People born between 1980 and 1996 are the Millennial generation. Millennials can be lazy, self-absorbed, independent, and ambitionless. Some people call them entitled narcissists. But in reality, Millennials are on a mission to right the social and economic mistakes their baby boomer parents made. But thanks to massive student loans, they have a laid-back approach to the social and economic issues. Some people say they have a strange way of addressing beliefs that have stood the test of time for decades.
Millennials are changing the way the world does business even though they face a strong economic as well as financial headwind. Some Millennials are able to face financial difficulties and prosper, but a large number of Millennials need help sorting through all the challenges that hold them back. Several financial strategists spend a lot of time helping Millennials break out of the financial traps that make their lives a living hell. One of those strategists is Jacob Gottlieb the medical doctor who decided he felt more comfortable working in the finance and investment industry.
Gottlieb’s father was an economics professor, and his mother was a pediatrician, so Jacob got a taste of economics and medicine at an early age. Medicine was his calling until he joined the staff at St. Vincent Hospital in New York City. Jacob realized he wasn’t happy working in an industry that could help and harm people at the same time, so he left medicine behind and joined an investment company that focused on healthcare. That company, Sanford C. Bernstein & Co gave Gottlieb the experience and the confidence to move up the investment industry ladder. After several years as a successful hedge fund strategist at Balyasny Asset Management, Gottlieb decided to start his own hedge fund in 2005. His company, Visium Asset Management, was a success until three of his partners broke SEC rules. Mr. Gottlieb wasn’t part of the 2016 insider trading scheme his partners put in place so he still looks after the assets that Visium has under management.
Jacob Gottlieb likes to work with Millennials who need financial advice. He likes to give these new Titans of the economy tips that will help them face and overcome the challenges that continue to haunt them. His advice is simple but effective, according to the Millennials that follow him on Twitter and other social media sites. The first tip Gottlieb gives his Millennial clients is to buy a house they can afford. Jacob’s Millennial home buying advice is, never buy a house that costs more than 2.5 times their annual salary.
His second Millennial tip is to save at least 15 percent of their salary every month. Jacob says Millennials should have enough money saved to pay at least six months’ worth of bills. And he also encourages his young clients to pay off their student loans as fast as they can. Student loan debt is one of the biggest challenges facing Millennials.
Mr. Gottlieb believes all Millennials should have a retirement account like an employer-sponsored 401(K), or a Roth IRA. Plus, he encourages his clients to pay their monthly bills ahead of the due date. And he encourages them to find a good accountant that can help them find the tax deductions that will help them reduce their state and federal income tax liabilities.
Finding alternative financial streams help Millennials overcome some of the long-term challenges they face, according to Gottlieb. Gottlieb thinks owning rental property or buying land are always good financial moves. But one of Gottlieb’s most important tips is never stop your financial education. Financial and economic challenges change, so it’s important to keep up with those changes through financial reports and blogs as well as economic publications.