This is a series of posts in response to a new and younger friend who is on the verge of signing up for a savings plan. I had told him earlier that I don't believe in savings plans because it is something which runs against my belief that I am my best money manager. He of course then asked me how to go about investing.
A straightforward question, isn't it?
Truth be told, I was surprised I could not come up with a simple answer. I mulled over it for a long time, wondering how I should sequence my reply. Should I go straight to the technical aspects? That wouldn't seem right because that alone would not be enough for one to stay on this path. I could teach him to budget, to look for good stocks etc. But why would he do it? Shouldn't he ...
...