The Best Investment Advice You Ever Received
Ok, here is the compilation of investment advice received by ‘tipsters’. Some people sent in more than one. I decided to do one per person, so I hope you’ll forgive me if I left out your very favorite. Also I did a little editing in a few cases if the advice was quite long.
What is interesting is how people interpreted the question. For some it was about specific investments. But for many it was more about solid financial advice. As Debby said in her email to me, “It’s best to be out of debt before investing”, so her tip is about debt. Anyway, here they are:
“Some of your money is yours to keep. Save or invest some of it every time you get paid”.
- Owen
“Buy Microsoft” (advice received circa 1991).
- Leah
“Think big. Create your own retirement plans. Company plans and social security will fall far short of your long-term retirement needs.”
- Phil
“Accept and be happy with your fair share of global economic growth by investing in passive, diversified, low cost investments over the long term.”
- Dan
“Think of buying stocks as shopping. Investing is boring, but shopping is fun”.
- Lee
“Max your 401k”.
- Nancy
“Who you want to be is dreaming, what you are today is reality. Achieve a healthy balance between goals and practical solutions in your investments.”
- Mark
“You can’t lose money by taking a profit.”
- Kent
“Apply the 13% rule. Save 13% of monies you receive.”
- Mardis
“Do what you do well, and let people you trust who are experts at investing in the stock market do that for you.”
– Charley
“Never buy an IPO. There are too many conflicts of interests stacked against the little investor.”
- Mike
“If you don’t understand what you are buying, don’t buy it.”
- Russ
“Pay yourself first or you’ll never save. Pay your bills next and if anything is leftover you can use it for discretionary spending.”
- Kathleen
“Live like no one else, so we can live like no one else. Don’t spend more than you make, and plan for the future being debt free.
- Debby
And now my best advice I ever received:
“Read Ben Graham’s The Intelligent Investor”
- Don
Some fascinating stuff. Finally we have this tongue in cheek tip from a good friend of mine.
“Don’t do it, it’s a trick”.
- Russell