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

• Tom Russo says resilience is vital, indebtedness is dangerous, and investing is some a young and aged person's game.

• The seasoned money manager warned against excessive gambling and ruled retired retiring anytime soon.

• Young investors mightiness person much energy, but older ones tin beryllium much diligent and disciplined, Russo said.

Veteran capitalist Tom Russo says children request to physique resilience, indebtedness tin beryllium devastating, and older radical person immoderate advantages erstwhile it comes to beating the market.

Russo is the managing subordinate of Gardner Russo & Quinn, an concern steadfast with a $9.3 cardinal US banal portfolio arsenic of September 30, per its latest 13F filing.

The begetter of 2 told Business Insider that teaching resilience to kids starts with letting them autumn connected the playground, truthful they tin larn to get backmost up and support going.

They person to acquisition symptom and discomfort arsenic "those moments hap each the clip successful life," helium said. "The top lessons are learned erstwhile trying to enactment yourself retired of thing that doesn't spell well. And the worst happening to bash is to debar those from happening erstwhile they people would."

Asked however young radical tin get up astatine a clip erstwhile AI threatens to instrumentality jobs and galore consciousness priced retired of the lives they want, Russo cited Warren Buffett's warnings astir credit-card indebtedness arsenic a "chain crossed your back" that gets tighter and tighter until it chokes you. Russo added that "buy now, wage later" options airs a caller threat, arsenic they tempt radical into spending wealth they don't have.

Russo besides cautioned against gambling excessively much, saying it's a "loser's crippled to statesman with" and "probably isn't going to make your reasoning and contented and reason."

The marketplace veteran, who turned 70 this year, ruled retired retiring anytime soon. While young investors mightiness person much clip and vigor to question and excavation deeper into prospective investments, older ones "develop judgment, and you're a small little impetuous, and a small much patient, and astir apt a small spot much asleep," helium quipped.

Russo is acold from the archetypal capitalist to proceed moving past status age. Buffett, 95, volition measurement down arsenic Berkshire Hathaway's CEO earlier the caller year, but intends to proceed penning Thanksgiving letters to his shareholders and stay progressive successful the institution arsenic its chairman.

Read the archetypal nonfiction connected Business Insider