PREFACEThe Fate of the “Average” Investor

Countless times people call me up asking for help; however, their plea usually comes with the condition “I don’t want to spend a lot of time or do a lot of work because I’m just an average investor.” Is that you? Well, Joe Smith considered himself an average investor.

Joe retired in 2003. He had done well during his working years, and he had a retirement income of $6,500 per month, including Social Security. He had saved about $623,000 as a nest egg for emergencies in his retirement. He still owed about $350,000 on his house. Joe and his wife debated a lot about whether they should pay off the mortgage with their cash. The house payment was nearly $2,000 per month, and if they paid it off, they’d have ...

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