Compound Growth

Episode 16- Buckets, Balance & Legacy: Dr. Malcolm Rosenson on Money, Medicine, and Family

• Compound Growth • Season 1 • Episode 16

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In this episode of Compound Growth, Wheeler and Colin sit down with Dr. Malcolm Rosenson—physician, leader, husband, father of four, and proud grandfather. Born and raised in New Orleans, Malcolm shares stories of the city’s unique culture, from red beans and rice Mondays to costume closets, and how its vibrant spirit shaped his worldview.

The conversation explores Malcolm’s journey through medicine, from training in New Orleans to leading departments in New England. He opens up about the challenges and rewards of a medical career, the evolution of healthcare, and why the decision to pursue medicine must come from the heart, not just the head. His candid reflections shed light on physician burnout, rising student debt, and the administrative weight on today’s doctors.

Beyond his professional path, Malcolm offers timeless lessons on family, money, and legacy. He shares how he categorizes debt into “good, bad, and risk,” the importance of balancing what you have to buy, should buy, and want to buy, and why financial guidance across generations can strengthen families. This thoughtful, humorous, and inspiring conversation reminds us that true growth isn’t just about wealth—it’s about resilience, perspective, and passing on wisdom.


Find Malcom on LinkedIn: https://www.linkedin.com/in/malcolm-rosenson-ba85a635/ 

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Credits:
Created By: Wheeler Crowley and Colin Walker
Production Assistance: Tori Rothwell
Editing and Post-Production: Steven Sims

Today on The Compound Growth Podcast, we're joined by a very special guest, Dr.Malcolm Rosenson, a longtime friend and all-around amazing guy.Malcolm was born and raised in the vibrant city of New Orleans, where he also earned his medical degree from Louisiana State University School of Medicine.Eventually, him and his amazing wife, Jenny, made their way to Newcastle, New Hampshire, where Malcolm became the head of infectious disease, and later chief quality and safety officer at Wentworth-Douglass Hospital.In short, he's spent his career making healthcare safer, smarter, and more effective for thousands of families in our community.But the story doesn't just stop at the hospital door.Oh, boy.Malcolm and Jenny raised 4 kids, and now enjoy life as proud grandparents to 5 grandkids, all of whom live locally here on the seacoast, which means plenty of family dinners, birthday parties, and maybe even the occasional babysitting.Outside of medicine, Malcolm is a man of many interests, fly fishing, travel, and yes, the occasional inappropriate meme.He's also been known to enjoy a good glass of brandy to wind down in the evenings.Malcolm brings a truly fascinating perspective when it comes to money, legacy, and the way professionals like him think about wealth, family, and working with trusted advisors.How was that?Very nice.Yeah?Welcome, Malcolm.A little inflated.A couple of little errors-but do you need to correct them?No.No.We don't need to correct them.Just roll with it.I mean, I wasn't chief of infections, it was chief of medicine, but- Chief of medicine, okay, so even better.Yeah.Oh.I mean, if we're undercutting you, you should absolutely correct it.Yeah.That's such aSo you're from Louisiana.Mm-hmm.I know New Orleans as kind of a party city, lot of fun.Whenever we go down there, we have a great time.What was it actually like growing up there?Uh, well, you know, when you grow up in New Orleans, New Orleans is very different, as you know, from the rest of the country.It has its own culture.It has its own food, its own music, its own festivals, uh, its own joie de vivre, and has often been referred to as the northernmost city in the Caribbean.And-and I feel as, uh, uh, having lived many, uh, places and traveled many places, it is the least American of American cities.But when you grow up there, you don't know it's abnormal.You don't know it's unusual because you think it's normal to be in that culture and that environment.Uh, it's only when you move away, you realize how strange it was to grow up there.Uh, there are many examples I could give you.first of all, uh, New Orleanians 0 obviously are comprised by a wide variety of ethnic groups, and, uh, it's long been, uh, a city in which the ethnic groups have lived with each other and influenced each other.Uh, if you're from New Orleans, you can ask anybody from New Orleans, "What do you eat on Monday?"And everybody, regardless of their ethnic background, uh, of their socioeconomic background will tell you the same thing.It's red beans and rice.Uh, so there are specific New Orleans, uh, cultural attributes, um, that, that you learn growing up there, uh, that don't exist elsewhere.Uh, sort of a, a shocking one we experienced when, uh, when IWhen my wife and I moved to Boston, uh, for my medical residency.Uh, we were, uh, with another resident, we were having a beer at a bar in Brookline, and it was time to leave, and my wife hadn't finished her beer.So on the way out, she asked the bouncer for a go-cup because-in New Orleans, you can bring your drinks on the street as long as they're not in glass containers, uh, any street in the whole city.Uh, well, needless to say, the bouncer didn't quite understand to what she was referring and said, "What are you talking about?"And she said, "You know, a cup to put my drink in so I can leave."And he said, uh, "You can't do that."And Jenny turns to me and says, "What, what kind of hell did you bring me to?"So, so, uh, a- and it's, it's s-so different in so many ways.Uh, but growing up, like I said, I thought it was normal.It was only when I moved away that I said, "This, that place is really unusual."So it felt normal to me, but, uh, but it wasn't compared to the rest of the country.Uh- Y- you told me a story not too long ago about, um, going to, I think it was a Little League game.Yes.Yeah, so, uh, a- as most people know that have ever been there or read much about it, it has a strong party culture.Yes.Uh, and my wife and I went to a Little League game to see her niece and her nephew play, uh, uh, uh, baseball.Uh, and we noticed a concession stand was selling beer.Uh, so I asked my sister-in-law, "Uh, they sell beer here?"And she looked at me like, "Why wouldn't they sell beer here?They, they sell beer everywhere."And then I noticed that the umpire, who stands behind the pitcher because there's one umpire, uh, between innings had a beer in his back pocket and was-drinking from the beer in his- At a Little League game.at his ball strike calls got more accurate the later-the game went, though, uh, I'll say that.So there's another example.One other one, th- there was a bar in my neighborhood growing up, and it had a takeout window that you could walk up to.It was not a drive-through at the time.Those came later.Um, uh, and-when you'd go to this window, they wouldn't, they wouldn't check your age at all.Basically it was sort of like going to an amusement park, and there was a, a yardstick next to the window that says you have to be this tall to order a drink.But it had nothing to do with your age.It all had to do with were you big enough to reach the drink and not drop the change, soUh, and this is sort of the background, uhAlso, you know, as, uh, uh, the city's had an extraordinarily lively and important, uh, gay community going back into the '50s.It was, uh, much more out of the closet than most of the rest of the country at that time.Uh, strong contributors to the culture there.Uh, so, uh, there was, there were, there's no shock or surprise, um, with anybody's identity.You see people walking around in all kind of strange costumes, uh, all sorts of subgroups, and, uh, it's, uh, it's a l- it's a-sort of laissez-faire, laissez le bon temps rouler attitude.You're not hurting anybody, do what you want.So, uh, it was, uh, it was definitely an interesting place to grow up.One thing I loved about going to visit you guys down in New Orleans was the costume closet.Oh, yes.Yes.They have a closet that's probably the size of this room, just full of costumes for all of the parties that happen every year.And Jenny is very talented at making costumes.She, she's the costume couturier for the family.And, and I would remark that, that a, a costume closet is a part of most homes in New Orleans that I know of.In fact, uh, when one is looking for real estate to buy a house, one offers, inquires about the costume closet to make sure it's of sufficient size.Legitimately?Yeah, legitimately.It sounds like my daughter should move to New Orleans.Yeah.So I feel like, uh-she might could fit there.And, uh, and uh, yeah, we have a costumeWe have, e- everybody that I know of has a costume closet.Welcome to the Compound Growth Podcast with Colin and Wheeler, where we talk all things growth.From financial growth to career growth, personal development to societal progress, we explore how each layer builds on the next, compounding over time to shape who we become.Each week, we break down complex ideas and emerging trends into clear, actionable insights.Because growth isn't just about numbers, it's about understanding the world and our place in it.The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual.Investment advice offered through Integrated Partners doing business as COFI Advisors, LLC, a registered investment advisor.Integrated Partners does not provide legal, tax, mortgage advice or services.Please consult your legal tax advisor regarding your specific situation.Past performance is no guarantee of future results.All investing involves risk, including loss of principal.No strategy assures success or protects against loss.The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that the strategies promoted will be successful.father was, uh, first generation.His father had immigrated from what's now Belarus in about 1890.Uh, my mother's family, uh, had immigrated from Alsace-Lorraine back in the mid-1800s, about 1860 or so and interestingly, they settled in a small town in central Louisiana.They didn't settle in New Orleans.Uh, I, I don't know the entire story, uh, of how they got there, but, uh, so my father's side, we're there, um, second generation.Yeah, when you were growing up in New Orleans, I mean, I know it's changed a lot as a city for the most part, but it's always been pretty forward, you know, in terms of its party scene and everything like that.Like how has the city changed over time?Was it a pretty vibrant city when you were young?Was it wealthy?Was it not wealthy?Yeah, it was quite vibrant.Uh, New Orleans was, was very wealthy and was a dominant port up through the 1950s.Uh, was quite dominant, but I think it was, it was unfortunately, uh, cursed with a lot of the, uh, racism that the old South had.And that is a lot of the wealthier people in town, uh, were, were old Southerners, uh, whose families had been there for generations.And it was very difficult for them to relinquish their positions of, uh, of, uh, prominence, uh, which gradually hope en- happened over time.Yeah.Um, and, uh, you know, there wasn't, there w- we didn't have, we didn't have race riots.Uh, for one thing, the city's kind of integrated.It's all checkerboard.It's not like you have huge swaths of- Mm-hmm.uh, of low socioeconomic folks and, and then specific enclaves for wealthier people.So, uh, these neighborhoods were very close to each other as you know.So there was a lot more interaction with people.Uh, it had suffered significantly after the oilIt did well during the oil boom, uh, and then suffered significantly after the oil boom, um, uh, and has recovered so much since.As you know, Hurricane Katrina, uh, which this mark, month marks, I think, the 20th anniversary.Wow.Uh, had a devastating impact on the city and economy.Oh, wow.Yeah, 20 years.Yeah.Uh, but it has recovered in large extent, um, uh, in many ways.Um, you know, uh, a good 25% of the population, uh, left the city, uh, after the hurricane, uh, due to their losses and, uh, a lot of 'em hadn't come back.But there was a, a huge influx of young people to help with rebuilding the city and after it, and, uh, that has, uh, sort of been the history of the city.It periodically suffers some disaster, be it a hurricane, a fire, or a yellow fever epidemic in the 19th century.Um, and, and generally, uh, you get, uh, an influx of people interested in the city, and, uh, we've got a lot of, uh, uh, if you don't have a brain dream, drain, I guess, you have a, a brain reservoir develop.Uh, so there's been a lot of, um, uh, a lot of, uh, rebirth there.So I, I, I think at this point, it's done, doing, doing fairly well.It is still a relatively poor city, um, you know, no, no doubt about that, by national standards.But, uh, uh, it seems to be recovering at this point from that.So what was it like for you seeing it go through these different phases of wealth before you moved out?Well, my father was a professional person, and his, his livelihood didn't depend entirely.He was a corporate attorney, so his livelihood really didn't depend that much upon, upon, uh, how, how average folks fared in the city.Uh, there was a lot of, there was a lot of, uh, national business there, uh, the large, uh, lodging companies building hotels and, uh, uh, developing, um, other tourist amenities, and, uh, he represented, uh, a number of those, uh, those companies, and, uh, he, he, his work never really suffered from it.Um, you know, I had friends who, uh, who had more difficulty, um, a- and some of 'em had to move because of financial circumstances.Uh, so it, it was, it was a mixed bag.Uh, I think, I think it was sort of part of the tempo of the city to realize it, it, it's gonna have these ebbs and flows that are perhaps a little bit, um, broader than a lot of other places that have more stable economy.Uh, I think, you know, the, the port was very strong.It has weakened in the last couple o' decades.Uh, the, the hospitality industry has recovered largely and, but as you know, the hospitality industry is not as vibrant in terms of, uh, salaries and wages as- Right.Yeah, it's very cyclical, too.It is, yeah.Yeah, yeah, so.Growing up, so your father was corporate attorney.Right.What made you wanna go the medicine route?Um, I, I think there are a couple of things.One is, uh, very, uh, early on, I just got interested in science as a kid.I always had some sort of, experiment I was cooking up, and some, some scientific project that I was interested in.So, I had a little home lab, not very sophisticated, but enough to, uh, cause distress to my parents.And, and, uh, you know, my friends and I were always doing things, uh, with sort of science-related games and whatnot.Um, and also, I mean, I really also like being with people.I didn't wanna just be stuck in a lab, so that was obvious choice.But, uh, I think even more, even more de- determinative than that was, uh, as a kid, when I would, when I'd go to the doctor or I'd have to, uh, uh, seek healthcare, uh, I was just fascinated by what, by what seemed to be this entire mystical world that very few people really knew anything about.And I remember thinking very early on when I was 8 or 9, I says, "I wanna know what's going on in that world."Yeah.Uh, I said, "It's got enough science to entertain me, and I'll get to, uh, be with people enough, but I, I, that's, uh, there's, there's something in that world of alchemy or whatever it is that I wanna, I wanna, I wanna be an insider on," so.So you knew early that this is the route you wanted to go.I knew right, yeah.That's awesome.So you go to school, University of Louisiana School of Medicine, graduate, and where does kinda life take you as you go through your, your career journey?Well, so, one of the features of my career has been some geographic tension, I would call it.And that is, uh, not unlike a lot of New Orleans women, it's very, it was very difficult to extricate my wife from New Orleans.Uh, they get very attached, uh, for some reason, um- The to-go cups.To-go cups.Some very specific reasons, yes.You know, it's the family stuff, it's the culture stuff.I, I mean, many New Orleanians can't, 'cause it's so different, they can't imagine living else.Sure.You tell 'em, "Oh, you're gonna move to Charlotte," and they tell you just-that under no circumstance.Yeah."I don't care if I own the bank, I'm not moving to Charlotte."Right.Uh, yeah, so I had, I had come to New England, um, in college, and I really fell in love with New England, so, uh, I, I really wanted to come back to New England for my residency, and I, I wanted to live in New England, and, uh, so my wife, my wife agreed since, you know, there were good training opportunities in Boston, she agreed to move to Boston.So we moved to Boston, um, uh, for my residency, and then, and then I got offered a chief residency an extra year.So, you know, we made one of these marriage negotiations-Okay.She said, "I will stay an extra year if you do your specialty fellowship training back in New Orleans."Uh, so we agreed to that.Um, so I was there 4 years and then back a- And New Orleans, I must say, New Orleans is probably one of the best places for a clinician to train in infectious diseases in the country, as you might imagine.Um, a hu- 'Cause that's like a hub where everybody, you see it all.A huge port and merchant marines from all over the world.Mm-hmm.And, you know, with- within 3 months, I'd seen 40 cases of malaria and all sorts of things.And, uh, you know, I- Yeah.It was ju- uh, ju- the, the, the, the, the clinical, uh, wealth of cases there was just, uh, astounding, and it was reallyI, I think it would've been more challenge if I was interested in pure research.I think it would not have been, uh, as good a choice, but I never really wanted to do research full time, so.Sure.Yeah.So, so we were there for 2 years, after which I said, uh, uh, we kinda talked about it and I said, "Well, let's"Uh, she saidI, I told her, "I liked it in Boston, you like it here.Neither of us really is caring too much for what's going on in the other city.Why don't we try some geo- geographic intermediate?"So, uh, we movedWhen I finished my infectious disease training, we moved to Raleigh, North Carolina.Okay.Uh, it, it looked, for all intents and purposes, to be a good choice.1, uh, just what looked like it was gonna happen in terms of its growth and development, which has come to pass- Yeah.Uh, I really thought it was gonna be an excellent place to be for the next 34 years.Which, which I think in most instances, you know, it, it, it has been and it was some place where you got 4 seasons, but not too much extreme of climate, and there was close to everything on the East Coast.So we went there and, uh, umSo we were living in a kind of in a, a near suburb of Raleigh and, uh, and, and I remember, uh, getting home one day after we'd been there about 15 months and my wife looked at me and she said, "Get me out of Stepford."I wishI, I think Jenny should be here actually.Yeah.Yeah, yeah.No, she, she can speak for herself.Yeah.So, so I said, "All right."So I agreed we'd go back to New Orleans, so then I, I practiced in New Orleans for 6 years.And then, and that was a time when New Orleans was really in a nater economically and socially.Uh, it was, uh, early ni- late '80s, early '90s.And, and we were victimized by some, some, uh, crime and some other things.And so finally she agreed, "Okay, this isn't a great place to bring up these kids.We gotta-" Yeah.So she agreed to move to New England as long as it wasn't Boston.She didn't wanna be in Boston.I can appreciate that.And we had traveled about New England some when, when, when I trained in Boston, soAnd, uh, so, so that's how we got back here.I finally got my way basically, so.Going through medicine and medical school and all of that stuff, when did you and Jenny get married?Was that when you were in medic- We got married my senior year of medical school, about 2 months before I finished medical school.Got it.So going through that kinda getting into the money side of the podcast here a little bit.Yeah.Like, what was kinda life like whenYou know, I assume finances were tight, you were moving around, life changing.Yeah.Um, yeah, finances were really tight.So we got to Boston.We had a'Cause we had some money from our wedding, we had a bed and a sofa pretty much.And we ate off an Igloo ice chest as our dining table for about 8 months till we could save up enough money to buy a little, you know, uh, butcher block table.Yeah, exactly.Um, and part of it was we w- we, we were frustrated because weThere was so much, so much about Boston that we wanted to experience that we, we didn't have any- Yeah.disposable income.Mm-hmm.We couldn't go to the, we couldn't go to the symphony, we couldn't go to concerts of various stripes, we couldn't go to a whole variety of places.Most restaurants were out of reach.Uh, plus my schedule was so difficult anyway.But, uh, but it was really pretty lean.I mean, w- you know, we ate reasonably well.We didn't eat beans 6 times a year, but- Just on Mondays.What's that?Just on Mondays.Just on Mondays.Just on Mondays?Yeah.Yeah.Just on Mondays.Yes, even in Boston we ate beans on Mondays.Finding the ingredients was a challenge-we ate beans on Mondays.Uh, and, uh, and uh, so it was, it was kind of frustrating 'cause there, there was all this wealth of possible experiences around, and no means to, to really get engaged with it.Uh, I- would that haveIf we'd had the means would that have changed Jenny's attitude about Boston?Probably not, because it was just the daily struggles that- Right.But, but I was frustrated 'cause, uh, 'cause we just, we just couldn't avail ourselves of what was available.Yeah.So you're going through your career, getting situated as a doctor.You know, you're finally getting to a point where you have some disposable income.Did life kind of change, or what habits change for you when that started to get more comfortable?Well, you know, and I showed you a meme before.There's a new father and a new mother standing over a newborn infant.Uh, he says to the wife, "What is it eat?"And she says, "Disposable income."So we had 4 children, so that's where all of our disposable income went.Yep, that's fair.It's just, it's just that there wasn't a pool of disposable income, 'cause it was all being, uh, you know- Yeah.disposable with the children, but, but we did early on, you know, when we were just still in training and a year or 2 beyond, my parents did help us some.Yeah.Uh, you know, we wanted, we wanted the kids to go to this particular school, and they helped with that.So, uh- Yeah.Um, so, uh, and then a little further along, we started to get a bit, little di- disposable income.Part, again, part of it was, I was in a 2person practice, so I had very little time off.Yeah.Um, but at least we could plan to do certain things.Sure.You know?So- Yeah, that makes sense.Yeah.Growing up, did your parents talk a lot about money?Did they teach you about money management at all?Yeah, my father, my father, um, uh, uh, was the main teacher about financial matters.Uh, my mother was not unwise, but, uh, I think she felt that was his duty, soYeah.Um, and I think, there 3 of us, I think each of us had a little bit different education depending upon receptiveness and whatnot.So yeah, he was there to teach me some things that I needed to know, and, and thankfully, he was teaching me all along as I went through medical school, then training, then, you know, young adulthood.He was there to help kind of make decisions.Guide you through it.Yeah.So eventually, you probably found yourself a financial advisor.So I practiced in New Orleans from '89 to '95, with- during, during one of those return moves.Um, and the, the guy that I joined there had a financial advisor that he'd worked with for a number of years, uh, and introduced me to him.Got it.Uh, and heIt was interesting 'cause I, I was ahead of the curve, because he was in Philadelphia, so we had pretty much a virtual relationship, except once a year, um, back before everybody else did.So- Right.Yeah.So, uh, you know, everybody else has been since 2000, and we had it going on in 1990s.You were the pioneer of the virtual- I was a pioneer.financial advisory world.Yeah, and, and it's mainly because of my partner, who was a very nice and trustworthy fellow, recommended him, and- Yeah.I didn't have anybody, and, um, yeah.The, the, the people in New Orleans my, my father used, um, eh, he was really his own financial advisor.He was, he was quite knowledgeable, and he just used them as brokers and- Yeah.you know, agents like that, not really for their, for their planning skills or anything.In fact, they, they, they told me they learned from him.Your father was the teacher.Yeah.Sounds like a good one overall.And as you, as you know, um, uh, my, my, some other of my family members still had a relationship with the New Orleans ones- Yeah.up until recently.Yeah.Uh, you know.Yeah.So what was it, what was the relationship with an advisor like at that point in your life?What type of work did you do, or conversations did you have?So at first, I think it was sort of a just getting to know me, and sort of, uh, sort of what- wh- he knew what my intermediate term goals were, 'cause we had 4 kids we had to get through college, and- Yeah.hopefully through college, and/or, uh, beyond, and, uh, that was the main focus of investing at that time, plus whatever little we could do for ourselves.Um, and then, and then as that progressed and we had a little bit more investible income, uh, we'd met and he did some planning sessions, uh, and we'd go over specifically the goals.Uh, and, uh, he, he would make an assessment of my, uh, risk adversity.Um, uh, so, uh, he did sort of a traditional financial planning job, uh, at that time, uh, and I wa- I was very happy with him.He was attentive.He, you know, he would call, um, uh, periodically.He m- he stayed in touch, and I, I'd see him once a year.Either he would come to New Orleans when I was there, or I would go to him in Philadelphia.Um, got to be a, a friend of his.He was part of a, a community there where I knew some other people.So, uh- Mm.uh, I think it was appropriate for the phases that we were going through.We have a lot of clients who are in the medical field, and they come out of school with quite a lot of debt.Yeah.What was your experience with that?Yeah, I was very fortunate.Um, in fact-That was kind of a deciding factor where I went to medical school.So I was gonna go either to Tulane or Louisiana State, LSU, and they are, they're literally on the same str- at that time, on the same street.And the big city hospital's what separated one from the other.Hm.And, uh, the, the difference in the tuition and then the difference of indebtedness, uh, really sorta helped me make that decision.Again, had I been research oriented, I might have tried to go to Tulane because it was more rigorous research in certain areas.But, uh, the clinical part of this was equally strong, if not stronger, uh, on the LSU side.And my, my first year of medical school tuition, first year, not semester, was $800.American dollars.American dollars.But it went up ev- it went up every year by $200.Oh, my goodness.So it went to, it was 1,000 in 19, '77 to '81.Wow.It was still a great deal.Yeah.I mean, uh- Yeah.it went up to 1,000 the next year.My junior year is 1,200.My senior year was all the way up to 1,400.Oh, my gosh.We almost protest, yeah.Yeah.Whereas, whereas the private university then was already around $15,000, so you're talking about 4 years of $60,000 in 1980 dollars, so- Yeah, it's a tenth of the price.Yeah.Uh, yeah.Wow.Less.Less.Yeah, yeah.So wow, that's, that's incredible.So I was very lucky.I was very fortunate, yeah.And even if you had gone the more expensive- Yeah.like, what was the alternative in cost?Uh- How much more would it have cost to go to Tulane?Uh, well, that, Tulane's tuition was about 15,000 a year.Okay.And the, the additional cost would be the same.The, you know, the books, the lodging- Sure.and all that stuff.Yeah, yeah, yeah.Yeah.So it was, it was, you know, 800 into 15,000 gives what, about 18 times?Yeah.Yeah.So you were making an educated, informed decision.Yeah, my father was gonna help me with the tuition.He also made an educated choice.He made the decision easier.Yeah.We work with a lot of people in the medical field, and a lot of people come out with a very exorbitant amount of debt.Oh, yeah.You know, looking at it now, obviously your situation back then is very different to the present day.Yeah.Correct.Is medicine a field that you would recommend people go into, or what's your take on it now?Yeah, you know, it, it, it somewhat saddens me to have this perspective on it, but, uh, uh, it's become very frustrating, and it's become so burdened with dealing with insurance companies, hostile insurance companies.Uh, we're dealing with regulations, many of which don't make any sense.We're dealing with corporate administrative imposition, uh, that it's got all of this other baggage that really does dominate your day more than, you know, trying to take care of patients.But it's, it can be very frustrating, and I think you're seeing a lot of burnout in physicians because they have to shoulder all this non-clinical burden.Uh, and, and it just, as you'd expect, it gets more so every year.So it seems like it's, it's not even just that it's cost prohibitive, but just experientially it- It's experientially difficult.I mean- Yeah.what I advise young people that have asked me is basically I think it's gotta be, it's gotta be a heart thing, not a head thing.It's gotta be this is the only thing I can see myself doing where I'm gonna be happy with what I'm doing.Yeah.And if it's the only thing you see yourself doing, I wouldn't discourage somebody.But if it's one of several career choices, all that are looking reasonably attractive, and it's a question of which one, I, I would take a long look at this before going into it.How familiar are you with the standards and regulations, et cetera, outside of the US?Do you feel like you would have different advice for a different country, or do you not know enough about it?Well, you know, I, I don't know specifically a lot about healthcare standards, but, uh, if you take for example, you know, EU countries tend to have a more socialized system.Mm-hmm.Uh, that also the EU as I understand it is a high regulatory environment.So I would guess, and it's totally a guess, I may be completely wrong and I'm not claiming I know, I just want that disclaimer out there.My guess is- We are putting this on record.My guess, my guess is that Europe would be a, a highly regulated environment.Now- Yeah.that having been said, even though you have, uh, reimbursement regulations to fool with, you get single payers so you don't have multiple insurance companies- Sure.but single payers.So, it's, it's simpler in terms of numbers but it's probably not simpler in terms of complexity, uh, but that's a guess and I don't wanna, I don't wanna speak more on it because I just don't know.Yeah.I guess I wonder, you know, whatif it is a head versus heart decision, right?Y- It feels like you wanna make it easier for people to go into this field.We need more doctors and medical professionals.Yeah.What would make it easier?Yeah.I, I, I think people wanna go into medicine because they wanna do medicine.Mm-hmm.They don't wanna, they don't wanna spend time with insurance companies and regulations and all this extraneous stuff that's superimposed on it.Um, and, uh, you know, I think y- you'll hear many doctors now think that, that corporate equity in medicine, uh, is, is to me not true to the spirit of what it should be, uh, and it's also makes things very complicated.And I also, uh, it deprives clinicians of a significant degree of autonomy.Um, so I think if you could, if you could restore some degree of autonomy and you could, could lighten the administrative burden, uh, I think people would be more attracted to it.And somehow if you could lighten the amount of debt that they finish medical treatment with, uh, you know.Impossible.Yeah.Well we were talking about this in a prior podcast but, um, an absorbent amount of our GDP goes to the healthcare system.Yeah.Over 50%.Over 20% of it.Yeah, over 20% of the costs that do go to the healthcare systems are just for administration expenses- Yeah.and fees, which is unbelievable.Yeah.And then, and then, you know, I don't wanna get too political but if you look at private equity in healthcare and health insurance companies, uh, you know, they'reMost hospitals, as you well know, are running at 2 to 3% profit.Mm-hmm.Profit margin, yeah.Most health insurance companies, the last time I looked a few years ago, they were making 12, 13%.I don't know, maybe you know better what it- That's correct.And, and frankly, they don't add any value to the patient's experience or the patient's care.Mm-hmm.Um, so that's a huge expense that has no value to the consumer- Mm-hmm.uh, basically.And, and I'm not saying everything insurance companies do is bad or wrong or indifferent but, but it's, there's a lot of costs there that, that the patient doesn't ever really feel any benefit from, you know?Yeah.Yeah.Or the hospital.Unless they invested in these companies.Correct.Yeah.Unless, unless they put it into- That may be, that may be the defense.Yeah, exactly.Although, I mean, you're looking at UNH right now, United Healthcare- Smoked.is down 60% from I think- Yeah.this highs.Well, as you know, it was an extraordinary event with their CEO, uh, 5 months ago.Sure.Yeah.Yeah.But, uhYeah.And the extraordinary event to me was not that there was some person, uh, with probably mental illness who was disposed to do that but the reaction of the country was, "Good riddance."You know what I mean?Yeah.That wasYeah.And I wonder about how much of that is, you know, on the margins that gets highlighted, like emphasized online, et cetera.Of course.I mean, you know, and you also have, you know, Elizabeth Warren was like, "Well, you know, violence is never the answer.""But you can only push people so far."Yeah.Yeah.It's almost like saying, "Well, this was a logical consequence."Um, well, and I think- People have breaking points.Yeah.She, I think she's saying, you know, everybody's frustrated with this and we need to do something about it.Yes.You know, and, and we haven't done anything about it and this is a consequence of that.Yeah.I mean, I know Kaylee, her biggest frustration on a day to day activity is just fighting with insurance companies.All the time with patients and that's kind ofWas it always like this in medicine when you started?No, it's gotten- I mean, you've been in medicine a long time.It's gotten worse.Has it?Okay.When did it shift?Yeah.UhHard for me to say because, uhExcept for having to justify, uh, a procedure treatment by speaking to a physician colleague, uh, at the insurance company, uh, we always had, we always had had staff in my practice to deal with them.So, I would only, you know, when there was a denial of a treatment that I thought was, uh, an indicated justified treatment, I would be involved with the insurance company and, you know, those conversations could take anywhere from 5 to 40 minutes and that's time away from taking care of patients.From a personal standpoint, it's also uncompensated time.You know, the insurance company is not gonna send me money for my 40 minutes of time talking on the phone.Mm-hmm.And that's, uh, an appointment or 2 with a patient that I couldn't have that day and somebody wanting to be seen.Uh, I would say that insurance denial stuff has gotten worse in the last 15, 20 years or so.Yeah.This, this concerns me personally at the moment.Yeah.Because my mom was actually just diagnosed with a very serious condition and there is one FDA approved medication for it and it is $250,000 a year for that medication.Yeah.That is obviously m- you know, the hope is that we're gonna be able to cut that significantly with the right insurance in place but, you know, she's-you know, it's either Medicare or private insurance, et cetera, and then she's gotta evaluate her options.We're gonna have to choose what kind of insurance she gets- Oh.based on what, who will pay for this.But even, I think best-case scenario, we're gonna be looking at, like, $1,000 a month out of pocket.Yes.And she's like, "Well, that's too much money."And there's no amount of money for me, personally, that I would be like, "That's too much money for my mom."But, like, for her, like, for people to be in a situation where they- Yep.have to say, "Well, that's too much money.I guess I'm just gonna die."Yeah, they literally can't afford it, in the wealthiest- Yeah.country- Right.in the world.Yeah.Yeah.Yeah.It's, it's just kind of sad that, you know, you would think that, um, a good healthcare system would be a basic right for someone in this country.Y- y- yeah.You know?You know, people argue it about being a right then, and I agree with you conceptually.I think, I think basic healthcare should be available to everybody- Mm-hmm.regardless of whether they can pay anything or they can pay, uh, thousands of dollars.Uh, I think everybody should have healthcare coverage.I think you know more than I do, the commonest cause of bankruptcy in the country is probably healthcare expenses.Yes.That, that's a s- a situation that should not be, but it just shouldn't- Well, that's because student loans can't cause bankruptcy.Yeah.We can't get out of that system.That's true.No, but it just shouldn't.Yeah.You shouldn't, you shouldn't go bankrupt because you got sick.Yeah.You know?So talk about it being a right, uh, uh, unfortunately, it's not a right because it's a commodity.It is.Because- Yeah.Mm-hmm.Right.But whatWe have to prioritize it so that it is among the top commodities that we buy.Yeah.You know?Mm-hmm.Uh, absolutely, you know?It, uh, I think the nation as a whole, uh, should make healthcare available to everybody so that their, their lives are not otherwise financially destroyed.Yeah.Yeah.So you've got a big family now, kids, grandkids, all that.So would you advise them to kind of go into medicine unless they had their heart set on it?It doesn't sound like it necessarily, uh- N- no, again, I think, I think, you know, it's a, it's, it's a heart decision here.I mean, the brain decision is a negative.Yeah.Uh, the heart decision is what's gonna drive you.And, uh, um, and they may, they may get that disease like I had it, you know, uh, and wanna do it, and I wouldn't discourage that.But if, like I said, if you're looking at it as one of multiple options and, uh, it's, it's really gotta be what you wanna do, and almost to the exclusion of something else to make it really feel worthwhile to you.Yeah.Do any of them have, like, biology sets set up in their rooms now-doing experiments?Or the grandkids now?Yeah.Well, one of them, one of them I was, I was launching model rockets with, uh, last year.So there's some, there's some, there's some hope there.Okay.Got it.Yeah.Very good.That'sHe, he, when he was younger, when he was about 6 or 7, he asked me would I set up a lab in the garage with him, in my house.Yes, I will.And I, I never got around to it.And, uh- Oh.yeah, you know.Uh, but, uh, I may still have that opportunity.That would be fun.Yeah.Yeah.Well, that's what grandkids are, right?They're more opportunities- Yeah.toSo you had a really important relationship when it, in terms of, like, a mentorship with your father, right?Yeah, yeah.How has that informed you as a dad?Like, how has that, you know, shaped you or guided you in how you want to advise your kids?Yeah, I mean, I think it's helped me a great deal.I think, uh, you know, uh, every message has a transmitter and a receiver.Sure.A couple of my receivers are pretty good at picking up, and a couple of them don't wanna tune into that station.Because- This is the selective hearing we were talking about earlier.Oh, they just, you know, they're, they're not, they're not"I'm not interested.I don't understand it.I don't"You know, and they just- Sure.They just don't wanna engage with it.And, and 2 of them are.And as you know, one of them is very much engaged with it.Mm-hmm.And, uh, probably student surpasses teacher at this point.I would agree.Yes.Yeah.Or at least in terms of level of interest, if not knowledge, you know?Fair.Yeah.Probably both.Yes.Uh, uh, so I've had a mixed reception.Um, you know, I, I was talking with, with, uh, with that son of mine- Yeah.because his, his son is nowWill be 13 later this month.Wow.And, and my son asked me would I get involved with helping to teach my grandson, and I said, "Sure, I'll be, I'll be happy to teach him."I said, "Yeah, I think we should talk about this and this."and this," and then, and then my son says, "No, I want you to talk about this.""I want you to talk about this."I actually printed off a syllabus for you.You just give this speech.Yeah.You're the instructor and that's it.Yeah.Yes.You're the teacher's assistant.Yeah.The TA at college, you know.I'll review the notes later.So, uh, so, and I think, I think that, that particular grandchild appears to be interested.uh, he has an interest in math, and it's interesting because there's a correlation in my family, and this is, you know, an N of 4, right?Uh, the 2 that were very interested in math are, are interested in finance, and the 2 that were, you know, liberal arts oriented, it's like what you'd expect, the philosopher and the poet don't care.Yes.You know, so, you know, soWell, that's how, I remember one story that you told me about one of your sons, which is one of my favorite stories, and I actually tell this one a lot.I'm happy to tell it, but- No, I think, I think Malcom can tell it.Oh, you want me to tell it?He has, he has the smartest kids I know, and, uh, I would love for you to tell that story about- Oh, you want me to tell the story about the, when he was having a temper- Yeah, yeah.Yeah, so, so I had a son, he was about 8 at the time.He was young.I think he was 8, maybe 9, but I think he was younger than that, and, and he was having a temper tantrum about something, and I don't even remember what set him off, but he was, he was raging, and at 1 point, this is back when we had landlines, he grabs a phone off the counter and picks it up and throws it across the room and it, and it breaks a picture that's on the wall.Mm.Uh, and I was trying to get some way to calm him down, and I said to him, "Son, blindly sma-" I, I said, "I can't think of a single instance in which blindly smashing property can lead to anything fruitful."And about 2 seconds, he looked at me and said, "What about a pinata?"I said, "It makes all the criteria okay," and I walked away.You witnessed that.Brown to son, you know?Yeah.Touche.It was so quick, and I said, "Geez, this kid's brain is rolling."And that's in the middle of a temper tantrum, you know?Yeah, imagine if he had even more time.Well, I see a kid, I go in his room, he's between sixth and seventh grade, he's 12, 12 years old, he's in the summer and I go in there and he's reading, I said, "What you reading?"He said, "Nietzsche."And I say, "You reading that for school?"He says, "You don't read Nietzsche for school, you read it for fun."So I walked out of that room, too.Do you?Oh my.So now that your kids are older- Yeah.obviously they have kids of their own.Yeah.What kind of money lessons and what lessons are you trying to pass down to them at this stage?You know, I guess, I, I, I think of it, uh, there's kinda, there's kinda 3 or 4 areas.The fir- the first thing I would, I would try to do with the 13-year-old is I think talk about the whole concept of budgeting.Mm-hmm.Um, uh, and what budgeting's about and how it's helpful, and that'll appeal to his sense of math and numbers and balance, whatever.Um, I think, I think the second thing I wanna focus on is, is debt, and I don't know what the pros do, but I, I look at debt in 3, 3 buckets.You got good debt, bad debt, and risk debt.Mm.So good debt is when you can get a mortgage at 2% and inflation's 3.5%, so you're already making money on that, that's good debt.The math is matching, yeah.Bad debt is, you know, credit card debt or buying a $100,000 car when you can't afford it and selling it 5 years later for $20,000.Right.And risk debt, which is if you're starting a business and you need, you know, you need money.So you don't know if it's gonna be good or bad, but okay, it's a separate category.You're gonna roll the dice.Yeah.Where do, uh, student loans fit into, into those debt categories?Uh, you know, it's an interesting question, um, and I think part of that is do you value education beyond just what the earning potential is that you, that you derive from it?Right.And my own personal experience is yes, but I think that depends on the experience of the student 'cause I think there's a lot of students, a lot of whom I went through school with is, uh, you know, they didn't- They didn't really, they didn't really get out of it what they could have.You know, they had a great time, you know?Yeah, yeah, sure.So, so I think it all depends upon the student and what they wanna do or what alternatives they wanna do.I mean, obviously you can self-educated yourself, but, but to me, there's, there's value in it, uh, beyond just earning potential, but I think that's a, you know, that's a risk/benefit sort of analysis, is this gonna be enough to justify this expense?Yeah.Uh, you know, obviously if it's career-oriented, engineering, law, medicine, uh, IT, these kinda things where you know there's, there's good return on it, yeah, a good return on it, so yeah.Some sort of dividend, yeah.Maybe it's more of a risk debt than if you fall into those 3 buckets.Yes, I think it's a risk debt.Hm.I think it's a risk debt.Interesting.I really like that breakdown of debt.I mean, we don't talk about that necessarily, the breakdown of debt.How do you, how do you classify it then, or do you just- Well, I mean, we classify, I know me per- like, myself personally, I classify it based off of kind of rate of return and interest rates, so you're a perfect example- Yeah, it's good to know, yeah.of the mortgage is great debt right there because you're making money on it, and then certain things you're willing to roll the dice on.Right.I've never thought about it in those 3 categories.Oh, okay, yeah.Which I, I find mentally helps me categorize a lot.Yeah, it helps me, you know, it's like- Yeah.okay, I'm thinking about taking out a loan, which bucket does it fit in?And you know, if it's notGood debt's easy.You say, "Okay, sign me up.How much can I get?"You know?Yeah.Uh, if it's bad debt, I try to avoid it.Obviously it's the risk debt is really the decision-making, you know?Yes.Yeah.Yeah.Well, I think it's, it's necessary versus unnecessary on one level, and then if it is unnecessary, then how much of it, like, what's the goal that's, you know, in alignment with that, right?Like- And, and that kinda gets to the third of the 3 lessons, that is, and-You guys do this all the time, is when it comes to paying for something, what do I have to buy?What should I buy?What do I wanna buy?Mm-hmm.And how you analyze those 3 things, like, you know, if I have to buy, I have to buy, th- well, well, you know, I have to buy food, so I don't have any choice of that.Now you got a choice of what food to buy.Yep.You know, so within that you've got to break down, or, you know, what health insurance policy to buy, or- Mm-hmm.Mm-hmm.uh, and then, you know, what should I buy?Okay, yeah, I don't need, you know, I, I have a car and it's got a bad part and, um, right now it's fine but I know it's gonna break and so I'd like to fix it now 'cause it's gonna be more expensive later.That's a should a, I should buy that.Should buy.But, but, and then, and then the wanna buy, that obviously that's gotta be okay, everything else is taken care of.But, you know, the other thing is, is, uh, to me there's a, there's a, there's a lesson in there is, okay, I don't think, I don't think it's helpful to say to a young person, um, "You, you have to save and invest everything and you can't spend anything on fun now."Mm-hmm.'Cause that's, that's one that's- It's not realistic.Right.But the question is, okay, how do you prop- It's not realistic, and that's not what life's about, right?Right.Is that how do you proportion that?How do you, it's okay to buy this wanna buy, you know?Yeah.Uh, you know, uh, and how do you understand how to decide on the wanna buys, uh, about buying something or not, and, and enjoying your life, you know?I- i- as we know, we've got, you know, we've got people in our families, I had somebody in my family had a very serious life-threatening disease at age 33.Yeah.And, you know, uh, it, it's very hard to tell somebody who's looked in the face of death at a young age, "Don't, don't e- don't spend money and enjoy yourself."'Cause they learned a lesson a lot of us don't learn 'til very late, you know?Right.So how do you balance, you know, the wanna haves, uh, with what else you're trying to do?Yeah.And, uh, how do you, how do you make sure you enjoy yourself and do things you wanna do without jeopardizing, you know, your future?What else?How do you communicate that balance?Well, um, it's interesting because, like I said, 2 of my kids, they got it, I don't have to do much more.The other 2, they don't listen.So I'm gonna see what the- So this is the receptors versus-I'm gonna see what the grandkid does, yeah.Yeah.Yeah.Yeah, we'll see what the grandkid does.But I, you know, I think just, uh, if I can make 'em aware of it just so that before they make a major purchase they think about that, what category is this and, you know, how does it, how does it create tension with the other ones, um, even just to get 'em to think of, stop and think critically about it, I think that's, I think that's a plus.I think that's a win.Because that means, eh, y- y- you know, if they're just gonna buy everything on impulse, uh, y- then obviously that's trouble.But if they can think it through, uh, and make a, uh, a r- a reasonable decision, that's gonna help 'em along.I think that, um, you know, Colin, Colin does this better than I do actually, but when Colin makes a choice about, you know, I want to buy something, there's something I would like to buy- Yeah.he, he tends to put a plan into place and say- Yeah."Okay, how can I do this?"Yeah.Right?I tend to do the other way.Get out the credit card.Yeah, no.I'm like, "Well, I'm gonna do this."Yeah.And then after I do that, I'll figure out how to pay.But I think it's, you know, it's, it's, I always say it's better to prepare than to repair.And Colin's really good at preparing.And, but I think when you, when you, the best thing you can do is not enter that situation without knowing yourself, right?To put the time into understanding yourself.You know, Ch- Charlie Munger has it.Do you know Charlie Munger?Yeah.Yeah.Berkshire's investment partner.Warren Buffet's, uh, writing it, yeah.Yeah, yeah.So he, he had a quote that I always thought was pretty good.He's like, "You don't want to be a one-legged man in an ass-kicking contest."Yeah.Right?You want to go in there knowing what to do and how to do it- Right.et cetera.And I think spending time trying to understand yourself and your, like, your point of view on, is life short, is it not?Yeah.You know, do I have time?Do I not have time?Do IAm I doing this for me?Am I doing this for somebody else?Like, whatever that is, if you spendThe more time you can spend talking these things through and thinking these through, I think that's what you had with your dad to a degree, too.Like, you want to have a trusted- You- you want to-confidant.You want- you want to be able to critically think about that decision.Yeah.And- and you may say, "You know what?I just really want this thing.I know it's wrong from critical thinking standpoint, but I'm gonna buy it, and thenBut I'll make up it on the, uh, make it up on something else."And then- and there's sort of the third group and the other group I'm in, which was basically, you know, I was in this group where we never spent any-spent any money 'cause- Deferred gratification.Yeah.Yeah, yeah.Exactly.And that was like, you knowMy- my parents were Depression- Yeah.you know, Depression babies.And that's the lessons I always got is, uh, deferred gratification and, uh, y- y- y- well, you know, uh, it's helpful in terms of saving.Yeah.Uh, but then, uh, it's not so helpful in terms of certain regrets that you develop.Sure, yeah.So that's all in the balance, I mean, and it'sAnd that's what it's about.It is.Well, I mean, there's one thing to have deferred gratification, as long as the gratification eventually comes.Yeah.Sure.And you don't know how far you can actually defer it.Yeah, you don't know if you're gonna live long enough to get the gratification.Exactly.So I- I think what you're teaching, to summarize, is really a good balance.Yeah.If I'm to summarize everything.Yeah.It's a balance of the buckets, it's a balance of risk- Yeah.it's a balance of budgeting, it's a balance of everything.Yeah.Balance of fun, all of it.Right.Yeah.It's a balance.That's awesome.So now, when you kind ofI'll say, you know, you have the patriarch and matriarch of the family-and it's a big family now.Yes.You know, when it comes to money management and- Yeah.managing everything for your kind of family- No, they're on their own.I mean.Yeah, they're- they're on their own.I guess, do you talk to them about, like, investments and things like that and how to go about managing that as well, or?Well, as you know, one of my children doesn't need my advice.Yeah.He's very into it.It's always nice.My second one is an aesthetic.He doesn't ever want to buy anything.Also, very easy to manage.You know what I mean?Yeah.He's, you know- Yeah.he's giving it away to charity.Yeah.Yes.Uh, and the other 2 I- I talk to.Um, you know, I- I talk to, especially they've had recent experiences buying houses.Mm-hmm.And so, uh, I talk to them a lot about, uh, you know, uh, what kind of purchase that is, what kind of debt that brings, what it does in terms of- of equity, what it does in terms of tax dedu- and all this kind of stuff that they're aware of, all theseSo that they're aware of all the moving parts when they made a decision- Right.about what and how much to spend on else.Um, so I- I sort ofYes, I do, and I talk to them about debt.For example, there was, uhThere was one of my kids whose spouse had a lot of student debt.Okay.And- and they had cash lying around.And I said, "Pay the debt off."Or theyAnd they had a car loan and they had enough cash to get rid of it.So I was- Get rid of it.instructing them, "Okay, that's- that's- that's bad debt," you know?Yeah.And in this case, one was risk net, but based on what they did, it ended up being a bad risk- Yeah.because they didn't really have the earning potential.Um, so when theIt's more now with them as being adults in your age group, is kind of helping them- Yeah.when each circumstance arises, rather than trying to give them an overview of how to manage it, you know?Mm-hmm.Since youYeah, that'sI feel like having somebody that you can call- Yeah.right?Just to talk things through.Yeah.It's really- And they do, they call.Yeah.They call.That's great.And they- and they call freely, and I'm happy to tell them what I know and offer is- theOften the answer is, "Well, talk to your financial advisor."Yeah.But I tell them what I know, you know?Yeah, yeah.Here's what I think.Now, also call your advisor.Right.Exactly.Exactly.Well, I think it's a good- So that's what they get paid for, you know?Yeah, sure.Yeah.Well, I think it's good to always have that kind of sounding board when you come in to make these- Yeah.decisions.Because, like, you had it with your dad- Oh, yeah.I feel like in the beginning, you know, with helping you make the decision to go- Right.into med school, they probably saw from a very early stage on versus, you know, you can probably see with grandkids and kids, you know, the directions that they're going.So if they're kind of leaning down one path, you can say, "Maybe this isn't the right one for you."Yeah.And, uh, it's- it's hard because I don't think most people know before age 10 what they really want to do.How could you?Yeah, exactly.You know?I have aI have a close f- uh, a friend of mine who was the- uh, the, uh, VP of Human Resources at the hospital- Okay.where I worked.And, uh, I used to alwaysEvery time I'd see her, I'd- I'd, uh, tease her and I would say, "You know, I've talked to lots of kids about what they want to be when they grow up, and none of them ever said, 'I want to be in HR.'" That's what they tell me all the time.What'd she say back?She saysShe said, you know, "It's aspirational."No, she didn't say that.She didn't have an answer.It was just kind of a standard joke.That's funny.Yeah.Yeah.Do you think about legacy at all?Yeah, I think about legacyI mean, I do, I think about legacy primarily in terms of being able to maybe help my kids and their children, uh, reach some of their goals.Mm-hmm.Um, uh, and, you know, I thinkAnd you and I, we discussed this before, but I, I think there's a, there's a big advantages- advantage to having s- several generations in a family have the same financial advisor.Uh, because that personUh, I'm not privy to everything that's going on with my kids, and they're not privy to everything, uh, that my wife and I have going on.But that person has the big picture.That person knows what, where and what kind of resources are in different, uh, sections and, and where there aren't resources.And if I'm fortunate enough that I have some resources that I can share with them, they can very much helpThe advisor can ver- may, very much help me help them, because- Mm-hmm.the advisor knows where they need help.And it's not only specifically, like, it might be, uh, college savings accounts.Mm-hmm.Um, uh, or, or it might be any number of other things.But I think there's a real advantage.And I think it, uh, you know, to some extent, it, i- i- i- it may, based on your family structure, extend beyond, uh, the, the lineage of children and grandchildren.Uh, I think there are families where there are siblings of an investor, uh, who don't have heirs or whose heirs are very wealthy.And, and, um, sometimes those people own assets jointly.Mm-hmm.Uh, I think that's also a big advantage to have one advisor sort of, again, have the big picture and knows where to shift those resources.Because, you know, if you, if you're just managing the army and you don't know what the navy and the air force is doing, you're not gonna be nearly as effective- Sure.than if you, you've got the, an understanding of what everybody's doing, you know?Yeah.And, uh, and I, I think that's a, that's a, a, a big advantage.Um, and I say that because of what I feel now, but also 'cause previously, my prior financial advisor, um, it was not advisingOf course, my kids were younger.They really didn't have much in the way of financial considerations or assets.But, um, but when they had their own advisors, they weren't using my advisor.And, uh, I just get a much better sense.And my advisor now, who, who also advises my children and co- grandchildren say, "Look, um, so-and-so is having trouble funding, you know, college education fund.How do you feel about helping that out?"Or, "How do you feel about, you know, this one's taking this risk?How do you feel about, you know, backing that?"Whatever it is.Mm-hmm.I, I just thinkAnd we, like I said, we've talked about it.We've talked about it, yeah.I just think that's a real advantage and that's something I would recommend people consider, yeah.Yeah, yeah.I th- I think it's important to haveI mean, and you talk about this with your kids as well, setting the goals and setting the plan.Yeah.And it's nice when the goals and the plans align together as a family.Correct.Especially as you get older, your goals and aspirations change to focus more on your kids and your grandkids.Yeah.Yeah.And, uh, and, you know, ifI think if you have any intention of trying to develop and manage some generational wealth, uh, i- it's key.It's really key.Um, you know, I, I, I don't find myself quite in that position, but I'm sure there, there are plenty of people that can really start to plan for generational wealth.And I think that's a big advantage to have some1, one person or one group doing that.I really do.Can I challenge that, though?I feel like one thing peopleI think there's a misconception of what generational wealth is, right?Yeah.I think the majority, uh, uh, a large swath of this country, there's going to be- Yes.you know, the passing on of wealth- Transfer, yeah.right?The transfer of wealth from the evenYou know, we're now, we're getting to the point where the baby boomer generation- Right.is going to be transferring wealth.I, I think that any amount of wealth that you transfer on can have an impact, right?So, you wanna have intentions behind that.You don't need to have 80 1000000, $100 million to make- Yeah.you know, multi-generational impact.No, I, I don't disagree with that at all.It's just- Yeah.It just doesn't feel that way.I know.You know, in this day and age, when you look at home and car prices- Yeah.I can appreciate it, butI mean, you, you, you know, it's like say, okay, you know, generational wealth is kind of the, the, the 1970s definition where, okay, so the next 5 generations will never have to work.Right.You know?Right, exactly.Yeah.Yeah.I had a, I had a meeting with some clients last week.Uh, they had, they have a, you know, multimillion dollar estate.Right?Uh, and they've got enough money.They're in their older, late 70s.Yeah.Right?So they've got enough money that they're gonna be okay.And yet the, the client, um, is worried.One of the clients is worried that she's, you know, she remembers when she was a kid and they couldn't afford a loaf of bread.And so she's worried about being able to afford a loaf of bread.This is my wife and our circumstances, you know, it'sMy wife grew up in a very poor household.They, uh, you know, the last 5 days of the month, they usually ate bread and sugar sandwiches- Mm-hmm.with butter and that was it.But, um, and she is always worried, uhIt's interesting, in the last year or so, she's changed where she was always worried we're not gonna have en- we're not gonna have enough.Um, and, uh, I think that that becomes an anxiety that you develop that pretty much no amount of wealth is gonna free you from.Yeah.Right?That's- 100%.100%.Well, those habits are ingrained- You could say, "Oh, if onlyWell, you know-" Yeah.if, if I had a couple billion dollars, I probablyButYeah.Yeah.Well, something that, when it comes to wealth and family planning too is, you know, when we talk about the money, and I agree with you, Wheeler, that, you know, any bit of money can really help the next generation.But with that being said, um, money can also destroy- Yes.Yeah.the next generation as well.And if you haven't done the proper planning and education with kids and whatnot- Yeah.that can be a real risk.Source of conflict.And I think having a planner or some sort of team that can help with the finances to say, "You know, you might want to spend some more time, education on budgeting and things-" Yeah.like that or, you know, debt management."Or, or, or if need be, even have a meeting with everybody.You know, you get all- Absolutely.Yeah.all the kids and the parents- It's always a good idea.and you say, "Okay here's-" 100%.here's what the pieces of the plan are.Here's, here are realistic expectations."Yeah.You know?Yeah.Yeah.It's good to avoid surprises.Yeah.Yeah.Yeah.That wraps up episode 16 of Compound Growth.A big thank you to our guest, Malcolm Rosenson, for sharing such an honest and thoughtful look into his life, career and the special culture of New Orleans.From reflecting on Hurricane Katrina to navigating career decisions, to raising 4 kids with 4 very different views of money, it was an inspiring conversation about resilience, perspective and growth.If you enjoyed today's episode, be sure to subscribe and share Compound Growth so more people can join us for stories like Malcolm's.Thanks for listening and we'll see you next time.Don't forget to like, subscribe and share with a friend.Compound Growth with Wheeler and Collin, sponsored by KoFi Advisors.Reach out today.