Best Money Tips Ever
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Some of the nation’s leading business owners, investors, and thinkers share their thoughts on rebuilding your wealth
Barbara Corcoran
Founder, the Corcoran Group, one of Manhattan’s leading real estate firms
Bad times are the best times to move your business forward, especially if you are a small business. The big guys are back on their haunches, waiting things out. If you are willing to stick your neck out, this is when your energy and creativity can outmaneuver the big companies. This is your opportunity.
Robert Shiller
Yale economist who correctly called the bubbles in real estate and tech stocks
People in America invest mostly in America, but if you were on an island in the middle of the Pacific Ocean, you wouldn’t have all your investments here. You would think, “Maybe there are other opportunities on the other side of the world.”
Joline Godfrey
CEO of Independent Means, which teaches financial literacy to families and children
Raise your children to make a job, not just take a job. If they don’t know how to create a plan, they’ll always be beholden to someone else.
Burton Malkiel
Author of “A Random Walk Down Wall Street,” which showed the folly of trying to beat the market
Best advice I can give: The first section of my new book with Charlie Ellis, “The Elements of Investing,” is titled “It All Starts With Saving.” If you don’t put money aside now, you won’t have money later on.
Lynn Truong
Co-founder, Wise Bread personal-finance blog
Good money management is a lifestyle. If you surround yourself with people who share the same values, you’re more likely to stay on track.
Jack Bogle
Vanguard Group founder, who popularized investing through index funds
Best advice I can give: There is much that is worrisome in our economy. That’s why 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%.
The value of the bond position is not just that it provides you some protection in a down market — it does, of course. But its value is that it keeps you from making behavioral errors such as selling stocks during a panic.
Liz Ann Sonders
Chief investment strategist at Charles Schwab; chairs the firm’s investment strategy council
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.
Barry Ritholtz
CEO of FusionIQ and author of “Bailout Nation,” which lays out the roots of the credit crisis
Best advice I can give: Always remember that price is the most important aspect of an investment. Today we keep hearing people talk about “toxic paper” on bank balance sheets. Well, it’s toxic to the banks because they paid 100¢ on the dollar for it. To somebody who gets to buy it at 30¢ or 40¢ on the dollar, it’s not toxic at all. So there is no such thing as a toxic asset. There’s no such thing as a damaged property. There is only a bad price.
Bill Gross
Managing director of Pimco and the world’s most influential bond fund manager
Best advice I can give: Most of Wall Street is focused on next month’s numbers, but by taking a long-term view on economic statistics and investment fundamentals, you stand a better chance of not getting whipsawed by the volatile economy.
Maria Bartiromo
Anchor of CNBC’s Closing Bell and author of “The 10 Laws of Enduring Success”
Best advice I can give: Darwin said it: You need to be adaptable. As it relates to your portfolio, if you regularly put money into your 401(k) or invest in mutual funds, you might have to change your strategy as the economic times change around you.
Mark Cuban
Owner of the Dallas Mavericks; sold Broadcast.com to Yahoo just before the tech bust
Best advice I can give: Unless you think you’ve done more research and have better insight on a stock than a multibillion-dollar hedge fund, why are you trading?
Liz Claman
Fox Business Network anchor and author of “The Best Investment Advice I Ever Received”
Best advice I can give: We all have to learn from our mistakes of overleveraging ourselves and acting like 5-year-olds — “I want four cookies.” You don’t need four cookies; you only need one. It’s not about what you want, it’s about what you need.
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