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Anybody interested?
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OK, I'll play
I'm a tad older, started investing at the start of the dot com boom (am sure you can do the math). Mostly equities, no real estate (money pit regarding maintenance), lived very frugal (very) and still do. I was also self employed, many years. 401K and company pension chit don't apply to me.
1) Difficult to make up for lost time, very difficult.
2) Compounding is a god send, long term.
3) Bonds do produce income, but it may not beat inflation.
4) Peter Lynch was my gawd (Managed Fidelity Magellan Fund). Asked how he picked a stock, he replied he bought a new issue/company/stock that made a product or service that he thought people would buy in 2-3 years.
5) I bought AOL for pennies, sold 18 months later for dollars. I was hooked.
6) Get useful job skills (yes, know this may not apply to an Olde Phart). "Eighteenth Century Womens Studies in Sub-Saharan Africa" may not cut it.
7) Sock every dime you can spare into your investments.
7a) Don't sweat a minor downturn, but do look 2-5 years out before making a hold/sell decision.
8 ) If it sounds too good to be true...
9) Structure investments to avoid cap gains taxes. Mutual Funds can be lame in this department.
9a) ETF and/or index funds carry trivial costs, and seem to be the wave of the future. (cough/wheeze)
9b) If you have a good Broker, he/she will call you with advice. Important if you're on the beach sipping a foo-foo drink with a parasol after you've made your first billion.
10) Buying on margin (stocks, your home) can be a useful tool, know the consequences if market (home) goes up/down in value.
11) We've been in a bull market for 10 years, chit will hit the fan soon.
12) Keep Bernie and Alexander Occasionally cortex/kotex on a short leash.
13) Buying a T-bone or a fancy gin will NOT break the bank. Touring EU every summer because your neighbors the Jones did will, same for the latest/greatest car/truck/boat/...
If you play your cards right, you too can own a domain such as this one
Rick