Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

7 of 40
BACK NEXT
Leave your money alone
Susan Byrne
Founder, chairman and chief investment officer, Westwood Management

Randy Root, who runs our trust arm, told me about 20 years ago to rebalance my 401(k) only once a year. It's simple, but it's saved me lots of heartache. I was a portfolio manager for other people, but I hadn't done any kind of remotely professional job with my own money.

Randy said, "Why don't you treat yourself as well as you treat your clients?" Now we make an annual appointment, rebalance, and then I don't look at my 401(k). I don't worry about it when it struggles, and leaving it alone and keeping it diversified has helped it grow nicely, even though we've had some pretty awful periods.

NEXT: Be frugal but not stingy

Last updated July 22 2008: 11:27 AM ET
More Galleries
The iPhone through the years The iPhone has evolved significantly throughout its history. Here's a look at how the iPhone has developed over the years. More
10 logo changes that drove people crazy When companies change logos, the backlash is often fierce. More
Hottest new Star Wars toys unveiled BB-8 can now be yours. So can interactive Furbacca, Yoda, a three-pronged lightsaber and other toys from the Star Wars movie. More

Special Offer