Recently, I posed this question to some of my prior guests, “How would you advise a young person to reduce risk in their life?” The answers rolled in from 40 guests! I grouped the responses into five categories: Building valuable relationships, managing finances, personal growth, risk management, and having awareness. There are tremendous pearls of wisdom!
“Don’t be afraid to ask for help.”
“At each stage in your life, find mentors and friends you trust and who you feel are invested in you – listen to their advice.”
“Get married, listen to your wife, stay married.”
“Alongside your time and money, the most important asset allocation decision you will make is with the trust you invest in a select few people: your spouse and family, your friends, those you work with, and those you entrust to take care of whatever or whomever you cannot personally care for. (You’ll note your choice of fund managers and CEOs of stocks you buy only fits into that last category).”
“Start investing early to create wealth and always live within your means.”
“Pass CFA exams and be a CFA charterholder.”
“Invest in what you truly understand.”
“Study money! If you want more of it, you must talk about it and think about it daily, which means, read books; all and any book with the word money in the...