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A criticism of using risk tolerance to gauge your asset allocation is that it s too subjective Moreover, according to this criticism, investors may not know how tolerant they are of risk until they experience real losses in the market Meanwhile, age-based asset allocation strategies are sometimes criticized for being too simplistic After all, you can have two people with the exact same age who have entirely di erent asset allocation needs For example, say you have two 60-year-olds One is an executive earning six gures who has a good pension, a large investment portfolio, and the ability to work another 10 years in his eld The other 60-year-old makes a middle-class living but has little savings and is in poor health and is therefore likely to be forced to retire within a year Obviously, the same asset allocation strategy cannot be right for both men In the case of the 60-year-old executive, you ve got a person who has the wherewithal thanks to his pension (which should, for the sake of asset allocation, be considered xed income since it provides a guaranteed income stream) and his career to take on substantial risk In fact, his time horizon until retirement, though 60, may actually be more than 10 years long The other 60-year-old, in comparison, may have a time horizon of less than one or two years, even though the typical age of retirement is 65 A simple way to deal with these concerns is to peg your asset allocation strategy not to your age, but to your retirement timetable This makes for a slightly more sophisticated approach than the 100-minus rule At the same time, it often re ects a truer sense of risk tolerance than simply asking someone to describe him- or herself as conservative, moderate, or aggressive One simple approach to pegging an allocation strategy to your retirement is to multiply the number of years that you re scheduled to retire by a factor of 2 Let s call this the two times factor A 20-year-old worker 45 years away from retirement should therefore have 90 percent of his assets in stocks (45 2 90) A 35-year-old 30 years from retirement may want to put 60 percent of her money in equities (Figure 14-7) However, there are two adjustments you should probably make to this rule Though it s good for getting going at a young age, the rule turns decidedly.



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<p>Enter a California Zip Code: <h:inputText value="#{useraddresszip}" id= zip"> <f:validateLongRange minimum="90000" maximum="99999" /> </h:inputText> <h:message for="zip" /></p>





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If your camera does not let you manually choose the shutter speed and aperture, try using its EV adjustment to overexpose your picture by one, two, or even three stops For example: set your camera to EV 3, focus the camera on the darkest part of the scene, and then shoot After you ve taken a batch of night shots, you can compare your pictures side-by-side and see the effect of increasing exposure time As you can see from Figure 4-7, there is no such thing as the one perfect exposure in a night photograph Increasing the exposure means longer light trails and brighter points of light Eventually, too much exposure time will lead to obviously overexposed images and perhaps digital noise (which I discuss in the next section) But for the most part, the exposure you choose is a matter of personal taste Don t trust your camera s exposure meter at night You might want to start with whatever your camera s meter suggests, but you can almost always get more interesting pictures by doubling or tripling the shutter speed that s suggested by the camera

Part I:

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This example asks the user to enter a Zip code in California, which means they must enter a number from 90000 to 99999 A more robust example would also have a custom validator that checks that the Zip code entered is indeed a valid Zip code, since not all numbers between 90000 and 99999 are valid Zip codes in California

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Asset Allocation Strategy 90% 80% 70% 60% 50% 40% 30% 20% stocks, 10% stocks, 20% stocks, 30% stocks, 40% stocks, 50% stocks, 60% stocks, 70% stocks, 80% bonds bonds bonds bonds bonds bonds bonds bonds

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