Veteran investor Tom Russo says resilience is key to success, and credit-card debt and gambling can hold people back

Core Insights - Veteran investor Tom Russo emphasizes the importance of resilience in children, suggesting that allowing them to experience failure is crucial for their development [1][2] - Russo warns about the dangers of debt, particularly highlighting credit-card debt and "buy now, pay later" schemes as significant threats to financial well-being [2][4] - The investment landscape is characterized by both young and older investors, with each group possessing unique advantages; younger investors have energy, while older investors bring patience and judgment [3][4] Summary by Categories Resilience and Learning - Russo advocates for teaching children resilience through real-life experiences, stating that pain and discomfort are essential for learning valuable life lessons [2] Debt and Financial Risks - The investor warns that credit-card debt acts as a "chain across your back," tightening over time and leading to financial distress; he also cautions against the allure of "buy now, pay later" options [2][4] Age and Investment Strategy - Russo notes that while younger investors may have more time and energy, older investors possess greater judgment and patience, which can be advantageous in the market [3][4] - The trend of seasoned investors continuing to work past retirement age is highlighted, with examples like Warren Buffett, who remains actively involved in his company [4]