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+--- Thread: The lengths Fathers will go to help their children (/showthread.php?tid=2059)
The lengths Fathers will go to help their children - Scooterd - 12-11-2021
First a short (Uncle Scoot) background....
J, l. Collins is the Author of "The Simple Path to Wealth". (He also has a Blog)
The Simple Path to Wealth was the "First Book" I gave to both my nephews as they entered their later teens approaching their university years. I told them do not invest in individual stocks at this point in their life, "You have too much going on, Sports, girls, cars, studies ("Individual stock selection is Uncle Scoots thing because I have the time and resources available to donate to research"). Instead concentrate on your studies,...but by the same token it is important to get into the habit of investing early, So read this book and at least take the first steps. (They did , Took it too heart, followed my advice and each opened up an IRA with Vanguard (with a little help), and they now ensure a portion of their part time job monies while in school make their way into their accounts - Both (with little nudge of guidance) they each selected VOO for their initial investment start.
As a father J. L. Collins found himself in a position of trying to emphasize the importance of investing to his daughter to no avail. She just wasn't into it. When they are young, as a parent it's common (at least you believe) the advice you are trying to give may be going in one ear and out the other, and as a parent or mentor you sometimes wonder if your getting through at all (even though believe it or not they are listening, just not acknowledging). From her perspective , Stock market investing was "Dad's Thing", and she had zero interest. So as a father who loves his daughter very much he sought out a very creative approach to grab her attention. He was friends with a film crew, and they did a spin of the Mark Whalberg's movie "The Gambler" in which John Goodman plays Frank a mob style loan shark who lends monies to habitual gamblers.
Mr Collins borrowed the scene from the movie in which Frank (John Goodman) is having a dialog with Jim Bennett (Mark Wahlberg) a habitual gambler who has set out to borrow monies from Frank in a chance to go in "all or nothing" to get out of a deep gambling debt and be rid of gambling once and for all. With the help of his film buddies JL Collins created his own version of the movie scene to get his daughters attention. It apparently resonated, and by his account she finally started investing.
Note to Readers - There is very harsh profanity used as it was part of the original movie, so those easily offended do not watch...
Note to Mods - It you deem the content inappropriate, delete, or ask me to delete, I will not be offended in the least.
Now, First the original movie scene for context - https://www.youtube.com/watch?v=xdfeXqHFmPI
Now Jl Collins retake to gain his daughters attention (which by his account apparently worked) - https://www.youtube.com/watch?v=eikbQPldhPY
I don't want the overall message to be lost by way of the profanity used-
The point is, I applaud any father (or aunts, or uncles, or any mentor of children) who love them enough that they go to great lengths (creative lengths in J L Collins case) even when they think they are not listening to them, - to educate and emphasize to the younger generation the extreme importance of starting to invest early and to make it a life-long habit. "Time in the Market" is life changing, and saving and investment habits that form early will matter greatly down the road. This is just one of life's lesson that is incumbent upon all us older folks to teach the younger folks in our lives we hold dear.
All have a great afternoon, Off to clip goat herd hooves, and a little barn maintenance.
- Scoot
RE: The lengths Fathers will go to help their children - Christinebitg - 12-11-2021
(12-11-2021, 10:47 AM)Scooterd Wrote: Now Jl Collins retake to gain his daughters attention (which by his account apparently worked) - https://www.youtube.com/watch?v=eikbQPldhPY
Oh, that IS precious! Thanks for sharing that one.
Christine
RE: The lengths Fathers will go to help their children - macbolan - 12-15-2021
Awesome, I just sent those vids to my kids last night. I did tell them that if they couldn't tell (since I retired in 2019) I was at the FU stage.