Stock prices aren't real things. They're just froth on a wave. The wave is the only real thing, which investors forget when they're watching the ticket slither by.

It's a fact: stock investors sometimes lose money on their way to wealth. Get over it.

You don't date an annuity, you marry it. An annuity isn't a mutual fund that you buy today and sell tomorrow. Nor is it a certificate of deposit, ready for any new use at maturity. When you buy an annuity, you are making (or ought to be making) a 15- or 20-year commitment, at least.

Never try to time the bond market. Anyone who claims to know the future of interest rates is certifiable.

The shortest period of time lies between the minute you put some money away for a rainy day and the unexpected arrival of rain.

The best real-estate investments with the highest yields are in working-class neighborhoods, because fancy properties are overpriced.

The rule on staying alive as a forecaster is to give 'em a number or give 'em a date, but never give 'em both at once.