Fool.com: Time to Make Mistakes [Fribble] March 15, 2000

Fribble Time to Make Mistakes

By David Cunningham (nuyawkr@yahoo.com)
March 15, 2000

I graduate from college in 91 days.

This is a cause for celebration. Now I can start earning money instead of spending it, just like everybody else. Um... just like most people. Er... like a lot of people.

I plan to live at home for a year or two in order to build up some assets before tackling New York City's infamous housing market. This led me to the question of "What do I do with the assets I will have accumulated?" Or, in NuYawkTawk(tm), "When's the next sale at Bloomie's!"

I started composing a message for The Motley Fool message boards asking what I should do with my money. Those of you reading this who are teachers can now mark me down four points, two each for the following mistakes:

1) Counting my chickens before they hatch.

This assumes that my job offers will remain on the table, and that my expenses match my expectations. The first rule is "Nothing ever matches expectations." (In fact, the first rule is, "Nothing is simple," but this is a close corollary.)

2) Asking other people to tell me what to do with my money.

This is in some ways contrary to the spirit of The Motley Fool -- which teaches that I am the best person to manage my own money, and you are the best person to manage yours. The message boards here are for sharing information, not for telling each other how to invest.

I'm young, so I'm both expected and allowed to make mistakes. I have the time to correct them. I have made it through six years of school without making any terrible blunders yet, especially in regard to money. Relying on others to make decisions relating to my financial security is one mistake I never plan to make.

[For those in college, trying to get to college, trying to recover from college, or just daydreaming about college, don't miss the fun and finance at FoolU.com.]