21 best money tips ever

Some of the nation's leading business owners, investors, and thinkers share their thoughts on rebuilding your wealth.

7 of 21
7. Invest age-appropriately
Invest age-appropriately
Jack Bogle
Vanguard Group founder, who popularized investing through index funds

Best advice I can give: There is much that is worrisome in our economy. That's why your bond position should be commensurate with your age. In my case that means I have more than 80% in bonds. Someone in their fifties should consider 50%.

The value of the bond position is not just that it provides you some protection in a down market -- it does, of course. But its value is that it keeps you from making behavioral errors such as selling stocks during a panic.

Best advice I ever got: In the summer of 1949, I had a job as a runner at a brokerage firm. And one of the other guys working as a runner said, "Let me tell you all you need to know about the investment business: Nobody knows nuthin'."

He was right. Over the short term, we know nothing about what the markets will do.

NEXT: Be on the lookout for opportunities
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Last updated May 04 2010: 4:23 PM ET
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