"The first thing I did was I bought an insurance policy. Many of my coworkers used their first cash piles to buy cars instead. Life insurance is a form of savings because you build up value in the insurance company that you can tap if you need it."
"You owe it to them to think about them and protect them. Obviously, you want to have some fun in your life, so you could buy that 14-year-old used car."
"Investing in stocks and other riskier assets is likely to grow faster than safer options like bonds. Avoid high fees by investing in low-cost ETFs."
"Marcus doesn't have branch offices and doesn't have to pay for a lot of people, no pens to give out. No TVs or toasters."
Lloyd Blankfein advises young workers with savings to prioritize buying life insurance as a form of savings and to protect their families. After securing insurance, he suggests purchasing a used car for enjoyment. He encourages investing in stocks and low-cost ETFs for better growth potential compared to bonds. Blankfein keeps his savings in Goldman's Marcus account due to its low overhead costs. He expresses a lifelong passion for trading and market awareness.
Read at www.businessinsider.com
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