Rebecca Rothstein, who manages $3.8 billion for celebrities and the ultrarich, advises millennials to reduce their debts, then invest for the future.
Rebecca Rothstein of RVR Group manages billions for celebrities and the ultrarich, and she also regularly gives financial advice to millennials and younger prospective investors.
Her top tip for millennials is that they resist the temptation to chase big gains in the market and get their finances in order first. She gives the example of a client's daughter who had a high-paying job and sought investment advice. Rothstein focused instead on her $180,000 in student loans and their high 8% interest rate. That was her most pressing concern — and could have wiped out any gains she made on her investments.
As her young visitors work to get rid of debts from school or other sources, Rothstein says she also tells them to look for opportunities to keep their rent payments reasonably low. Combined with the money they can save after retiring their student loans and other debts, she says that can go a long way toward helping them invest for the future and put a down payment on a home.
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