Part 4: Good Advice, Bad Advice, and News About Investment People (continued)
Summary: What have we learned so far?
This is the end of Part 4, which deals with good advice and bad advice that you will be given by the “experts”. This portion of the blog could have gone forever, as there are tons of people giving advice, most of it bad.
So what have we learned so far?
In Part 1, I listed the Ten Commandments for Creating Wealth. The important commandments are: try to make lots of money so you can save a lot, start investing early in life, save at least 20% of your gross annual income, and invest in a diversified basket of low cost index funds.
In Part 2, I talked about your career because the more successful your career, the more money you will earn. I also talked about the various retirement plans available to you.
In Part 3, I talked about everything you need to do to set up your financial life and start investing.
The next part of the blog will deal with “Life Lessons”. Financially speaking, there are two or three really big mistakes and lots of small mistakes that you can make in that will wind up hurting your financial future. I’m not talking about mistakes such as burning your neighbor’s house down because he makes fun of your lawn. Most people don’t make those kinds of mistakes, and the ones that will do something like this probably don’t read my blog. No, I’m talking about other mistakes, such as marrying an idiot, getting divorced, and going without health insurance to save a few bucks. Things like that. Hopefully you will read these posts and say to yourself “He’s got a point. I better not max out my Home Equity Loan and sink the money into the Vanguard Emerging Market Fund. It might be too risky.”
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