""The first thing I did was I bought an insurance policy. The first purchase I made. I bought life insurance as a form of savings since I built value with the insurer that I could tap if I ever really needed it.""
""Obviously, you want to have some fun in your life, so you could buy that 14-year-old used car, I'll give you that.""
""Only after insurance and essential transportation are taken care of does investing enter the picture. Young savers should invest in stocks and other riskier investments, since they are likely to grow faster than safer bets like bonds.""
""To keep more of those gains, young investors should steer clear of high fees by choosing low-cost investment funds instead.""
Lloyd Blankfein recommends that young workers with $5,000 prioritize buying life insurance as a safety net for their families. He views life insurance as a form of savings that can provide value in emergencies. After securing insurance, he suggests purchasing a 14-year-old used car for enjoyment. Only after addressing these practical needs does he advise investing in stocks, emphasizing the importance of low-cost investment funds to maximize gains. Blankfein's experience as former CEO of Goldman Sachs informs his financial guidance.
Read at Entrepreneur
Unable to calculate read time
Collection
[
|
...
]