Former Goldman CEO’s Financial Wisdom: Buy Life Insurance and a 14-Year-Old Car
KEY POINTS
- •Lloyd Blankfein advised a 25-year-old with $5,000 to first buy life insurance as a savings method.
- •He then endorsed buying a 14-year-old used car for personal enjoyment after securing protection for family.
- •Blankfein also recommended investing in low-cost ETFs and using Goldman’s Marcus savings account for minimal fees.
Lloyd Blankfein, Goldman Sachs’ ex-CEO who steered Wall Street through the 2008 chaos, offered classic financial enlightenment on the 'Financial Tea with Mrs. Dow Jones' podcast. Advising a 25-year-old with $5,000 savings, he championed life insurance as a 'form of savings' worthy of beating impromptu car purchases by peers. Post-insurance, he cheekily suggested splurging on a 14-year-old used car – apparently the Tesla of thrilling investments in 2026. Blankfein, who left Goldman in late 2018, keeps spare cash in Marcus for its ruthless no-frills policy—no pens, no toasters, just pure banking zen. His mantra? Avoid high fees, embrace low-cost ETFs, and prepare to be buried with a market screen and extra batteries for 40 years of price-watching.
Share the Story
(1 of 3)Ex-Goldman CEO says young folks should buy “fun” like a 14-year-old used car after the unequivocally thrilling life insurance purchase. Truly, living life on the financial edge.
Because nothing says ‘financial advisor’ like suggesting a life policy then a car older than their college degree.
Why invest in new experiences when you can have a vintage 14-year-used “fun” machine and some low-cost ETFs?
Source: Businessinsider | Published: 3/31/2026 | Author: Theron Mohamed
More Articles in Business
Reform UK Promises Family Holiday Tax Cut, Because £45 Will Fix Everything
Apple Fires Steve Jobs Because Running Tech Empire Is Hard, Who Knew
Sydney Sweeney's $1M Flop, Trump-Approved Jeans & Bathwater Soap Fiasco
JPMorgan Bets $80B On Fixing The American Dream Like It’s A Software Bug
Wall Street Builds Giant Data Fortresses While Still Googling 'What Is AI?'
Americans Pay $4 Per Gallon While Watching Middle East Make Oil Drama
Russian Billionaire Demands Slavery Shift: 12-Hour, 6-Day Work Quotas to ‘Fix’ Economy
JetBlue Raises Bag Fees Again Because Your Duffel Must Suffer Too
