A man with over 40 years experience of working on Wall Street has shared a key piece of advice to young people who want to get rich.
Peter Tuchman is a well-known name on the New York Stock Exchange (the largest stock exchange in the world) having worked at the famous establishment for over four decades.
With his vast experience in mind, it's fair to say that if Tuchman tells you to do something money-wise, you should probably do it.
In an interview earlier this year the 67-year-old addressed the claims he was worth $1.5 billion after a YouTuber wrongly said he was.
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"He posted the interview and he said that Peter Tuchman is worth $1.5 billion," he said in a separate interview with Shay Huang on her Humbled Trader Official channel.
"My wife saw the post and she called me into the bedroom [...] and she goes 'is there something I need to know?'"
Tuchman went on to reassure his wife that he wasn't secretly worth a staggering amount of money.
While he may not be worth $1.5 billion, he is still said to have an impressive net worth of around $20 million, as per numerous reports.
As to how he made his money, it of course all comes down to stocks — therefore he's encouraged young people to invest their hard-earned cash in stocks too.
Speaking in a TikTok video that's been viewed over 11 million times after being posted on The School of Hard Knocks a few days ago, Tuchman said that he was the 'longest standing standing broker in the world', as well as being 'the most famous stockbroker in the world'.
I'm sure Jordan Belfort would have something to say about that...
The key takeaway from Tuchman's interview? 'Invest in stocks and not stuff'.
"Most things we buy goes down in value the minute we you buy it," he explained.
As to what stock people should be investing in, the stock exchange expert said: "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, what they do in their spare time, and what social media they're on.
"Buy a little bit of each one of those companies."
Alternatively you could put money into the S&P 500 each month, something which tracks the stock performance of 500 leading companies listed on stock exchanges in the US.
"There's a number out there that says that at the age of 18 if you put $250 a month into the S&P 500 (a basket of 500 stocks), at the age of 60 you'll have more than $1 million," Tuchman shared.
Take notes, folks!
Niamh Shackleton