There is not an easy recipe in a book.
Exactly. Not "a" book, but maybe 20 of them.
There are a lot of really dumb ways to invest, ways that are 90% sure to leave you poor. There are two ways to avoid this:
1) Faith: A young investor picks up a book, or runs into an advisor, and they believe what the author/advisor says. It sounds reasonable, and the case studies in the book/seminar/advisor's illustrations sound very good. So, the investor starts saving and investing according to this plan. He doesn't understand it, hasn't listened to other approaches, and doesn't have the foundation needed to sense BS. Sometimes this guy becomes a zealot and tels everyone about the one, true way.
Probably 80% of the faith-based investors do poorly, because the picked a bad guru. The ones who succeed lucked out by somehow picking a guru who gave good info. Still, an investor who bases his plan on the charisma of a guru is a juicy target for the next charming guru. And most of the gurus are hucksters.
2) Reason: A young investor picks up a book with a skeptical eye, and reads a lot of things. After reading and listening to a lot, if he has some mix of attributes (logical reasoning, some math skills, and an interest in learning about this stuff) he's likely to figure out which "experts" are putting out worthwhile advice. This investor will have a lot more persistence in investing overall and in style of investing.
I think most people here want to help folks become investors who are guided by reason, not by faith. That's what I took from Nords's earlier posts in this thread.
Rockon wrote:
"I've been reading the same stuff for a long time too, nearly 30 years. The more I read the less reassured I become in trying to know how to invest for the next 30 years. "
If the more you read, the less comfortable you feel about investing, I can suggest two possibilities:
1) It's possible you were a "faith based" investor before, and "sure of things". If you are now reading materials that are illuminating the fact that markets are uncertain (but providing ways you can mreduce volatility while increasing growth) then I'd say that things are moving in the right direction
2) If you are taking in more information but remain uncertain and frustrated because you are looking for the "next big bubble" to ride, then it's possible you remain a faith-based investor, with all the pitfalls that entails.
Provided in a spirit of camaraderie, and knowing I don't have all the answers . .