FAST TALK: Your Money

By: Lucy McCauleyWed Dec 19, 2007 at 12:37 AM

So you don't feel as rich as you did two years ago. And you're not retiring anytime soon. It's time to take stock of the role of money in your life, the road to financial security, and the price of success.

John C. Bogle

Founder and former chairman
The Vanguard Group Inc.
Malvern, Pennsylvania
Successful investing is less about doing things right than it is about not doing things wrong. And, hard as it is to believe, it's a nice, even road -- if you avoid the potholes.

One of the biggest potholes is letting emotions get in the way of economics. The tech bubble was one of the great manias of all time. We saw how easy it is to hype a stock -- and how hard it is to increase the value of a company.

That doesn't mean you should stop investing. Sure, there will be more scandals. But the biggest financial risk is not taking any risk at all. Be patient. Be more modest in your expectations. Maybe you got caught up in the bubble and made mistakes. You don't have to keep making them.

John C. Bogle created the Vanguard Group in 1974 and served as chairman through 1997 and as senior chairman through 1999. His fourth book, Character Counts: The Creation and Building of the Vanguard Group (McGraw-Hill), was published this year.

Jeffrey Moorad

President and COO
Assante Sports Management Group
Newport Beach, California
Contrary to what most people might believe, I do counsel players about when enough is enough. We talk about career goals, geographic preferences, the winning tradition of a franchise -- all of which factor into a final deal.

I don't expect the average fan to understand why a baseball player deserves millions of dollars a year. The challenge for them is to keep their priorities straight. That's why Leigh Steinberg and I require the players we represent to give back time and money. More than 100 of our clients have set up scholarship funds. Shawn Green gives $250,000 a year to the Dodgers Dream Foundation, which builds and rehabilitates baseball fields around the Los Angeles area. Ivan Rodriguez of the Texas Rangers and his wife, Maribel, donates $100,000 a year to build fields around the Dallas - Fort Worth area.

Personally, my priorities got rejiggered a few years ago. I went through a near-death experience and was hospitalized for a month. That put money in perspective. This year, I'm taking a month off to spend time with my family. Five years ago, I couldn't have conceived of that.

Jeffrey Moorad is considered one of the premier player agents in Major League Baseball. His clients include Pat Burrell, Darin Erstad, Luis Gonzalez, Manny Ramirez, C.C. Sabathia, and Mo Vaughn. Along with partner Leigh Steinberg, he has negotiated more than $3 billion worth of contracts.