Good advice

Beebs' financial advice aligns pretty closely with my views:

1. Only buy term life insurance. Life insurance is a bet, not an investment.

2. *Never* buy an annuity of any kind. You convert what would otherwise be lightly taxed capital gains to regularly taxed ordinary income, and your heirs lose the step up in basis upon your death.

3. *Never* buy a limited partnership.

4. You can go broke taking tax deductions.

5. Harvest tax losses on depressed stocks at the end of each year.

6. Save at least twenty percent of each paycheck.

7. Always set aside as much tax deferred [401K, IRA] money as possible.

8. Most people have a thirty year time horizon. So invest in the stock market.

9. Real estate is a place to live, not an investment. Never buy a condo, timeshare, or housing with a homeowner's association.

10. *Never* buy rare coins or stamps. Young people aren't going into the hobbies of stamp or coin collecting, so demand in the future will be much less.