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Finance: Thanks for the advice

Bob-Miller
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This is the first column of a series that is meant to put a human face on the world of finance and investing, and add value to the financial decisions you make in an entertaining but measurable way.

My name is Bob Miller and I've had a lifelong passion to learn and continuously improve at investing from the day I purchased my first stock at the age of 12 (1977).

My initial interest in saving and growing a nest-egg actually started the day my Grandpa sat me on his lap at the age of 5, handing me a black metal lock box. He said I should put any cash I received from gifts or working into that box. Grandpa also allowed me, a 5 year-old boy, to "work" at his gas station on Saturdays and I earned 10 cents an hour doing simple tasks like wiping off the tops of oil cans, cleaning the bathroom (first promotion!), and eventually the ultimate: pumping gas for an actual customer (huge promotion and thrill!) Some of you may remember his station – The Standard Oil on Southwest Washington Street and what is now called McArthur Highway.

Grandpa told me that once I saved $25 I should put it in a savings account at the bank and earn interest on it, then save up another $25 and do the same, and so on. So I did that. I wasn't saving for anything to purchase, I just liked watching the numbers get bigger. By the time I was 12 I had saved just over $500.

Thanks for the advice, Grandpa!

In 7th grade at this point, on the school bus I overheard a classmate talking about some "stock" that he owned. I did not know what "stock" was. My Dad explained that you invest money into a stock and if the stock price rises you can sell it and keep the difference (profit). I had an epiphany; the interest in my savings account wasn't making me much, but if I bought a stock at $50 and it went to $60, I would make $10. What a country! I was hooked.

Dad gave me a stock broker to call named Herbert B. White – perhaps you remember Herbert and his son, Curtis. Herbert was kind enough to spend some time with me over the phone and I purchased eight shares of Caterpillar stock with my life savings. I couldn't have been more excited. By the way, if I still had those eight shares they would now be worth about $15,000.

Thus began a journey that continues to this day. My writings will share some insights I have gained over the years, as an investor and as a professional advisor with 25-plus years of experience under my belt.

The road to financial success can be full of potholes, unexpected turns, dead ends, and enough frustration for even the most intelligent among us to be rendered breathless. But success stories are abundant as well, and everyone is capable of having their own success. I want you to be one of them, and I am excited to make you part of this ongoing journey my wise Grandpa began!

About the Author
Bob is a Peoria native, a graduate of Peoria Richwoods with a BA in Economics from Indiana University in 1987. He became series 7 registered in 1988, then received his Principals registration (series 24) in 1995 with LPL Financial, the nation's largest independent broker dealer*. He remains an LPL Registered Principal and is also president of Investment Strategists at Better Banks. Bob believes in community service, supports qualified charitable causes and is a Paul Harris Fellow Rotarian. His personal mission is "To make a positive impact on every person I come in contact with." *As reported by Financial Planning magazine, June 1996-2013, based on total revenue.