Burt Malkiel, a 92-year-old Wall Street veteran, advises young people to remain open-minded about their career paths and consider working longer before retiring. His own career, which includes roles as a professor, investment banker, and economic advisor, took unexpected turns, something he encourages others to embrace. Malkiel emphasizes the importance of flexibility and the potential enrichments that come from unexpected detours in careers. He also advocates for starting to invest early, sharing insights on the benefits of passive investing through index funds.
"The rest of us probably will feel much better by working longer, and the economy will be stronger," he said.
Malkiel claimed that young people should "be flexible and realize that you could very well change your mind. Don't close off any opportunities," emphasizing that unexpected detours can enrich life.
Having loved the stock market despite having no money to invest, Malkiel noted his early obsession with stock prices and how that shaped his career.
Malkiel's unexpected career path illustrates that being open to change can lead to fulfilling opportunities, as he transitioned from Wall Street to teaching and advising.
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