mean? He explains it in verse 2. Give a portion to seven or even to eight, for you know not what disaster may happen on earth.
• 1:46
  I love this advice. Diversification. It's saying you must diversify your investment portfolio later in your life. That's what he's saying. Now, I love the basic advice that you concentrate your wealth to build. You concentrate your resources to build wealth. You diversify your resources to keep wealth.
• 2:03
  And so I do think that there's really two stages to this process. But you need to get to the second stage, which is you need to begin to accumulate enough resources so that you can do what Solomon's saying here, cast your bread upon the water, which is to make sure that you have several different places where you can get your income from when bad things happen.
• 2:24
  And the Jewish people have a way of thinking about this because obviously they've gotten this advice for a long time, but they also have much longer memories. They know that disaster comes. They know that a lot of times you're like, I'm doing great today. I could only survive like three weeks if something bad were to happen. Jewish people know something bad is going to happen. We've been around a long time. Our memory goes back.
• 2:43
  thousands of years. And about every 80 years, some terrible disasters tends to strike almost every culture, whether it's a depression or a war or something. And so they're always thinking and planning for that. And one of their strategies is they put a third into businesses because they want their wealth to grow. When there's boom times, they put a third into real estate because they want their assets to be secure during bus times. And they put a third into savings because they don't know when they'll need to leave the country suddenly or because some crazy thing's happening.
• 3:12
  So, again, Solomon's saying that there's a time in your life, and you guys, again, most of you are not in this season, but you need to think about this season because it's coming. Like, you need to begin to concentrate your resources, build them up during boon times or big opportunities, but make sure you're saving enough—
• 3:29
  and you're creating multiple income streams. Our family has four or five different income streams. And so I think that, and that's been something we've been really trying to figure out, how do we diversify? But it's right there in Ecclesiastes 11, cast your bread on the water. I love that image. As weird as it is, that's how it sticks in your mind. That's how ancient people used to create that. But do we have a visitor? Who's that? We do. Cannon, can you say hi?
• 3:52
  Hi. Here, let me turn off my earpiece so Uncle Jeremy can maybe hear you when you talk. Here we go. There we go. Can you hear him now? Are you there, Jeremy? Yeah. There he is. Can you hear him? Is he saying hi? Yeah. What's up, Cannon? Can you say hi? Hi. Hey, buddy. Yeah, he always... This is what happens, guys, when you work from home and you forget to lock the office door, but he's so sweet. He wanted to... You guys just woke up. We shoot these early in the morning. One last note I'll put on this episode, and it reminds me of even kids.
• 4:21
  teach your kids to invest. Like investing is one of those things we don't teach till they're like 30, right? You know, until they're older when, uh, and, and I think we do, a lot of us do a good job with money with our kids. You know, we, the three classic buckets is what it's like, it's like save, give, spend, right? It's sometimes what we'll teach our kids, but I say, put one in there that's invest. And one way that we kind of are just about to start experimenting with it now that we're just starting to kind of talk with money with our five-year-old and stuff is, um, in a more detailed way, um,
• 4:47
  is, you know, like, hey, here's $5 or you earn $5. Every time this $5 stays in this little jar, every month, another dollar is going to get added to it, right? And teaching some type of investment or something like that. Like, do you do this? No, I said, we're just about to start this year. That's my plan. Oh my gosh. I've never heard of this. This is a great idea. I've been writing it out and kind of like, okay, what happened?
• 5:10
  Oh, did you get stuck under the table? Sorry, bud. Sorry, buddy. But I tried to scoot in and then I realized he was on top of me and I think I just like scraped the top of his thigh. But you know, you win some, you lose some. But yeah, I think something like that. I'm just like adding investing to the like the non-negotiable strategies for financial competence for your kids is really important. And that's a really easy one. What I just said there of like adding a dollar a month if they hold on to a certain amount. Because not only does that teach them investing and interest, compound interest, but what that also does...
• 5:37
  is I think teach them like delay gratification, which is really, really important at that age. So I would say, yeah, that. That is a great idea. Yeah. And then extending that even into yourself, into adulthood and learning these from Solomon. So that's what I would say.
• 5:49
  Hey guys, if you like this short content on 5-Minute Fatherhood, then you're going to love long-form interviews that Jeremy and I do with other dads just like you over at Dads Building Teams. We go much more in-depth hearing the stories, challenges, and journeys of different dads who are trying to build multi-generational teams on mission. Just go to whatever podcast platform you use and search for Dads Building Teams.