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Money Management in Theory and Practice: Part 5

by Steve Zolotow |  Published: Oct 24, 2018


I thought that I had completed this series, but I realize there are a few remaining items that should be discussed. This column will look at the question of, ‘how do you know if your money management skills need to be improved?’ and discuss the Kelly Criterion for money management. How to Tell if Your Money Management Needs to Improve I have discussed dividing bankroll sizes into three categories – small, medium and large. A small bankroll is an amount you could get in a month or less from working, from your business or from your investments. A medium bankroll should take about six months to accumulate. A large bankroll takes a least a year, and in some cases several years. I have also emphasized that you should never risk losing a large bankroll! The larger your bankroll is, the more risk averse you should be. If you have lost ...

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