{"id":48494,"date":"2026-03-31T11:21:19","date_gmt":"2026-03-31T11:21:19","guid":{"rendered":"https:\/\/agooka.com\/news\/usa\/what-ex-goldman-ceo-lloyd-blankfein-says-young-workers-should-spend-their-first-5000-in-savings-on\/"},"modified":"2026-03-31T11:21:19","modified_gmt":"2026-03-31T11:21:19","slug":"what-ex-goldman-ceo-lloyd-blankfein-says-young-workers-should-spend-their-first-5000-in-savings-on","status":"publish","type":"post","link":"https:\/\/agooka.com\/news\/usa\/what-ex-goldman-ceo-lloyd-blankfein-says-young-workers-should-spend-their-first-5000-in-savings-on\/","title":{"rendered":"What ex-Goldman CEO Lloyd Blankfein says young workers should spend their first $5,000 in savings on"},"content":{"rendered":"<figure><img decoding=\"async\" src=\"https:\/\/i.insider.com\/69a5bfcd1fb3fcb42648bd35?format=jpeg\" alt=\"Former Goldman Sachs CEO Lloyd Blankfein speaks at the NYT&#039;s DealBook conference.\"\/><figcaption>Lloyd Blankfein, who helmed Goldman Sachs during the GFC, said he believed the US was due for another &quot;reckoning&quot; in financial markets.<\/p>\n<p>Stephanie Keith\u2014Getty Images\/Reuters<\/p>\n<\/figcaption><\/figure>\n<ul>\n<li>Lloyd Blankfein offered his advice on how a young worker with $5,000 of savings should spend it.<\/li>\n<li>The former Goldman Sachs CEO told a podcast that life insurance and a used car are two solid buys.<\/li>\n<li>Blankfein warned against high-fee accounts and said he wants to be buried with a trading screen.<\/li>\n<\/ul>\n<p>Lloyd Blankfein, the former Goldman Sachs CEO, says young workers with spare cash might want to buy something sensible \u2014 and something fun.<\/p>\n<p>Blankfein was asked during the latest episode of the &quot;Financial Tea with Mrs. Dow Jones&quot; podcast for his advice to a 25-year-old with $5,000 in savings.<\/p>\n<p>&quot;Well, the first thing I did was I bought an insurance policy,&quot; he replied, noting that many of his coworkers used their first cash piles to buy cars instead.<\/p>\n<p>Blankfein said life insurance is a &quot;form of savings&quot; because you build up value in the insurance company that you can &quot;tap if you need it.&quot;<\/p>\n<p>He added that if you have a young family, you &quot;owe it to them to think about them and protect them.&quot;<\/p>\n<p>After that prudent purchase, Blankfein said that &quot;obviously you want to have some fun in your life, so you could buy that 14-year-old used car.&quot;<\/p>\n<p>He also recommended young savers buy stocks and other riskier assets as they&#039;re &quot;likely to grow faster&quot; than safer options like bonds. He also advised them to avoid &quot;high fees&quot; by investing in &quot;low-cost ETFs.&quot;<\/p>\n<p>Blankfein, who left the top job at the storied investment bank in late 2018, recently published a memoir titled &quot;Streetwise: Getting To and Through Goldman Sachs.&quot;<\/p>\n<p>He said on the podcast that he keeps his spare cash in Goldman&#039;s Marcus savings account because of its low overheads. Marcus &quot;doesn&#039;t have branch offices and doesn&#039;t have to pay for a lot of people, no pens to give out. No TVs or toasters,&quot; he said.<\/p>\n<p>Blankfein also touched on his love of trading, saying he&#039;s &quot;known the price of everything all the time for just about 40-something years.&quot;<\/p>\n<p>&quot;When they bury me, they&#039;d better put in a market screen and extra batteries,&quot; he quipped.<\/p>\n<p>Read the original article on Business Insider<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lloyd Blankfein, who helmed Goldman Sachs during the GFC, said he believed the US was due for another &quot;reckoning&quot; in financial markets. Stephanie Keith\u2014Getty Images\/Reuters Lloyd Blankfein offered his advice on how a young worker with $5,000 of savings should spend it. The former Goldman Sachs CEO told a podcast that life insurance and a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":{"0":"post-48494","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-usa"},"_links":{"self":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/posts\/48494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/comments?post=48494"}],"version-history":[{"count":0,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/posts\/48494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/media\/48495"}],"wp:attachment":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/media?parent=48494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/categories?post=48494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/tags?post=48494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}