'Master in the House' John Lee: "Young Adults Should Not Buy Cars... YOLO Leads to Hell"

Photo by 'Master in the House' capture

[Asia Economy Reporter Kang Hyesoo] On the afternoon of the 5th, John Lee, known as Korea's Warren Buffett, appeared on SBS's 'Master in the House' and shared practical tips on asset management.

On this day, the members of 'Master in the House' welcomed John Lee, Managing Director of Meritz Asset Management, as their one-day master. The members who visited John Lee's company received asset management secrets that cannot be learned anywhere else.

John Lee quoted Warren Buffett's words about stocks, saying, "If you are not going to hold for more than 10 years, don't even hold for 10 minutes." In response, Shin Sung-rok said, "Donghyun hyung said earlier that to avoid losses in stocks, you just have to leave them alone for 3 years," to which John Lee replied, "Three years is an extremely short time."

He continued, "Assuming the company I invested in makes good money, that company will continue to grow. All I can do is just wait," adding, "I bought Samsung Electronics stock when it was 20,000 to 30,000 won." In other words, he emphasized starting to invest early and thinking of stocks as a long-term game.

In particular, John Lee said, "It's best to learn economic concepts early from a young age," and added, "Koreans are very smart. But the unfortunate thing is just one thing: they don't teach about money. They only teach working for money, but not what money can do for you."

He also criticized the consumption behavior of young adults who buy cars as soon as they start earning money, saying, "This is decisively the road to hell. Think about it. When I turn 60, I have no money at all. If I have to live until 100 and live 40 years without money, isn't that hell?"

Furthermore, he pointed out the YOLO trend that was popular for a while, giving a poignant piece of advice: "Anyone can prepare for retirement. You need to plan your life to prepare money that can last about 40 years."

The SBS entertainment program 'Master in the House' airs every Sunday at 6:25 PM.