6 Notable Goldman Sachs Alums (Who Made Their Mark Elsewhere)

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Getty Images

When Goldman Sachs received Fed approval to become a bank holding company, it ended the stalwart firm's run as an investment bank and foretold a new corporate direction. While a staggering amount of money has passed through Goldman's hands since its founding in 1869, many notable people have made their marks (and their fortunes) while passing through the firm's ranks. Here are a few alums you might not have realized had Goldman Sachs on their resumes.

1. Stuart Sternberg

The Tampa Bay Rays just made the World Series thanks to their brilliant defense and a dazzling pitching performance by Matt Garza, but one could argue that none of this season's magic could have happened without principal owner Stuart Sternberg, who took over executive control of the woeful team in 2005. Sternberg immediately cleaned house and let smart baseball thinkers lay the groundwork for this season's run. Of course he's a shrewd manager who knows that it may take a few years for a smart investment to mature; Sternberg enjoyed a 24-year career in finance before retiring as a partner at Goldman in 2002. When he took over the Rays, he needed a new president for the team, and he didn't have to look past the Goldman partner who helped him arrange his purchase of the team, Matthew Silverman. Silverman, who formerly worked in Goldman's Merchant Banking Division and Firmwide Strategy Group, now controls the day-to-day operations of baseball's biggest surprise.

2. Jim Cramer

If you're a fan of financial-talk television or just enjoy seeing someone stalk around a TV set while apparently coping with the early symptoms of rabies, you've probably watched an episode or two of Jim Cramer's Mad Money. Obviously Cramer's a really sharp guy behind all of his bluster, but it's surprising how interesting his life's been. After graduating magna cum laude from Harvard, he worked as a journalist, where one of his assignments saw him report on a murderous rampage by infamous serial killer Ted Bundy. He then went to Harvard Law School before getting a job as a broker at Goldman. Cramer used the expertise he gathered at Goldman to launch his own hedge fund, and he later founded TheStreet.com before eventually jumping to TV fame. As you might expect, Cramer's not the only Goldman alum to find a niche on TV; CNBC personality Erin Burnett also spent time with the firm.

3. Charlie Haas

Goldman's alums haven't all gone on to become leaders in the corporate world, though. Some have taken up high positions in the tail-kicking industry, especially Charlie Haas. Haas was a decorated amateur wrestler at Seton Hall, where he won two Big East championships, but after college, he did the responsible thing and got a job working as a stockbroker for Goldman Sachs. He still had the itch to do some wrasslin', though, so he eventually started working some independent shows with his brother, Russ. It's unclear how skilled Haas was as a broker, but he showed some real merit as a grappler. He eventually made it up to the WWE in 2002, and he's won the WWE Tag Team Championship three times. Despite following a wildly divergent career path from the one he started on after college, Haas has maintained a bit of business-world flavor in his matches: one of his signature moves is a lifting reverse DDT he calls the "Haastile Takeover."

4. Josh Bolten

The White House Chief of Staff is sometimes referred to as the second-most powerful man in Washington, and Bolten currently holds the title. After graduating from Princeton and then going to Stanford Law School, he passed through a number of high-level jobs, including International Trade Counsel to the Senate Finance Committee, private law practice, and even a one-semester stint teaching international trade at Yale Law School. From 1994 to 1999, though, he was a Goldman man. He served as the Executive Director, Legal & Government Affairs for Goldman Sachs International in London.

5. Ashwin Navin

One doesn't usually associate high finance with downloading albums and movies, but Navin was able to use his own financial expertise to help make the BitTorrent protocol become one of the Internet's most popular content distribution avenues. After his 1999 graduation from Claremont McKenna, Navin worked as a banker and analyst for Goldman Sachs and Merrill Lynch before going to Yahoo! in 2002. In 2004, he linked up with BitTorrent creator Bram Cohen to start BitTorrent, Inc. While serving as the company's president, Navin has been able to strengthen BitTorrent's position by working directly with movie studios and other content creators who generally don't work with file-sharing powerhouses.

6. Jon Corzine

Corzine is a former Democratic Senator and the current Governor of New Jersey, but he's possibly most famous for suffering serious injuries in a 2007 accident involving his motorcade. (Although Corzine made the questionable decision not to wear a seat belt, he turned his bad judgment into a memorable public service announcement for seat belt use. He opened with the line, "I'm New Jersey Governor Jon Corzine, and I should be dead.") Before he entered the political realm, though, Corzine was a big name in finance. He went to work for Goldman in 1975, and by 1994 he'd risen to the position of Chairman and co-CEO of the company. When Goldman went public after Corzine left the company, the future governor's stake in the firm was worth $400 million. Why did Corzine leave in the first place, then? He was apparently pushed out following clashes with his co-CEO, another famous Goldman alum: current United States Secretary of the Treasury Henry Paulson.

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How Expensive Is Your Drunk Shopping Habit?

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iStock

A night of heavy drinking can lead to more than just nausea and a killer headache the morning afterward. It can also leave you with a credit card bill for some taxidermied alligator head you don't remember buying on Amazon. This is all thanks to tipsy shopping, which, according to a recent survey conducted by the Archstone Recovery Center, may be more expensive than you think.

Drunk Americans may be spending as much as $30 billion annually while shopping online, The Daily Dot reports. A separate survey conducted in February 2018 by the website Finder suggests as many as 46 percent of people have made a purchase while under the influence. Those drunk purchases add up: According to Finder’s research, Americans spend an average of $447.57 per year shopping while buzzed.

Gin is apparently the most dangerous alcohol for your wallet, according to the Archstone Recovery Center. Gin drinkers in Archstone’s survey spent the most on Amazon shopping sprees—an average of $82.40—and they were also likely to splurge on more expensive items (an average of $235.10 for the most expensive purchase). Whiskey drinkers, on the other hand, spend the least amount of money when they’re drunk ($38.84 on average), but they’re right behind gin drinkers in terms of splurging ($204.70 for the priciest Amazon orders).

But who spends more while drunk shopping on Amazon? Women, says Archstone, who spend an average of $45.39 on a drunk shopping spree (men spend an average of $39.87). Men spend more than women on their most expensive splurges, though ($198.27 and $154.81, respectively).

People regret some purchases more than others, Archstone says. Almost 67 percent of people in the survey regretted purchasing cell phones and phone accessories, and 34 percent regretted purchasing books. On the other hand, nobody regretted buying musical instruments, and a full 93 percent said they enjoyed their purchases of pet supplies.

Archstone’s survey wasn’t exactly scientific. According to the center’s methodology report, the study surveyed 1094 people, and the only qualifier for participation was that subjects had to have purchased an item on Amazon while drinking alcohol.

But the results are fascinating, and it’s a good reminder that shopping—like driving, texting, and exercising—is better left for when you’re sober.

[h/t The Daily Dot]

The Average Age When People Become Millionaires

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iStock

If you start investing in a retirement plan early in your career, you don’t have to bring home an insanely high salary to become a millionaire—eventually. (Thank you, compound interest.) The average age when bank accounts reach the seven-figure mark is in a person’s late 50s, according to Business Insider and The New York Times.

The average age when women become millionaires is slightly lower than the average age for men, despite the persistent wage gap in the workforce. For women, the average age is 58.5 years old, while for men, the age is 59.3. Or at least that’s the case for people with Fidelity 401(k) retirement plans, according to the investment firm’s research. That means that millionaires are reaching that milestone several years before the usual retirement age of 66 to 67 years old.

Nevertheless, how much money you need to retire comfortably varies based on your current salary, your expenses, and the number of years you’ll be living off your nest egg. Many financial advisers say you should aim for $1 million or more, which will hopefully last you through a 30-year retirement.

Reaching that million-dollar mark may seem like a long shot, but Fidelity has found that more and more of its savings plan customers have become millionaires in recent years. One of the firm’s recent analyses found that 133,000 of its customers had $1 million or more in their accounts in 2017, compared to 89,000 in 2016. (The company oversees 401(k) accounts for around 15 million people, so that’s not exactly a huge portion of its customers, though.) Between 2005 and 2017, the number of women who had $1 million in their retirement accounts doubled.

Fidelity attributes this increase to people putting more money away for retirement than in past decades. On average, the firm’s customers making less than $150,000 a year become millionaires by saving around 22 to 25 percent of their salaries in retirement funds, including employer matches. That may seem like a lot if you aren’t making a six-figure salary, but keep in mind that the earlier you start saving, the more your money grows. Investing just a little money in your 20s is a more effective way to save for retirement than investing a lot of money in your 30s and 40s. So if you want to become a millionaire (and who doesn’t?), now would be a good time to start investing in that 401(k).

[h/t Time]

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