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Financial advice from one who oversees billions
Bronner has made the RSA fund one of the strongest of its kind in the nation. RSA has funded a chain of newspapers and TV stations, owns a skyscraper in New York City as well as large office buildings in Montgomery. The latest investments are the new RSA Tower and the renovated Battle House Hotel in Mobile. He's made Alabama a big name in golf, too, with the Robert Trent Jones Golf Trail that includes 20 premier 18-hole golf courses, some with fancy luxury hotels. Bronner can be short and curt. He minces no words when he talks about the needs in the state. Unlike elected politicians, he doesn't worry about what people say or think about him. He "tells it like it is," or at least the way he thinks it is and if someone doesn't like it, the heck with them. Amazingly that bluntness and directness is why people respect him. Golfweek, a magazine for the sport, recently did a feature story on the "cigar-chomping CEO." Some of the interesting outtakes shared in the recent RSA newsletter were his views on investing which can be applied to anyone and are good financial food for thought as we start a new year. **** "Stay in the black. 'Yeah, yeah, yeah. I know it's boring,' Bonner said, jumping out of his chair, warming to the subject, walking around his office and waving his cigar like a wand. 'But I'm going to tell you what everybody else tells you. Pay down your debt.' Don't let interest payments on loans or consumer credit consume too much of your cash flow, or you're going to be just another working stiff living from check to check. Job one: Accumulate savings before you get serious about using your money to make money. Stay liquid. "Invest in something you know about. 'Whatever business you're in, for example, invest in that. You should know your own business,' Bonner said. "Beware of the stock market. Most people have jobs and don't have time to follow the market closely. 'Well, somewhere out there, there's a guy working at least that hard studying the stock market, and that guy's got better resources than you do. If you try to outplay the market with that guy, he'll kill you every time.' "Recognize luck and don't trust it. You could get lucky and make some quick money in the stock market. 'That can be the worst thing that can happen,' Bronner said. 'You can have a lot of fun in Las Vegas if you get lucky. Say you take $1,000 to Vegas, you hit early. The first thing to do is take your thousand, put it in your pocket and don't take it out. After that win or lose, at worst you go home with what you came with." **** That's simple but practical advice from the man who oversees billions.
Happy New Year!
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