Chief Change Officer Podcast Episode #328: Collin Plume - Ownership, Not Optics—Teaching Real Wealth to the Next Generation

Release Date: April 27, 2025

Introduction

In episode #328 of the Chief Change Officer podcast, host Vince Chan engages in an enlightening conversation with Colin Plume, a seasoned investor and founder of Noble Gold. The episode, titled "Ownership, Not Optics—Teaching Real Wealth to the Next Generation," delves deep into the intricacies of personal finance, investment diversification, the evolving concept of retirement, the impact of financial influencers, and the paramount importance of financial education for the younger generation.

Investment Strategies: Diversification and the Role of Precious Metals

The discussion begins with Colin addressing the challenges posed by the traditional banking system and the importance of diversification in investment portfolios. He emphasizes the declining returns offered by banks, stating, “I would not be surprised if we see 3% savings returns by next year and even lower” (04:55). Colin advocates for investing in gold and silver as a hedge against inflation, highlighting their historical ability to maintain value over time. “If you go back over time, if you go back the last 150 years, gold has been able to keep up with inflation and the cost of living in a way that most other items have not” (07:53).

Colin underscores the necessity of not concentrating investments in a single asset class. He shares insights from his experience in commercial real estate, where many clients shifted their focus to gold and silver due to the volatile real estate market. “If you have all your funds and just real estate, just rental properties, just whatever it is in real estate, and you go through a down period... you could really jeopardize that comfortable retirement” (07:53). By diversifying into various assets—including real estate, precious metals, stocks, and additional businesses—investors can safeguard their portfolios against market fluctuations and economic downturns.

The Evolving Concept of Retirement

Vince steers the conversation towards retirement, a topic Colin addresses by highlighting its changing nature in today’s society. Colin shares anecdotes of individuals who continue to work beyond traditional retirement age, finding purpose and maintaining mental sharpness through part-time or gig jobs. “I think the idea of retirement is going to change for people because they can work from home, they can do different jobs” (13:37).

He cites personal examples, such as his 80-year-old father who remains active in the workforce, demonstrating that retirement no longer signifies complete withdrawal from professional life. Colin argues that sustaining income streams into later years is crucial for financial stability, especially as life expectancy increases. “Having another income stream in your later years can be really helpful” (13:37). This perspective shifts retirement from a fixed endpoint to a dynamic phase where continued engagement and diversified income contribute to overall well-being.

The Rise of Financial Influencers and Navigating Information Overload

The conversation then transitions to the burgeoning influence of financial influencers. Colin provides a balanced view, recognizing both the accessibility these influencers bring to financial education and the potential pitfalls associated with their advice. “The good part about it is you can get access to a different style of learning that probably wasn't there before” (20:12). However, he cautions against blindly following influencer recommendations without thorough research.

Colin highlights the risks of misinformation and conflicts of interest, especially when influencers promote products for personal gain without proper disclosure. He recounts instances where influential figures in the NFT market misled followers, resulting in significant financial losses. “A lot of times they were getting paid either to create that product or promote that product. And there was really nothing behind it” (20:12). To mitigate these risks, Colin advises listeners to perform due diligence by cross-referencing information from multiple credible sources and verifying the authenticity of influencer endorsements.

Financial Education and Literacy for the Next Generation

In the latter part of the episode, Colin shares his personal approach to instilling financial literacy in his children. He emphasizes the importance of aligning financial values within the family, a principle shaped by both his and his wife’s experiences of losing wealth due to lack of diversification. “My wife and I had, and I think our values are so similar even when we first met, is because both of our families lost the majority of our wealth and had to start over” (30:02).

Colin advocates for teaching children the value of money through everyday interactions and real-life examples. He explains concepts like mortgages to his eight-year-old son and engages his children in conversations about spending and saving. “I want them to understand the cost of things and to be careful” (30:02). Additionally, Colin highlights the significance of investing in tangible assets like gold and silver, demonstrating their long-term value and potential as financial safety nets. By showing his children tangible examples of asset appreciation, such as a kilo gold bar increasing in value from $60,000 to over $80,000, Colin imparts crucial lessons on asset value and investment growth (30:02).

Colin also extends this ethos to his professional environment, encouraging his employees to adopt cost-saving measures and fostering a culture of financial mindfulness. “We have a slack channel... I put ideas in there for them of ways that they can cut costs or save money” (30:02). This holistic approach ensures that financial literacy permeates both his personal and professional spheres, preparing the next generation to make informed and independent financial decisions.

Conclusion

Episode #328 of the Chief Change Officer podcast offers a comprehensive exploration of modern financial strategies and the shifting paradigms of retirement and financial education. Colin Plume’s insights into diversification, the strategic use of precious metals, the evolving nature of retirement, and the critical evaluation of financial influencers provide listeners with actionable wisdom for navigating today’s complex financial landscape. Moreover, his dedication to financial education for the next generation underscores the importance of instilling strong financial principles from an early age.

Notable Quotes:

• Colin Plume on Inflation and Gold: “If you go back over time, if you go back the last 150 years, gold has been able to keep up with inflation and the cost of living in a way that most other items have not” (07:53).

• Colin Plume on Diversification: “Be willing to learn about a new investment or a new strategy every year... being diversified makes me feel more comfortable, is not having all my eggs in one basket” (07:53).

• Colin Plume on Financial Influencers: “A lot of times they were getting paid either to create that product or promote that product. And there was really nothing behind it” (20:12).

• Colin Plume on Teaching Children: “I want them to understand the cost of things and to be careful... these things come from the idea that you have to understand what things cost and you have to be careful” (30:02).

• Vince Chan on Learning: “Learning itself never goes out of style. Learning always has long term value no matter what is an investment that never depreciates” (38:48).

Final Thoughts

For listeners seeking to enhance their financial acumen and secure their financial futures, this episode serves as a valuable resource. Colin Plume’s blend of practical advice and personal anecdotes offers a roadmap for achieving financial independence and fostering a culture of informed financial decision-making within families and communities. As the Chief Change Officer podcast continues to empower its audience with transformative insights, episode #328 stands out as a testament to the power of ownership and education in building enduring wealth.