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Financial Literacy - Financial tuneup
SPOTLIGHT
Celebrities discuss money and investing
Some can handle money well; others admit ignorance and hire professionals. All share their lessons.
Investment tuneup
 
 Celebrities:
Michael Feinstein
Judge Alex Ferrer
W.E.B. Griffin
Carl Hiassen
Don LaFontaine
Lisa Lampanelli
 More celebrities...
Celebrity Q&A
Who: W.E.B. Griffin
Notable:
Author ("The Brotherhood of War," "Badge of Honor")
Fame & Fortune Q&A:
Bankrate: How have you invested your money?
W.E.B. Griffin: For years and years, I did it myself, and I did it in absolute ignorance. Now I have a money manager and he's very good. I didn't do bad. I went with T. Rowe Price for a lot of it and I made a lot of money, but it wasn't that I was smart; I was just stupidly lucky. I didn't know what in the hell I was doing. I was investing in mutual funds -- I think there were 75 of them at T. Rowe and they're all in something weird -- and I played with that and I didn't do bad. My accountant said, "You know, you're lucky. You better stop this and get somebody who knows what he's doing." So I got one of these guys who doesn't get a commission from buying and selling; he gets his commission based on how much more money he makes for me, and I'm absolutely delighted with him. I'm amazed at private citizens trying to think they know the market.
Lesson learned: 
Do-it-yourself investors can get into big trouble.
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-- Posted: June 10, 2009
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