Harold Pollack's advice:
Max your 401k or equivalent employee contribution
Buy inexpensive, well diversified mutual funds such as Vanguard Target 20XX funds
Never buy or sell and individual security. The person on the other side of the table knows more than you do about this stuff
Save 20% of your money
Pay your credit card balance in full every month
Maximize tax-advantages savings vehicles like Roth, SEP and 529 accounts.
Pay attention to fees. Avoid actively managed funds.
Make financial advisor commit to a fiduciary standard
Promote social insurance programs to help people when things go wrong
Bucky Woody's version is somewhat tighter, and perhaps more approachable to people of all income levels; The Washington Post's Ezra Klein explains.
UPDATE: Gabe Rivera simplifies further:
Standard & Poor’s, Gallup, the World Bank, and George Washington University gave a five-question test on personal financial concepts to 150,000 people in more than 140 countries. Only 33% of people passed by demonstrating competency in three out of the four topics covered: risk, inflation, interest, and compound interest. Here’s the quiz: 1. Risk Diversification: […]
An 85-year-old woman in Vienna shredded more than $1 million in cash before dying just to zing her relatives. Amazingly, the National Bank of Austria (OeNB) will replace all the cash. “If the heirs can only find shreds of money and if the origin of the money is assured, then of course it can all […]
It appears that someone put decals on this $10 bill to pass it off as a $50. I’m sure most marks wouldn’t notice that Hamilton’s face is on the bill when it should be Grant, especially in another country where the currency is less familiar.
Carrying this EDC card is like slinging around a handheld toolbox wherever you go. Its minimal design is small enough to fit in your wallet’s billfold, and it’s TSA-compliant so you’ll never leave it behind. It’s got hex wrenches, metric and imperial rulers, flathead and Phillip’s screwdrivers, and a bottle opener so that you’re ready […]
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