The following are typical life lessons that we are often taught by our parents while growing up. (List paraphrased from the Bogleheads’ Guide to Investing):
1. Don’t settle for average. Strive to be the best
2. Listen to your gut. What you feel in your gut is usually right
3. If you don’t know how to do something, ask. Talk to an expert or hire one. Saves time and frustration
4. You get what you pay for. Good help isn’t cheap and cheap help isn’t good.
5. If there’s a crisis, take action! Do something to fix it.
6. History repeats itself. The best predictor of future performance is past performance.
But guess what, they really DO NOT work for investing! Quite the opposite really. More in my next post. Ta da.