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 13 most WTF gadgets From the weird to the gross, these 13 gadgets will make you wonder why they even exist. More
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.