CNN Money lists what they call the 21 best money tips ever. They asked "some of the nation's leading business owners, investors, and thinkers" to "share their thoughts on rebuilding your wealth." Here are some of the highlights IMO:
- Jane Bryant Quinn - "Pay off your mortgage before you retire if you want financial safety and security. There is bankruptcy among people in their seventies and eighties who had a lot of debt that they couldn't carry when the paychecks stopped."
- Jack Bogle - "Your bond position should be commensurate with your age. In my case that means I have more than 80% in bonds. Someone in their fifties should consider 50%."
- Liz Ann Sonders - "One thing I see with our clients and individual investors is an aversion to risk, and a favoring of fixed-income funds and Treasuries. In the past 20 years, we've been in an environment that's been good to bonds relative to stocks. But it's rare for that to happen over an extended period -- and the last two times it happened, the subsequent five-year period favored stocks."
- John Challenger - "Become deeply engaged in civic, professional, and educational organizations that matter to you. And constantly build new relationships with people through these affiliations."
- John Schnatter - "Live below your means and be frugal. The economy is going to get worse before it gets better. And folks who have savings have the best chance of getting through this."
It's some decent stuff (especially John Schnatter's advice -- now I know why I like Papa John's pizza so much!), but personally I think this advice is much better. ;-)
I LOVE "best advice" sorts of pieces, and if you do too, check out this round-up of all sorts of "best" articles. In particular, look over the best money advice bloggers could offer -- collected and posted by me almost five years ago. Think their advice still holds true?