Don't misconceive my idea. I'm not launching upon the subject of the fortune which you now possess. Be it ever so large, from my present viewpoint it is not worth talking about. Be it ever so humble, there's no other place for it like home. But I shall reach forward into the unmeasured future and speak con-cerning that Castle in Spain, which you now see in-distinctly.  Let us hope that time may increase its substance, rather than its ethereal nature.

Every young man looks forward to the building of a competence, a comfortable fortune, perhaps even a more ambitions one—I almost said "burdensome one". But looking forward to it does not accomplish its accumulation, nor yet even its beginning. It must lie begun by investment. It is to point out these initial steps that I bend my effort.

Generally speaking, a young man's responsibilities increase more rapidly and become more considerable than his resources. He invests in an education, and given time, this investment returns a substantial in-come upon his capital. But he must have time, in order to do this.

Upon the other hand. with his marriage in early life comes a responsibility which has a perspective of several decades, whether he lives to carry it or not. On this account, a young man should, as soon as it is possible, take out protection by life insurance. I feel that it is not too much to expect him to do this with his very first job after school.

A twenty-payment life policy is probably the most satisfactory in the long run. This should lie supple-mented by more such policies taken out at least every year or two thereafter, until one feels that he has a reasonable sum assured his family in case of his death.

I would not ordinarily advise a man to put all of his early savings into life insurance. It is encourag-ing and gratifying to watch small investments in sound securities or stock, as they grow with increas-ing speed. You will note, however, that I said "grow". seemingly ignoring the possibility of a shrinkage. That is because I had in mind that one's early in-vestments should be of the very soundest kind avail-able.  Leave wildcatting until you have money to burn. Leave stock gambling until you can afford to lose—or longer.
Your first salary check should furnish a bit of re-serve fund for investment. A good figure to assume at first is ten per cent.  Put aside this much for savings.  Do it as regularly as payday, and don't touch it for current expenses. Just because this isn't much, you may feel that it is not worth while. But you may believe me, that this is the way you'll make your start, or it never will lie made. Financial in-dependence is not a matter of chance—it is the result of a plan.

Now, how put this money to work?

I point to savings bank accounts, building and loan certificates, bonds, standard stocks.  Remember that security of investment cannot be over-emphasized.

There are many concerns, both local and otherwise, which operate under euphonious, persuasive names,— Investment Company, [--and Company, Security, etc.— where, upon emergency, your money may not be easily or wholly returnable to you.  Look fully into the agreement you are asked to make, and if in doubt consult someone who may be expected to know.

Nearly all cities have building and loan associations, where nominal monthly deposits are received over a term of years, accumulating in paid up certificates which may lie cashed as desired. Deposits of this nature are made at a fixed rate for perhaps 100 months, resulting in a sum approximately one and one half times the total of the deposits. Thus, on monthly deposits of about six or seven dollars, a total of one thousand dollars will develop.

Bonds may be bought quite readily of local banks or trust companies. In general, an initial deposit of about 10% of the purchase price is required, after which the monthly payments of the same amount early complete the purchase. The very highest grades of bonds are available in sizes as small as $100. You need not feet at all backward about starting these small accounts, because financial houses have pre-pared these securities for just such investors as you.

Stocks present a more questionable type of invest-ment, as they are subject to greater market fluctua-tions than are bonds. It is doubtful if one's early investments should be made in stocks, unless made under the most reliable advice of your disinterested banker, and even then as a permanent investment, to lie held indefinitely. They, too, may be secured on the partial payment plan.

In order to secure the most rapid returns upon one's investments, he should establish a plan whereby the income from those in vestments may be used to make new purchases rather than turned into his cur-rent expense fund. This is a vital difference, as may be quickly shown in considering the difference be-tween simple interest and compound interest.

Assuming a 5% interest rate, it will take 20 years for the interest to equal the principal. By compounding annually, the same result is attained in less than 14.5 years. If the interest rates are 6%, the times involved become 16.67 years and 11.9 years respectively.

Remember, a brick wall is not laid by dumping bricks upon it by the carload. But one brick at a time may account for a pretty big wall.