Sunday Morning Web Favorites
Sun 11 Nov 2007, Written by Eden
Categories: Web Favorites
Only two links this morning, both rather lengthy, though highly worth the time in my opinion.
The Millionaire Mindset, interview with Keith Cameron Smith at Bankrate.com - Very interesting interview on what separates the wealthy from the rest, see the following excerpt:
The very poor and the poor are stuck in survival mode; they just want to survive. The primary goal of middle-class people is comfort; I just want to have enough; I just want to be comfortable. When you get into the rich and the very rich, their primary goal is freedom; I’m going to do whatever it takes to experience freedom. That’s the biggest difference. It’s OK to have a plan for survival, it’s OK to have a plan for comfort, but just make sure that most of your mental energy is focused on freedom.
Index Fund King John Bogle Shares His Wisdom at Bankrate.com - Excellent conversation with John Bogle covering the market in general, why you want low cost mutual funds and a comparison of ETFs and index mutual funds. Excerpt:
You should start out heavily invested in equities. Hold some bond index funds as well as stock index funds. By the time you get closer to retirement or into your retirement, you should have a significant position in bond index funds as well as stock index funds.
The record is very clear: High-cost funds do considerably worse than low-cost funds.
