投资和守财

人生分为2阶段，50岁前，human capital 超过存款，为投资积累阶段。不断的将挣来的钱扩大投资范围，买房买股，投资风险大一点不要紧，股市跌了不要紧，有后继的 human capital 来不断的补充。

50岁之后，进入守财阶段。理财的目的是保住前50年积累的财产，不能再继续高风险的投资，因为一旦失去，很难有 human capital 来填补。如果继续待在高风险的股市，任何市场风波都将影响到后面几十年的收入。

2个阶段，投资理财的目标，方法非常不同。

[dq51]

明白了。
第一阶段：到大西洋城赌场投资（赌）。
第二阶段：到银行买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.