He just believes that technology specifically, his is better suited to help people get the job done. I asked Bloch, who has a lot of strong opinions about life and money, what common financial advice to millennials he considers off the mark. A warning for financial planners: The content of this article may be disturbing.
The 30-year-old founder of Digit, an online financial company, can get heated about espresso drinks when discussing the clichéd financial advice given to his generation. In this case he is peeved about the “Latte Factor,” a term popularized by the author David Bach to signify how people can save by cutting back on little things. Bloch doesn’t buy it. “Just having that conversation in your head and using self-control over $3 is time and energy misspent,” he says.
Bloch’s life seems lived in startup hyperdrive. He was fiddling with QBasic programming language at 9, sold software on EBay at 11, tripled and then lost $7,000 in bar mitzvah money day trading in the tech boom, started bingeing on Buffett and Munger at 20, and co-founded a startup called Flowtown at 23. He started working on Digit three years ago.
It’s this kind of thinking where people should be spending their anxiety. Think about much you care about money, and what that means about a job for you. If your goal is, I just want to relax and surf and I’ll work my ass off so I can do that one day, well, it doesn’t cost that much to surf in South America. You could do that easily. Read more…