On July 19, I traveled to Cashiers, North Carolina, a spectacularly beautiful community nestled in the Nantahala National Forest. Cashiers is home to The Chattooga Club: a special venue for intimate family retreats. Here, I spoke to families about the benefits of our evidence-based investing approach and the power of Taking the Long View—a concept that, if you’re reading this, you’re surely familiar with.

But right now, I want to revisit a specific facet of my talk that many of us have a tendency to overlook: time.

When most people think of wealth, they think of money—understandably so. But I’d like to expand the definition of wealth to encompass not just the amount of money in one’s portfolio, but how much time they have at their disposal. In fact, it’s quite possible that you’re a “time billionaire.” Just like people are billionaires in terms of dollars, if you have more than a billion seconds left in your life, you’re a time billionaire (concept recently discussed on Tim Ferriss podcast with Graham Duncan).

Let’s break this down.

A million seconds is 11 days. A billion seconds is just over 31 years. With an average life expectancy of about 80 years, anyone 50 years old or younger is a time billionaire.

Inspiring as this analogy sounds, some time billionaires don’t take advantage of their wealth. They devalue their precious seconds with weak relationships, excessive work, and mindless entertainment. Sometimes a traumatic event can jolt us out of our negligence, but how can we help ourselves reframe or revalue our time?

To put the advantage of being a time billionaire in perspective, consider this: what if you were Rubert Murdoch, with an estimated fortune of 22 billion and you are 88 years old? How much do you think you would pay to relive the health and energy that defined your 30s? Now, consider what kind of price tag a 30-year-old would place on the next ten years of his life. Chances are, there’d be an enormous discrepancy because the 30-year-old doesn’t realize just how precious his time is, but he covets the financial freedom of Mr. Murdoch.

During joyful experiences (or any experience for that matter), try to pause and imagine yourself in the future asking: How much would I pay to be in this moment again? Part of our mission at Hill Investment Group is to guide people towards financial freedom. But what’s the point of financial freedom if we can’t manage our time effectively enough to enjoy that freedom?

Whether you’re a time billionaire or a time millionaire, invest wisely—it’s your most valuable asset. Standing in the mountains of North Carolina reminded me to do the same.

On June 6, 2005, Rick Hill and I inked a deal that changed the trajectory of our lives and eventually hundreds of others.

Over the course of a year, Rick and I met every Wednesday night and Saturday morning to discuss our plan to build a firm that was equal parts high touch and high performance. We called it our “island of idealism.” It may not have been the easiest path to bring that idea to fruition, but as I write this passage on our 14-year-old “island of idealism” at 7701 Forsyth Blvd., I can tell you it was worth every step.

Birthday celebrations often entail trips down memory lane—understandably so. It’s pleasant and comforting to reminisce about how much you’ve grown and achieved. But this year, I want to acknowledge Hill Investment Group’s birthday with a different twist: by looking forward instead of backward.

There’s new energy surging through our firm these days, due mainly to the excitement surrounding our group’s future. Our team, which was recently recognized by the St. Louis Business Journal as one of the best places to work, is growing stronger each day. Hillfolio, our initiative to deliver a better investing experience to a wider audience, is building impressive momentum. And most recently, the launch of our podcast* has given us a new opportunity to spread the word about the value of Taking the Long View.

Some subscribers might know about my reputation as a “relentless agitator” (or a relentless improver). When I was a kid, my mom would challenge me to go 24 hours without suggesting how we could do something better. I never made it longer than five minutes. Fast forward 30+ years and my mentality hasn’t changed a bit. So, if you’re wondering why I’m celebrating HIG’s birthday by looking ahead to 2020, now you know.

Don’t get me wrong—there’s a time and a place to pop the champagne, tell stories, and evaluate the past, but that isn’t the phase we are in today. We are working on the next chapter and how we will serve clients better. We are a competitive lot, which is why Hill Investment Group will never become complacent. We thank our clients, friends and centers of influence who follow this newsletter, for your continued support. And the only birthday present we want from you is your continued trust – because without that we wouldn’t have made it this far.

*Episode 3 features a conversation between Rick and me. Check it out by subscribing here.

Parents everywhere stress over how to have “the talk” with their children. Is it too early? Am I prepared to answer their questions? Can’t I just let school handle this?

No, it’s not the birds and the bees. It’s the money talk.

If you’re counting on our educational system to have the money talk for you, your kids will probably be short-changed. In a 2017 “report card” measuring states’ effectiveness at producing financially literate high school students, only five received an A. Just 17 states required high school students to take a personal finance course (now 19). More than half of American students will graduate without taking an economics class.

To put this in context, schools (and maybe parents) seem better equipped to talk to kids about drugs, sex, and alcohol than about money.

But why is this? As is often the case, we avoid talking about things we ourselves are uncertain of. So, the first step before initiating a money talk with your kids must be inward: What are your own preferences, goals, boundaries, and standards when it comes to money? Reflecting on these questions should improve your conversation.

The most valuable financial lessons to address early on relate to priorities. Is saving money for a family vacation your priority? Talk about it. Is sacrificing luxuries to pad your kid’s college fund the priority? Be transparent. Rather than simply telling a youngster what a savings account or a 529 plan is, put it in context for them – why is this important to your family? Ask them how they feel about it too. You may discover their priorities aren’t the same as yours!

Money talks should be dialogues, not lectures. Keep it simple. I once brought this “Setting a Standard” one-pager from the JumpStart Coalition to a daddy/daughter dinner. Something as basic as discussing the difference between borrowing and buying can lead to important revelations.

Lastly, remember that financial education isn’t limited to teaching. Consider what you model every day. How do you talk about money with your spouse? How transparent are you about bills, investing, estate planning, etc.? Keep this in mind, because kids are always tuned in.

Even if your kid does learn about money in school, there is no substitute for authentic, one-on-one engagement. Accordingly, it’s incumbent upon us as parents to champion financial literacy standards. Whether we choose to acknowledge it or not, money has power. For your sake and theirs, it’s worth taking the time to help your kids understand how to wield it.