You've always got to think about having some fixed income in your portfolio as well as equities.
I have probably purchased fifty 'hot tips' in my career, maybe even more. When I put them all together, I know I am a net loser.
When I was 14, I did all kinds of different odd jobs. I had a chicken farm, had an ice cream operation in the summertime, worked as a caddy; all things to make money and save money. Save money in order to invest - that was the first step, though I never really accumulated very much because of other demands like bicycles and things like that.
I remember very vividly - I wrote about it in one of my books - my first IRA. I contributed $2,000 every year, and in 21 years, the funds in that IRA account grew to $260,000. Seems like sort of a miracle, but it happened.
I remember, my first bicycle was very much a used bike. I wasn't going to Wal-Mart, buying a flashy 10-speed bike from China. Are you kidding me?
For as little as a thousand dollars, you can open an account at Schwab. I mean, it's not a big barrier to entry.
