Wealth manager for celebrities and the ultrarich has tips for millennials

Rebecca Rothstein of RVR Group manages billions for celebrities and the ultrarich, and she also regularly gives financial advice to millennials and younger prospective investors.Rothstein says the priority for young people and recent college graduates should be getting their finances in order by paying off student loans and other debts, then investing for the future. Visit Business Insider's homepage for more stories.Rebecca Rothstein spends her days managing billions of dollars for the very wealthy, but makes a point of talking to younger people about their financial situations and needs.Rothstein is one of the most acclaimed wealth managers in the US, and her firm, RVR Group, manages $3.8 billion in assets for Bank of America Merrill Lynch's private banking and investment business.Her top tip for millennials is that they resist the temptation to chase big gains in the market and get their finances in order first.“A lot of these young people come and see me and they've got school debt, they've got car debt, and they've got credit card debt,” she told Business Insider in a phone interview.She gives the example of a client's daughter who had a high-paying job and sought investment advice. Rothstein focused instead on her $180,000 in student loans and their high 8% interest rate. That was her most pressing concern — and could have wiped out any gains she made on her investments.“I said 'you're far better off investing in your 401(k) so you get some deferred income, and paying off your school debt,” Rothstein says of their talk. “Any excess capital you have, use it to hunk down your school debt and try to get out from underwater that because the cost of that debt is cumulative and it's extremely expensive.”As her young visitors work to get rid of debts from school or other sources, Rothstein says she also tells them to look for opportunities to keep their rent payments reasonably low. Combined with the money they can save after retiring their student loans and other debts, she says that can go a long way toward helping them invest for the future and put a down payment on a home.With those financial obligations squared away, that younger person might now be ready to invest. At that point Rothstein has some more advice: Even if you're starting without much money, don't go on margin and borrow more. Find a financial adviser who can help minimize your tax payments. And finally, think long-term. “Make an investment in companies and hold onto them for the long run,” she said. “Be patient, be thoughtful, don't trade.”