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In Reply to: on getting ahead financially, I ask you affluent WC posters how? posted by bullethead on March 14, 2013 at 17:13:41:
Many years ago I read a short book called How to Get Rich and Stay Rich by Fred Young. Having money, he wrote, means either:
1. Inheriting it.
2. Marrying into it.
3. Saving more than you earn and investing the savings.
That's it. Given that most of us don't have options 1 or 2, that leaves 3.
Then the question becomes how to invest, and there are many theories. I don't believe in any miracles on that front either, but I will say the commonsense advice given in this link has worked for me. It is to forget timing markets, because you can't, allocate assets among stocks, bonds and cash using low cost index funds, choose your asset allocation based on your risk tolerance, and maintain it over the long term.
Nobody can predict the future, so this may not work. But I would say it maximizes your odds of success. Anyway, it has worked for me.
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Follow Ups
- RE: on getting ahead financially, I ask you affluent WC posters how? - tunenut 03/14/1317:32:25 03/14/13 (1)
- thanks tunenut, I just started reading "Financial Self Defense" and "Personal Finance for Dummies" I will add - bullethead 17:37:04 03/14/13 (0)
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