When people talk about investing, they are always looking for the best advice.
当人们谈论投资时，他们总是在寻找最好的建议。
Many are willing to pay a lot for it.
许多人愿意为此花大价钱。
The problem with this, however, is that many financial advisors give the wrong advice.
然而，问题在于，许多财务顾问给出的建议是错误的。
Ultimately, decisions must be made by the investor.
最终，决定必须由投资者自己做出。
Here are some guidelines that may help investors save a lot of money.
以下是一些可能帮助投资者节省大量资金的指导原则。
First, a key to successful investing is time itself.
首先，成功投资的关键之一就是时间本身。
What makes many investors rich is that they have invested over a long time.
让许多投资者变得富有的原因是，他们进行了长期投资。
This allows their investments to grow, even if they weren’t active investors.
这使得他们的投资得以增长，即使他们并不是积极主动的投资者。
Unfortunately, most people don’t start saving enough until it’s too late.
不幸的是，大多数人直到为时已晚才开始存足够的钱。
That lack of time limits the power of compounding.
这种时间上的缺乏限制了复利的力量。
So the best advice is to start saving as soon as possible.
因此，最好的建议就是尽早开始储蓄。
What about economic projections and earnings growth estimates?
那么经济预测和盈利增长预估呢？
The truth is, nobody knows.
事实上，没人知道。
What they really reflect are people’s feelings about the future.
它们真正反映的是人们对未来的感受。
It’s interesting to note that someone who buys a low-cost index fund on average does better than someone who invests in an expensive fund managed by famous experts.
有趣的是，购买低成本指数基金的人平均表现要好于投资昂贵、由著名专家管理的基金的人。
With investing, simple and basic can earn a bigger return than complex and expensive.
在投资中，简单和基础的投资方式可能比复杂且昂贵的方式带来更高的回报。
Sometimes the pros don’t know what they are talking about.
有时候，专业人士其实并不知道自己在说什么。
They just talk as if they do.
他们只是表现得好像懂一样。
What about risk and volatility?
那风险和波动性呢？
One thing for sure is that the stock market will fluctuate.
可以肯定的一点是，股市会波动。
Since 1900 one of the largest index funds has returned about 6% per year.
自1900年以来，一个最大的指数基金年均回报率约为6%。
Compare that to the average difference between any year’s highest close and lowest close which is 23%.
相比之下，任何一年最高收盘价与最低收盘价之间的平均差异为23%。
When an expert tries to explain why the market is down, they are really trying to explain why the sun goes up and down.
当专家试图解释市场为何下跌时，他们实际上就像在解释太阳为何东升西落。
And finally, beware!
最后，要警惕！
The financial industry is dominated by people whose only interest in your wealth is how much they can charge you.
金融行业被这样一群人主导：他们对你财富的唯一兴趣就是能从中收取多少费用。
Unfortunately, the louder a financial expert is, the more exposure he will get even though he’s often wrong.
不幸的是，金融专家声音越大，获得的关注就越多，尽管他们常常是错的。
This is one of the most important things to know about finance.
这是关于金融最需要了解的重要事情之一。
Don’t be misled by experts.
不要被所谓的“专家”误导。
-The style of this article is -friendly and accessible.
-这篇文章的风格是友好且易于理解的。
-What does the article warn investors about? –Being misled by experts.
-这篇文章警告投资者什么？——被专家误导。
-Why should investors beware of many financial advisors? –Many financial advisors are only interested in charging fees.
-为什么投资者应该警惕许多理财顾问？——因为许多理财顾问只关心收取费用。
-What is needed to take advantage of the power of compounding? –Sufficient time.
-要利用复利的力量需要什么？——足够的时间。
-If something is volatile, it… changes rapidly and unpredictably.
-如果某物具有波动性，它……会快速且不可预测地变化。
-If something fluctuates, its value… rises and falls in an irregular manner.
-如果某物波动，它的价值……会以不规则的方式上下起伏。
-An index fund is a type of investment… that invests in all of the companies in a market index such as the S&P 500, which includes 500 companies.
-指数基金是一种投资……它投资于市场指数中的所有公司，例如包含500家公司的标普500指数。
-In investing, the market close refers to… the value of the stock market at the end of the trading day.
-在投资中，“收盘”指的是……交易日结束时股票市场的价值。
-Why is it important to start saving early? -That lack of time limits the power of compounding.
-为什么尽早开始储蓄很重要？——因为缺乏时间会限制复利的作用。
-What kind of people dominate the finally industry? -The financial industry is dominated by people whose only interest in your wealth is how much they can charge you.
-什么样的人主导着金融行业？——金融行业由那些只关心能从你财富中收取多少费用的人主导。
