21 best money tips ever
Some of the nation's leading business owners, investors, and thinkers share their thoughts on rebuilding your wealth.
4. Retire your debt before you retire
The dean of personal-finance columnists and author of "Making the Most of Your Money Now"
Best advice I can give: Many people are now going into retirement with debt. So how about this for an old-fashioned idea? Pay off your mortgage before you retire if you want financial safety and security. There is bankruptcy among people in their seventies and eighties who had a lot of debt that they couldn't carry when the paychecks stopped.
Best advice I ever got: In the mid-1970s I met Vanguard founder Jack Bogle, who was calling up reporters to get them to write about an index fund. I had lunch with him, and he showed me studies and materials, and I said, "This can't be true -- actively managed mutual funds have always dominated."
But I took his stuff with me and called him a few times about it, and suddenly a light went off. And of course since then an S&P 500 index fund, over time, has done better than managed funds.
NEXT: Save (but don't invest) like me
