moe. made their mark on Summer Camp Music Festival last night, welcoming out the legendary punk/funk band Fishbone for an amazing rendition of Prince’s “Purple Rain.” Fishbone delivered a madcap set of songs earlier in the day, but they stayed around to help the festival hosts pay tribute to the fallen musical icon. Fishbone front man Angelo Moore, AKA Dr. Madd Vibe, not only nailed the vocals but added a stellar sax solo, while moe. guitarist Al Schnier gave his all on Prince’s signature guitar solo. Our own Rex Thomson was on hand to film the tribute and share it with the world, and you can watch the footage below.
An economist by training, Brannen believes in some simple, do-in-yourself investing.He’s not a financial advisor and doesn’t claim to have all the answers. But he does havea little advice for the reluctant savers. Brannen’s message: don’t wait. Brannen’s chosen form of investing is mutual funds. Mutual funds invest your moneyin sometimes hundreds of companies or bonds or securities. They lower the risk ofinvesting in one stock or security. You delegate tough investment decisions to thefund’s professional money managers. You can go through your entire life convinced you don’t have the time, knowledge ormoney to invest. But you’d be wrong. Even a small investment each month becomes substantial with time and compounding –what Brannen calls the eighth wonder of the world. With compounding, you earnmoney on the interest you earned. The numbers are convincing enough. If you start putting aside around $220 a month atage 35, with just a 10 percent return, you’ll have more than $500,000 by the timeyou’re 65. If you wait until age 50 to start investing, the monthly savings you’ll needto accumulate the same amount at 65 leaps to $1,100. Brannen checks financial magazines that compare funds. He checks the company’shistory of returns, how long the manager has been on the job, minimum investment,any charges and their investment objectives. If a fund sounds good, he calls for aprospectus and studies it for more details. “In the world of investing, mutual funds are the foundation,” Brannen said. “They havefull-time money managers. You pick your level of risk, and your investments arediversified. “It’s the Rule of 72,” Brannen said. “If you invest $1 at 1 percent compound interest,in 72 years you’ll have $2. So 72 divided by the interest rate equals the number ofyears you’ll double your money. The stock market has never dipped under 10.5 percentaverage gain in any 10-year period. So it’s not unreasonable to expect to double yourinvestment.” “It’s easy to invest in mutual funds, too,” he said. “With 7,000 funds to choose from,you’ll find one that’s right for you with just a little research.” Robert Brannen, a Gwinnett County agent with the University of Georgia ExtensionService, won’t accept excuses. “There are two ways to make money,” Brannen said, “by people doing work or themoney doing the work. Many people have second jobs and others have wondered ifthey should get one. I consider investing as my second job.” Still not convinced? If you average making around $33,000 a year over your entirecareer, it would add up to more than $1 million in 30 years. “What are you doing with that money?” he said. “Put some of it to work for you.”