Advice

A Lifetime Of Investing

Lessons Learned:

• parents
• grandparents
• professors

Grandparents Advice:

• don't let material possessions "own" you.
• housing: don't live beyond your means 
• if possible, live in a state with no income tax
  
• begin investing early
• never invest using the 60 - 40 rule
  
• never invest using the lifecycle method if likely to be financially independent by age 57 
• diversification does not simply mean diversifying equity investment
• diversification
• insurance 
• active income
• pension
• IRAs
• 401(k)
• etc
  

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Discount Brokerage Account

Link here.

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Age: 18 - 26
Before First Job

Advice:

• enjoy life
• foster friendships
• watch for and take advantage of unexpected opportunities
• travel
• learn to cook
  
• spend wisely but don't live a miserly life
• set up a personal finance plan
• concentrate on spending skills, not investing skills
• investment account needs to have been set up by now
  

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Age 27 - 35
First job

Advice:

• big change
• concentrate on investing, not spending
• annual strategic plan review
  
• this doesn't mean "not living life" --it just means that it's time to start investing seriously
• make sure you are maximizing company's benefits
• children? plan for college expenses
  

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Age 36 - 45
Peak earning years
Peak family involvement

children?

• plan for college expenses
• sports
• extracurricular activities
• annual strategic plan review