Dilbert creator Scott Adams claims this is "everything you need to know about personal investing":
- Make a will
- Pay off your credit cards
- Get term life insurance if you have a family to support
- Fund your 401k to the maximum
- Fund your IRA to the maximum
- Buy a house if you want to live in a house and can afford it
- Put six months worth of expenses in a money-market account
- Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
- If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio
Scott Adams calls it his Unified Theory of Everything Financial.
He might be right.
Do read Paul Farrell's MarketWatch.com piece about this: 'Dilbert' deserves the economics Nobel.
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