1. Start now, not later.
  2. Set reasonable savings goals, and then live below your means. Being frugal is the cornerstone of wealth management.
  3. Know what to expect based on a long history of investor experiences. Look at average rates of return over long periods of time.
  4. Manage your risk – it can’t be avoided. There are two types: Volatility – actual returns vary compared to expected returns. Inflation – relates to losses in purchasing power.
  5. Diversify.
  6. Maintain a long-term perspective – the market rewards the patient investor.
  7. Do not attempt to time the market on what you or the experts expect the market to do.
  8. Know what your costs are – avoid loads, commissions, and expensive investment advice.
  9. Beware of the experts.
  10. Defer taxes unless unavoidable. Pay later than sooner.