The Big Picture

« Labor Day Weekend Linkfestival | Main | Labor Day Linkfest Week-in-Preview »

20 Timeless Money Rules

Sunday, September 02, 2007 | 06:26 AM

In what has to be one of the most brazen examples of click whoring I have ever come across, is this list of “20 timeless money rules” from CNN/Money Magazine

I won’t lift their copyrighted material, but let me save you the 20 clicks: Here are a collection of quotes that addresses the same issues that CNN addresses:

1. Be humble
When you do not know a thing, to allow that you do not know it--this is knowledge.
--Confucius

2. Take calculated risks
He that is overcautious will accomplish little.
--Friedrich von Schiller

3. Have an emergency fund
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin

4. Mix it up
It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket.
--Miguel de Cervantes

5. It's the portfolio, stupid
Asset allocation...is the overwhelmingly dominant contributor to total return.
--Gary Brinson, Brian Singer and Gilbert Beebower

6. Average is the new best
The best way to own common stocks is through an index fund.
--Warren Buffett

7. Practice patience
It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!
--Edwin Lefevre

8. Don't time the market
The real key to making money in stocks is not to get scared out of them.
--Peter Lynch

9. Be a cheapskate
Performance comes and goes, but costs roll on forever.
--Jack Bogle

10. Don't follow the crowd
Fashion is made to become unfashionable.
--Coco Chanel

11. Buy low
If a business is worth a dollar and I can buy it for 40 cents, something good may happen to me.
--Warren Buffett

12. Invest abroad
The World is a book, and those who do not travel read only a page.
--St. Augustine

13. Keep perspective
There is nothing new in the world except the history you do not know.
--Harry Truman

14. Just do it
It takes as much energy to wish as it does to plan.
--Eleanor Roosevelt

15. Borrow responsibly
As life closes in on someone who has borrowed far too much money on the strength of far too little income, there are no fire escapes.
--John Kenneth Galbraith

16. Talk to your spouse
"In every house of marriage there's room for an interpreter."
--Stanley Kunitz

17. Exit gracefully
Only put off until tomorrow what you are willing to die having left undone.
--Pablo Picasso

18. Pay only your share
The avoidance of taxes is the only intellectual pursuit that carries any reward.
--John Maynard Keynes

19. Give wisely
The time is always right to do the right thing.
--Martin Luther King Jr.

20. Keep money in its place
A wise man should have money in his head, but not in his heart.
--Jonathan Swift

Never hurts to learn from people smarter and/or more experienced than yourself . . .

Source:
20 timeless money rules
Carla Fried
Money Magazine, August 7, 2007
http://money.cnn.com/galleries/2007/moneymag/0708/gallery.20_rules.moneymag/index.html