Best Advice

Leave your money alone

Susan Byrne. Founder, chairman and chief investment officer, Westwood Management

Only rebalance your investments once a year. It's simple, but it's saved me lots of heartache. Rebalance everything annually and then leave it alone no matter how the market goes. 

Be frugal but not stingy

Meir Statman. Professor of finance, Leavey School of Business, Santa Clara University

Statman says his parents taught him to, "Use money well, but do not waste it." so he grew up with the sense that money is there to do good things, to support your family and others. "The Millionaire Next Door" describes millionaires who never buy a new car because its value goes down substantially after two years and so on. However, Statman says he buys new cars, after checking around to get the best price. He says  that the idea that he should live like a pauper even when he has the means to live better does not make any sense to him.