- Save and invest as quickly as possible. Don’t try to impress people who you don't even like. Spend how the rich really spend and not how you think they do.
- Watch out for fees
- Don’t try to market time
- Give up, or dramatically reduce, alcohol. Watch out for lifestyle more generally, including exercise. It directly and indirectly helps with spending and lifestyle choices
- Rebalance a portfolio only when it is rationally to do so, when there are clear winner and losers, in other words one component is performing much better than the other
- Read the academic literature on investing inside out. Yes even the boring work.
- Do not believe a lot of the non-academic forces out there, such as CNBC and Bloomberg, with their sensational headlines - A crash is coming!
- Have a globally diversified portfolio of equities and bonds.
- Even though the main focus should be on spending habits and not income, have multiple income streams
- Be long-term focused
Most people know some off these 10, and a few people know all of these 10, but implementing plans and keeping to them is most difficult.
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