Practical advice for investors from investors Presenting a fresh approach to investment guidance, Wealth of Experience is built on real investors' stories about what has worked-and what hasn't worked-for them during their personal investment journeys. The Vanguard Group, one of the world's most respected investment companies, asked hundreds of investors who have succeeded in accumulating real wealth to explain how they've gone about it. Their personal accounts make this a one-in-a-kind book with extraordinary insights on saving, investing, and managing money from "e;ordinary investors"e; for their peers. Wealth of Experience has straightforward, battle-tested advice on investing for retirement, learning about finance, and managing money. The invaluable guidance from experienced fellow investors can help readers avoid major financial pitfalls and learn from mistakes others have made. Vanguard's research confirmed its long-held belief that individual investors-sometimes derided on Wall Street as unsophisticated-are a savvy and capable group. This book proves that their collective wisdom is as valuable as any "e;expert"e; advice. The Vanguard Group (based in Valley Forge, PA) is the world's second-largest mutual fund company with 15 million shareholders and $600 billion in assets under management. Vanguard pioneered low-cost index mutual funds, and distinguished itself as a champion of superior client service and low investor costs. Andrew Clarke is a senior financial writer at The Vanguard Group. Before joining Vanguard, he worked for Morningstar, Inc., the investment research firm. Mr. Clarke is a Chartered Financial Analyst. Jack Brennan is the Chairman and Chief Executive Officer of The Vanguard Group. A graduate of Dartmouth College, Mr. Brennan received a master's degree in business administration from Harvard Business School.

Practical advice for investors from investorsPresenting a fresh approach to investment guidance, Wealth ofExperience is built on real investors' stories about what hasworked-and what hasn't worked-for them during their personalinvestment journeys. The Vanguard Group, one of the world's mostrespected investment companies, asked hundreds of investors whohave succeeded in accumulating real wealth to explain how they'vegone about it. Their personal accounts make this a one-in-a-kindbook with extraordinary insights on saving, investing, and managingmoney from "ordinary investors" for their peers. Wealth ofExperience has straightforward, battle-tested advice on investingfor retirement, learning about finance, and managing money. Theinvaluable guidance from experienced fellow investors can helpreaders avoid major financial pitfalls and learn from mistakesothers have made. Vanguard's research confirmed its long-heldbelief that individual investors-sometimes derided on Wall Streetas unsophisticated-are a savvy and capable group. This book provesthat their collective wisdom is as valuable as any "expert"advice.The Vanguard Group (based in Valley Forge, PA) is the world'ssecond-largest mutual fund company with 15 million shareholders and$600 billion in assets under management. Vanguard pioneeredlow-cost index mutual funds, and distinguished itself as a championof superior client service and low investor costs. Andrew Clarke isa senior financial writer at The Vanguard Group. Before joiningVanguard, he worked for Morningstar, Inc., the investment researchfirm. Mr. Clarke is a Chartered Financial Analyst. Jack Brennan isthe Chairman and Chief Executive Officer of The Vanguard Group. Agraduate of Dartmouth College, Mr. Brennan received a master'sdegree in business administration from Harvard Business School.

Foreword viiAcknowledgments xiIntroduction xiiiChapter 1: Save Your Money 1Chapter 2: Plan for the Future 15Chapter 3: Learn the Secrets of Success 31Chapter 4: Diversify Your Assets 49Chapter 5: Select Your Investments 71Chapter 6: Avoid Self-Destructive Moves 91Chapter 7: Assess Your Progress 109Chapter 8: Keep Your Costs Low 125Chapter 9: Be Smart About Taxes 139Chapter 10: Create Your Investing Legacy 155Chapter 11: Adopt Productive Habits and Attitudes 175Chapter 12: Follow the Eight Commandments 187Notes 193Glossary 197Index 211