Most know Scott Adams only as the creator of Dilbert. But ....Adams' passion for personal finance is matched only by his utter disdain for [individual] stocks. That's right, this keen observer of business and management trends believes that most people, himself included, cannot beat the market buying individual stocks -- especially when the companies behind those stocks are run by drunken chimpanzees.Good advice.
Adams has nine steps that he says, when performed in order, can help you to generate -- and protect -- your wealth.....:
- Make a will.
- Pay off your credit cards.
- Get term life insurance if you have a family to support.
- Fund your 401(k) 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 if you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner."
In a full disclosure type of thing, Dilbert is often the last thing I read before falling to sleep or the first thing I wake up to in the morning, so I might be biased...lol...but come on Dilbert and finance has to be a hit!