The Best Investment… with Morris Smith   

I can’t say that marriage is my area of expertise, but thank G-d it’s been 43 years and it’s working out pretty well. Marriage is a true partnership, and you don’t make arbitrary decisions without your spouse.

You mention the tripod and how life always has to be a balance between family, G-d, and work. Do you think that people who “made it” financially need to step back from the work area to focus on the others?

I can’t extrapolate my personal feelings and the desires I had to other people. But I do think you have to always recalibrate and check how your tripod is doing. Life is short and we all recognize that. You don’t want to give up all your years because they were only focused on business. Everyone has different versions of “made it” and I think once you get there, it’s time to take a step back and redefine your priorities. You should always be working on the parts of life that are about family and Torah.

You mentioned that you didn’t grow up in a wealthy household. What’s your perspective on educating children about money?

When you have a cognizance of the value of money, there’s a certain DNA that gets passed down. I think all my children have some of that in them. There’s an understanding that you never go into deficit spending (i.e., never spend more than you have). If you have your child paying a portion of something, they will be more sensitive to that. I think giving them unlimited spending capabilities is not a great idea. On the other hand, it’s a great idea for them to get a chance to make some money doing something along the way. It helps them appreciate the value of every dollar.

Your day revolves around learning, but you mentioned that you still work part time. What still pulls you to the financial market?

There are two factors. I don’t think you can ever leave your investments alone. The changing global environment may require changes in your overall investment portfolio. We’ve gone through Covid, the war in Ukraine, the changes in Fed policy. You do have to react to events. You can’t leave your portfolio in auto drive.