Dear Al,
I’m fairly young and know nothing of finances or investments. It seems almost everyone is into some sort of investment plan, except for me. I have a bank checking account but nothing else. I’ve heard people talk about stocks, bonds, mutual funds, and real estate, and I’d like to be able to understand what they’re all about. Are there classes I can take to get some basic knowledge? How do I get the ball rolling when I don’t know much of anything? Thanks for any suggestions.
Heather
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Dear Heather,
First, let me assure you that no one was born knowing anything about investments. From what you say, it looks as though you’ve done nothing wrong yet, and that’s something that a lot of those more knowledgeable folks can’t claim. Now let me give you a few thoughts on how to “get the ball rolling.” Most importantly, you really want to learn about these things before you begin to risk your hard earned money. In that regard I’ll list a few sources from which to gain information and insight. To learn about mutual funds, Keys to Investing in Mutual Funds from the Baron’s Business Keys series is good. It’s only $4.95, with its 152 pages thoroughly understandable. Another valuable tool is Albert Tobias’ The Only Investment Guide You’ll Ever Need. The 288-page book, first published in 1978, is easily digestible and has been revised regularly since then. As for real estate investment, a book from yesteryear, William Nickerson’s How I Turned $1,000 into a Million in Real Estate in my Spare Time, (later updated, with the title altered to Two Million, and finally Five Million in 1980) that can be purchased over the Internet, is a superb guide for a beginner like yourself. The late Mr. Nickerson was a “get-rich-slow” advocate, which is probably the safest way to go about it. Finally, there are a couple of places where you’ll find sound advice. One of these is the Saturday and Sunday radio program of Bob Brinker. Check out www.bobbrinker.com for your local radio station. When it comes to investment advice, he’s one of the better ones. Lastly, I’ll invite you to visit my website, www.onthemoneytrail.com where you’ll find my monthly newsletter, together with many of the past ones in the Newsletter Archives. I try to offer useful advice.
Al Jacobs
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AL JACOBS has been a professional investor for nearly four decades. His business experience ranges from real estate, mortgage, and securities investment to appraisal, civil engineering, and the operation of a private trust company. In addition to managing his investments on a day-to-day basis, he is a featured financial columnist for both online and print publications. He is the author of Nobody’s Fool: A Skeptic’s Guide to Prosperity. You’re invited to subscribe to his financial Newsletter, "On the Money Trail," at no cost or obligation by visiting www.onthemoneytrail.com.
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