Cindy Krischer Goodman | 4/1/2011

Robert Barboni, president, Ibis Financial Group, Boca Raton

[Photo: Scott Wiseman]

Best money advice ever received: I was told to start a college fund the day each of my two daughters was born.

Best money advice he's ever given: A very good friend had all his money, his entire retirement savings, in his company's stock in his 401(k). He was five years from early retirement. I told him to diversify the stock in case anything happened. Fortunately, he listened and did diversify because the company (Enron) went under.

Advice giving clients now: Verify the risk of investments and make sure it matches your risk tolerance. Then, stay the course. Don't try to time the market.

How he'd invest $50,000: I would take a percentage of it and allocate it toward my future needs. A portion of it would go into a 529 for my kids, and I'd put the rest of it away for retirement.

Adam Carlin
Director of wealth management, Bermont/Carlin Group at Morgan Stanley Smith Barney, Coral Gables

Best money advice ever received: Be careful with leverage. Don't let the bank own you. Other than sex scandals what gets people in trouble is leverage.

Best money advice he's ever given: I taught the MBA program at the University of Miami for five years. Two things I would advise the students about investing: Never forget to look at the details — always do your research — and don't follow the crowd.

Advice to clients now: For a young person, don't ignore the true potential of long-term compounding; invest at an early age and continue to do so. For all investors, never be afraid to ask questions — ever! Never lose respect for the word 'risk.' People don't understand the word 'risk' often until they've lost money. Also remember the math. If you lose 20%, you need 25% to get back to even.

How he'd invest $50,000: I would continue to invest in equities, more heavily rated international companies, particularly in emerging markets. I would also invest in high-quality municipal bonds at attractive prices.