Last night at my Rotary meeting, a friend asked me what advice a father should give his grown daughters. I promised to sleep on it and give him some thoughts this morning in my blog. In no particular order, they are:
1. Money is not everything in life, but it is important. Don't be afraid of it. Deal with it!
2. Deal with it yourself. It is not fair to your husband to make him deal with it alone.
3. Males tend to take too much risk and women too little. Take some risk, carefully!
4. Learn to read the monthly statements. Ask questions. You will learn . . . a lot!
5. It is important to invest in a diversified portfolio, which is harder than you think. Ask questions!
6. Don't be a day-trader, but don't hold any investment for too long.
7. Don't believe everything that "investment gurus" (or your next door neighbor) tell you!
8. The only good debt is to buy a home or to buy a business.
9. The best debt is stamped "paid-in-full."
10. Teach my grandchildren how to learn about money! It will change. It always does.
