Kathrine Frich
A veteran of more than four decades on Wall Street has revealed his simple but powerful advice for anyone hoping to grow their fortune.
Known for his eccentric energy on the New York Stock Exchange floor, Peter Tuchman believes the key to getting rich isn’t about luck or secrets, it’s about where you put your money.
40 years on the floor
Tuchman has been a fixture on the NYSE for over 40 years, earning him the nickname the “Einstein of Wall Street.”
With his trademark gray hair and expressive demeanor, he’s become one of the most recognizable figures in finance.
Earlier this year, a YouTuber falsely claimed Tuchman was worth $1.5 billion, a figure he quickly dismissed in an interview with Shay Huang on the Humbled Trader Official channel.
“He posted the interview and said that Peter Tuchman is worth $1.5 billion,” Tuchman recalled. “My wife saw the post and called me into the bedroom and said, ‘Is there something I need to know?’”
He assured her there wasn’t. Although not a billionaire, reports estimate his net worth to be around $20 million, still the product of decades in the markets.
Invest, don’t consume
Tuchman’s message to young people is straightforward: stop spending on things that lose value and start investing in things that grow.
In a TikTok video viewed over 11 million times on The School of Hard Knocks account, he described himself as “the longest-standing broker in the world” and “the most famous stockbroker in the world.”
His key takeaway in the video is for people to buy stocks.
“Invest in stocks and not stuff.” He added, “Most things we buy go down in value the minute we buy them.”
Following the crowd
When asked how to choose what to invest in, Tuchman offered an unexpectedly simple approach.
“Go back to high school,” he said. “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.”
For those who prefer a more hands-off method, Tuchman recommended investing in the S&P 500, which tracks the performance of 500 major U.S. companies.
“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, at the age of 60 you’ll have more than $1 million,” he explained.
This article is made and published by Kathrine Frich, which may have used AI in the preparation
