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.
Beebs' financial advice aligns pretty closely with my views:
UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a...
Body Count goes to Vegas! Ernest Scherer III was a Vegas loser who fancied himself a professional poker player. Doesn't that photo t...
We've noted before that a bunch of economic trends turned bad when Nixon closed the gold window and we launched into the current pure f...