Key Takeaways

  • Former Goldman Sachs CEO Lloyd Blankfein proposes an "Obituary Test": your career should fill no more than one-third of your eventual obituary. He suggests aiming for 3 paragraphs out of 9 total. This isn't a hard limit, but a mental model for scope.
  • The test pushes founders to expand beyond business. Blankfein highlights how serving on philanthropic boards helps you meet people outside your industry and gain a broader perspective.
  • He stressed “giving with a warm hand,” meaning active, personal philanthropy while you're alive, rather than waiting for a cold hand (estate). This encourages seeing the direct impact of your generosity.
  • Beyond personal growth, Blankfein advised strict financial conservatism on taxes and a zero-tolerance policy for any activity that could cause reputational damage, like “metoo kind of activity.”
  • The core of his advice is The "Obituary Test" for a Balanced Life, a framework designed to push ambitious people beyond professional metrics alone.

The "Obituary Test" for a Balanced Life

Here’s how former Goldman Sachs CEO Lloyd Blankfein frames a life well-lived:

  • Rule 1: Cultivate a Diverse Life: If you live the kind of life that you that there's an obituary written about you and it's nine paragraphs long, make it so that you do enough so that there's no more than three of those nine paragraphs are about your life at Goldman.
  • Rule 2: Engage in Philanthropy & Community: They set up a charitable foundation for you and they said we expect you to do this to use it and to give money away and it's good for your personal life and it's also good for your professional life to be thought of as somebody who gives back to the community and as a result of being on philanthropic boards and other things. You'll engage with a set of people that's broader than the people you might meet in your business life.
  • Rule 3: Practice "Giving with a Warm Hand": He said he wanted to give with his warm hand, not his cold hand.
  • Rule 4: Maintain Rigor & Conservatism in Personal Finances (Taxes): Make sure you're very rigorous and conservative on your taxes.
  • Rule 5: Avoid Reputational Risks: Make sure you don't get anywhere near anything that would today would be called meto kind of activity.

When This Works (and When It Doesn't)

This framework works for those seeking a broad, impactful life and wanting to find fulfillment beyond their primary career, especially in later stages of life. Blankfein states, “I retired early enough with enough gas in the tank that I could go out and learn... So, you know, I'm feeding my curiosity about things away from business, but I also like business and I like markets.” It's particularly useful for founders and builders who have achieved some degree of stability or success and are looking to define the next chapter of their lives beyond chasing growth numbers.

However, it can be a challenging mindset for early-stage founders fighting for survival. When your company is a few people, cash flow is tight, and you're working 80-hour weeks, the idea of cultivating a diverse life or sitting on philanthropic boards can feel like a luxury you can't afford. The essence of diversifying risks and relationships remains, but the tactical application might need to be scaled down to micro-experiments, like an hour a week on a passion project, rather than full-blown board commitments.

What to Do With This

Let's say you're a 27-year-old founder who just closed a Series A round. Your startup is growing, and your days are packed with meetings and product sprints. You feel fulfilled by work, but you realize your social life and hobbies outside the company are almost nonexistent. Apply Blankfein's framework this week:

1. Cultivate a Diverse Life: Block out 90 minutes this Saturday morning for something completely unrelated to work. This could be taking an online course in Roman history, volunteering at a local animal shelter, or joining a recreational sports league. The goal is to develop a new narrative, a new paragraph for your future obituary, that has nothing to do with your startup.

2. Engage in Philanthropy & Community: Research local non-profits aligned with a personal passion, like education or environmental conservation. Look for organizations that need volunteers or have junior board opportunities, even if they require more time than money right now. Connect with one person at such an organization this week to learn more.

3. Practice "Giving with a Warm Hand": Instead of waiting to be rich enough to make a large donation, pick one small, personal act of giving this week. This could be mentoring a college student, spending an afternoon helping a friend move, or donating a small amount to a crowdfunding campaign that genuinely moves you. The point is to see the immediate, active impact.

4. Maintain Rigor & Conservatism in Personal Finances (Taxes): Schedule a brief meeting with your financial advisor to review your personal tax situation. Ask for a summary of current strategies and potential areas for increased rigor or conservatism, ensuring you're bulletproof.

5. Avoid Reputational Risks: Take an honest look at your personal behavior and company culture. Are there any ambiguous situations, casual remarks, or unchecked power dynamics that could lead to significant reputational damage down the line? Have a direct, private conversation with a trusted co-founder or advisor about potential blind spots.