What is Digg?32 Comments
- whathappened, on 10/10/2007, -6/+29They missed the big 1:
When your wife asks you for your credit card, slap her. - realclark, on 10/10/2007, -0/+8buy stuff shown on infomercials and TV shopping channels......and invest in pretzels
- battlerex99, on 10/10/2007, -2/+7This was posted like a week ago and made the front page: http://www.digg.com/business_finance/20_Timeless_Money_Rules
Bury! - goodoldharris, on 10/10/2007, -0/+3From the article: "Here's the logic behind index funds, which aim simply to match the return of a market index: The average fund in any market will always earn that market's return (because in aggregate investors are the market) minus expenses. Since index funds match the market but have much smaller expenses than other funds, they will always beat the average fund in the long run. It's hard to argue with the math, and history bears it out (see the performance stat at right). Besides, if the Greatest Investor of Our Time believes that index funds are superior for most investors, shouldn't you?"
Buying an index fund makes a lot of sense for the average person who doesn't have the time or inclination to become an expert in thier stock investments. It's not just because it's easy to track. It's because it's easy to get a broad diversification of stocks without paying a percentage to a fund manager. - inactive, on 10/10/2007, -0/+3No *****. Why else would it have "2" in the link? :)
- MagicCake, on 10/10/2007, -0/+3Steve Buscemi in The Island:
"I know you guys are new to this whole living thing, but there's one universal rule: never give a woman your credit card."
(I think that's how it went, anyway) - rr525356, on 10/10/2007, -0/+2You really only need one timeless money rule: Don't buy stuff you can't afford.
- capiCrimm, on 10/10/2007, -0/+2you bastard. There are chinese children going hungry tonight.
- subterfuge, on 10/10/2007, -1/+3an ejaculation saved is an ejaculation that would have otherwise been able to increase the dopamine content of my brain but is now reabsorbed by my body and passed as waste
- bunnyman1, on 10/10/2007, -0/+1The answer is lower costs. Index funds don't have to pay a research staff or a fund manager, they just buy whatever the index tells them to buy. So they can afford to charge you 0.2% per year. Some other funds out there charge you 1-2%, but they don't beat the indexes by that amount, so you could get more profit with the low cost index fund.
- deadlift, on 10/10/2007, -0/+1so pay me in pounds
- anarchytv, on 10/10/2007, -1/+2all these are so vague and general, they are worthless. if you want to make ***** of money, hire some thugs, and with a miltary coup take over some little island country and start printing it yourself... or, do like the fractional reserve banks and credit card companies and futures market and junk bond market did... figure out how to 'create' it out of thin air.
money is in fact a ***** scorecard... and as important as your grades were back in middle school. its a fiction, a construct, a fraud to compel everyone to work and compete and produce. man has always tried to figure out ways to enslave his fellow man... only slavery has evolved into such a sophisticated form today and become whitewashed sanitized, they don't need to do it via direct slavery. economic slavery is more compelling.
carve up the land with property lines so you can't produce or hunt for your own food, compelling people to work for it to be able to 'buy'. once they buy it, still say it doesn't own entirely to them, not the mineral rights, and not lock stock and barrel, they still have to pay yearly property taxes or it gets seized back. everyone who is propertyless is pretty much screwed and has to sell their services as economic slaves daiily or they starve to death... those who can't produce or don't fit into the grand scheme are weeded out or sideboxed into situations of quiet desperation.
back in ancient europe people trudged off via the whip to haul blocks up to build indiotic pyramids for the pharohs and were paid in grain to keep them alive; this was the beginning of the ugliness called civilization, which isn't actually very civilized at all. today you drive you car 20 miles to work and back to work in some dead end retail job, and get paid in dollars, which you fork over to your landlord and utilities, and then you spend at the grocery store for manufacturer food. you're still trudging off to the pyramid every day. and still nowhere near free. oh you can quit the game. but you face starvation. - FAT_PIGGY, on 10/10/2007, -0/+1Remember the US Dollar is devaluing by at least 2% a year.
- MagicCake, on 10/10/2007, -0/+1Ah, the hidden rule #21.
- darienphoenix, on 10/10/2007, -0/+1No, but it is your fault if you can't convert them into simple English. Finance isn't THAT arcane an art.
- monsterenergy, on 10/10/2007, -0/+1'Don't assume she doesn't care about this stuff. She does. But you need to lay off the jargon and speak English.'
Hey, not my fault my spouse doesn't know proper finance terms. - Angirus, on 10/10/2007, -0/+0I think they are missing the most fundamental primary rule: Don't waste your earnings. The biggest reason I see people in their 40s and 50s lacking savings is because they blew their money when they were younger. The biggest money drains are buying new cars every couple years, buying overly expensive cars, eating out too often, and living in a place that is too expensive.
- HastyBoom, on 10/10/2007, -0/+0....and drug addiction.
- Error601, on 10/10/2007, -2/+2All those are pretty good especially the bandwagon and timing ones. I see more people just hand their money to someone else with those. I'm not sure what the special value of an index fund might be except it's easy to see how it's doing.
- 3Den, on 10/10/2007, -0/+0That rule is automatically taken care of by having a plan, and investing money in things that will make you more money.
You can cut your expenses in half, or double your salary.. neither will really make you any more wealthy or help you retire better unless you put it to very good use. - inactive, on 10/10/2007, -0/+0A penny found is one you don't have to steal from your parents when they are at work.
- drunkwally, on 10/10/2007, -0/+0Portfolio theory holds that you only get rewarded for Market risk - maximising diversification maximises returns for a given level of risk (in theory).
An index fund will give maximum diversification with minimum expense. If you want higher returns just leverage your investment. I am not a financial adviser so don't pay any attention to anything I have written.
Check it out: http://en.wikipedia.org/wiki/Modern_portfolio_theory - lkmbrd, on 10/10/2007, -2/+2A penny saved is a penny earned.
- inactive, on 10/10/2007, -0/+0In Rome they have a saying "Pizza shops don't do banking and Banks don't make pizzas"
The moral of the story is: always take financial advice from someone who knows their business.
People who make money don't brag about it, they just do it.
People who write about making money are paid to write about making money because they don't have the intelligence to make money themselves. - onewingedangel9, on 10/10/2007, -0/+0I lol'd.
- tanto, on 10/10/2007, -1/+1Do some people have magnetic pull over money? Yes. It is there. The people who attract money believe that - they deserve to earn big money. They also believe that there is enough money in the world. They are of the opinion that everybody should become rich. They know how to save money and spend it judiciously. They know that they have the intelligence to make huge money. They know how to make business plans that work and they have faith in their plans.
http://customerdataplus.com/blog/2007/08/29/inspirational-money-is-in-the-mind/ - Error601, on 10/10/2007, -1/+1That's doesn't make sense. An index fund isn't necessarily any more diversified than any other fund.
- Mehdi123456789, on 10/10/2007, -0/+0That was really interesting except for the fact that i didn't get half of it!
- blitzer, on 10/10/2007, -2/+0The entire finance industry is built on a promise of superior returns. If you think that a certain person can deliver on their promise, buy their invesment. If not, buy an index fund.
- HastyBoom, on 10/10/2007, -4/+1I just threw up a little.
- inactive, on 10/10/2007, -5/+2Don't listen to him.
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