投資和守財

人生分為2階段，50歲前，human capital 超過存款，為投資積累階段。不斷的將掙來的錢擴大投資範圍，買房買股，投資風險大一點不要緊，股市跌了不要緊，有後繼的 human capital 來不斷的補充。

50歲之後，進入守財階段。理財的目的是保住前50年積累的財產，不能再繼續高風險的投資，因為一旦失去，很難有 human capital 來填補。如果繼續待在高風險的股市，任何市場風波都將影響到後麵幾十年的收入。

2個階段，投資理財的目標，方法非常不同。

[dq51]

明白了。
第一階段：到大西洋城賭場投資（賭）。
第二階段：到銀行買CD。

[7grizzly]

I think Buffett would say ``safety first'' any time (or Rule#1: don't lose money). For people who have done research and believe in the investments they made, market up and down really don't matter that much. For example, if you invested in some houses w/ good positive cash flow, housing crash shouldn't affect you very much unless you are living beyond your means (those positive cash flow).

It's a mentality thing. Buffett famously said their success was due to their attitude toward investing. Everyone says the youth can afford risk. I don't think so. I'd say fix the mentality first.