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The veteran NYSE trader Peter Tuchman, known as the "Einstein of Wall Street," is calling on younger generations to rethink their spending habits and focus on long-term wealth through stock investments.
Tuchman, who has spent more than 40 years navigating market highs and lows, shared his advice in a video posted by TikTok channel The School of Hard Knocks, reported Fortune.
"One of the most important things is to invest in stocks and not stuff," Tuchman said. "Pretty much most things we buy goes down in value the minute you buy it."
Tuchman, who trades between half a billion and a billion dollars in stock daily, pointed to the consumer habits of today's youth as a key concern.
"Young people are the greatest consumer generation in the world, pouring money into products that depreciate immediately rather than assets that appreciate over time," he explained.
He encouraged aspiring investors to use familiar trends to guide investments: "Go back to high school, walk down the corridor and look at what sneakers everyone's wearing, what phones they use, what computers they're on…buy a little bit of each one of those companies."
Tuchman also highlighted the power of compound interest, noting that a monthly investment of $250 in the S&P 500 from age 18 could grow to over $1 million by retirement.
"It's letting your money work for you," he said.
Personal finance expert Dave Ramsey, known for advising people on eliminating debt, typically recommended investing in growth and income funds with a long-term focus.
In June, Brian Preston and Bo Hanson on The Money Guy Show compared a hypothetical portfolio based on Ramsey's investing approach with the Vanguard S&P 500 ETF (NYSE:VOO) and the classic three-fund portfolio, which combined U.S. stocks, international equities, and bonds.
Preston explained that Ramsey's strategy suggested splitting a portfolio equally among four categories: growth and income, growth, aggressive growth, and international.
The podcast hosts selected the following funds for the Ramsey-inspired portfolio: Columbia Large Cap Index Fund Class A (NASDAQ:NEIAX) for growth and income, JPMorgan Mid Cap Growth Fund Class R3 (NASDAQ:JMGPX) for growth, American Funds EUPAC R4 (NASDAQ:REREX) for international and Franklin Small Cap Growth Fund Class A (NASDAQ:FSGRX) for aggressive growth.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
