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  <title>Poor Brother Tom</title>
  <subtitle>Taking money from Wall Street hobos since 2008</subtitle>
  <link rel="alternate" type="text/html" href="http://www.poorbrothertom.com/blog/posts/2008/06/15/10_bits_investing_advice_a_father"/>
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  <updated>2008-06-15T09:35:45-04:00</updated>
  <entry>
    <title>10 bits of investing advice from a father</title>
    <link rel="alternate" type="text/html" href="http://www.poorbrothertom.com/blog/posts/2008/06/15/10_bits_investing_advice_a_father" />
    <id>http://www.poorbrothertom.com/blog/posts/2008/06/15/10_bits_investing_advice_a_father</id>
    <published>2008-06-15T09:35:45-04:00</published>
    <updated>2008-06-15T09:35:45-04:00</updated>
    <author>
      <name>PBT</name>
    </author>
    <category term="Strategy" />
    <summary type="html"><![CDATA[<p>It's Father's Day, and while my daughters aren't old enough to play the market yet, here are some investment-related lessons that I plan to teach them as they grow. Many of them are things my own dad taught me.</p>
<p><strong>1. Dare to take risks.</strong> If you don't risk anything, you'll likely never grow &ndash; either your portfolio or as a person.</p>
<p><strong>2. Don't rush into things.</strong> Do your homework and know what you're investing in. If you have any questions, don't do anything until they are answered.</p>
    ]]></summary>
    <content type="html"><![CDATA[<p>It's Father's Day, and while my daughters aren't old enough to play the market yet, here are some investment-related lessons that I plan to teach them as they grow. Many of them are things my own dad taught me.</p>
<p><strong>1. Dare to take risks.</strong> If you don't risk anything, you'll likely never grow &ndash; either your portfolio or as a person.</p>
<p><strong>2. Don't rush into things.</strong> Do your homework and know what you're investing in. If you have any questions, don't do anything until they are answered.</p>
<p><strong>3. Know how much you are able to risk.</strong> Always know how much you can afford to lose. Don't put down anything you're not willing to part with.</p>
<p><strong>4. Set goals.</strong> Always know how much you intend to make with any given investment. If you make more, awesome &ndash; ride it out, and see where it takes you.</p>
<p><strong>5. Cut losses early.</strong> Don't be afraid to admit loss. Egoism is fine, but petty egotistic behavior is self-defeating.</p>
<p><strong>6. Money makes things easier.</strong> With money, you can do just about anything you want.</p>
<p><strong>7. Money isn't the goal.</strong> While money makes things easier, it is not an end in and of itself. Money can never be a source of happiness; but it can give you the means by which to attain happiness.</p>
<p><strong>8. Always learn.</strong> My dad asked me every day what I learned that day &ndash; even on weekends and holidays, and I try to ask my girls that every day too. Continuously improving one's self through education is a fine thing indeed.</p>
<p><strong>9. Don't sweat the small stuff.</strong> Don't be disappointed that small gains aren't larger, and use small losses as an opportunity to learn how not to make larger ones.</p>
<p><strong>10. There are always other opportunities.</strong> The market is a constant mover. You'll always have a chance to both win and lose. Enjoy the game, and play it smart.</p>
<p>If some of these don't seem like advice particular to investing, you're right. But investing is part of life, so if a few of these apply to the human condition at large, so be it.</p>
    ]]></content>
  </entry>
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