Reply to Share your financial mistakes or coups

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[quote=Anonymous]This is a terrific thread, and I'll be printing it out to show my kids--thanks to the OP.  I'm in the investment business and see many successes and failures.  Here are a few lessons I've learned:

1. Can't agree more with those who have lived below their means.  One never knows what's ahead so build in your own margin of safety.  Let the surprises be good ones.

2. Over insure.  Pooled risk is a bargain and protects against outlier events.  I just saw a tragedy mentioned on another thread and wondered if the OP had long term disability insurance.

3.  Understand where you've been lucky or smart.  I've seen many with success in one field think that can translate to another--with poor outcomes.

4.  Read Howard Marks' "the most important thing..." probably the best investment book for novices I've ever read (and I've read most of them...)

There's more but I don't want to be preachy and I'll assess reader interest.  regarding investment advice, I'd ignore all of what's written here as it's all based on each writer's sampling of one.  Investing well is really hard and takes time, effort, and good judgment.  I no longer know who to refer to--I used to have some good brokers/advisors on my short list but the business has changed so much over the past decade and the good ones have elevated to million+ minimums and brokers just want to gather assets, charge stupidly high fees, and gather more assets.

A decent option is to work with a good no-load family like vanguard or t rowe, find 2 or 3 actively managed funds that meet your own sensibilities (this is vital) and commit to them for the long term.  I'm also a fan of the Longleaf funds.  This is not a recommendation, only saying one could do (and most do) much worse.

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