After my divorce from the gambling husband, my inheritance was pretty much gone, with the exception of a few properties that gave me a small monthly income. But I did something smart.

When the rent from the properties would arrive, before I spent a cent, I’d put a portion into my savings account. I did it automatically. I filled out a form and the bank took are of the rest.

I didn’t even have to think about. And even though it wasn’t a lot, it’s amazing how my savings grew over time.

Later, as the cash accumulated, I automated my investing, by using a technique known as Dollar Cost Averaging (DCA-click to learn more). DCA takes the emotion out of investing, reduces the risk of losing a lump sum in a down market and reduces costs because you buy less when your investments are expensive, and more when they’re cheaper.

I’ll never forget my first investment on my own. A friend of my father’s was forming a limited partnership. He’d just opened T.J. Cinnamons, a retail outlet that sold sticky buns. And he needed to raise money.

I knew what sticky buns were. I had no idea what a limited partnership was, or the risk I was taking. But hey, this was my dad’s close friend. He was extremely wealthy, very smart, massively successful. So, it had to be a great thing, right?

When T.J. Cinnamons went under, I lost all my money.