the best plan is one you elieve in so you can stick with it when it goes south.[/quote]
Yep.
Not sure this is the right forum for that kind of question. There are lots of investing forums out there.
People have different risk tolerances, spare income, etc.
In general, the advice I’m trying to teach my kids is:
– Live below your means. Save/invest the difference.
– On the same line… pay yourself first. Always budget for savings/investing.
– Pay your bills on time.
– Select an asset allocation that fits your risk comfort level. Stick to it. Rebalance as necessary. That means taking money from performing assets and plowing them into underperforming assets… but, in theory, you’ll be buying on the cyclical dip that way.
– Save now for future goals. Whether it be a downpayment on a house, kids college education, a big trip. Use the advantages of compounding to reach your goal with the least amount of pain.
Not really a financial plan… but that’s what I’m trying to teach my kids.
