If You Can: How Millennials Can Get Rich Slowly

by William J. Bernstein

Start by saving 15 percent of your salary at age 25 into a 401(k) plan, an IRA, or a taxable account (or all three). Put equal amounts of that 15 percent into just three different mutual funds: A U.S. total stock market index fund An international total stock market index fund A U.S. total bond market index fund. Over time, the three funds will grow at different rates, so once per year you’ll adjust their amounts so that they’re again equal.

quote often misattributed to Mark Twain has it that “History doesn’t repeat itself, but it does rhyme.”

Human beings are simply not designed to manage long-term risks.

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