Dave Royce

I wonder if there's a good business idea there.

Yeah, the question is how much money do you have and how much do you need on a monthly basis, right?

So especially as you get older, you may need more security.

So you might have more fixed income at that stage than you would have when you were 18 years old.

So if you need a certain amount, you have to really think if the stock market goes down, I need something like I need an inverse relationship maybe between fixed income and S&P 500 index.

Whereas for me, it's different.

I don't need that much money.

So what I do is I put away four years of what I actually need in case we have another great recession.

Great recession, when it crashed, it took three and a half years for the market to come back.

And so I've got that cash there.

Everything else, I'm like, let it ride, baby.

All S&P 500, tax less, harvesting funds, or alternatives.

So private equity, direct investments, real estate, private debt, whatever.

Never.

Definitely.

You know, I once heard somebody say that it doesn't matter what charity you're after, it all goes in the same bucket, that concept.

And really what that means to me is everybody's different in terms of where their passions are and where they want to help.

For me, education's really my thing.

In fact, when I die, the majority of my money right now is actually going to the United Negro College Fund.

I've never liked the idea that so much of your success depends on where you're born, the zip code that you're born in.