This quote is by the father of low-cost investing, Jack Bogle, founder of Vanguard.

When an interviewer asked Bogle if he ever regretted making Vanguard a low-fee, non-profit brokerage -- after all, had he charged investors more, he could have retired a billionare -- this was his reply:

"I read a story recently: There's a big cocktail party on Martha's Vineyard. Someone comes up to this writer, I think it's Joseph Heller (author of Catch-22), and says, 'Joe, see that guy over there? He's a hedge fund manager, and he made more money yesterday than you made on all the books you have every published.'

Heller looks over, pauses and says, 'Yeah, but I have something he'll never have: enough.'"

Where are we going, and why are we in this handbasket?

Sure the markets look like they’re going off the rails, and any time’s a good time to get out of debt, so if right about now you’re thinking, “Credit cards? I don’t need the temptation of no stinkin’ credit cards” -- good for you!

Wanting to stay or get out of debt is a great goal. Even America’s billionaire next door, Warren Buffet, is with you on that one, filmed advising a roomful of Girl Scouts to steer clear of the siren song of credit cards.

But, before you cut up your cards, understand that they’re a big part of building a good credit history -- and who doesn't want stellar credit? A great credit score may mean:

* Lower mortgage interest rates.

* Access to deals -- think those "Zero down, zero due on signing!" loan offers cluttering the airwaves; those are generally restricted to folks with great credit.

* In some instances a good score may even mean a great rental or a better job. That’s because employers and landowners may run credit checks on prospective employees or tenants -- the thought being that people with good credit are more responsible.

So having and maintaining a great credit score can really give you a boost. But would you guess that purging a few credit cards could actually deflate your score?

That's because part of your score is not only based on the age of your oldest credit card, but also on how much of your total available credit you use.

Total Available Credit?

Say you have three credit cards with a combined credit limit of $10,000. Now assume you have a balance of $2,000 spread across those cards. In that case, you're using 20% of your total available credit. To the folks who provide loans you look like a responsible credit user.

Now say you consolidate that $2,000 onto one card that has a limit of $2,500, then cancel the other cards because you want to be done with the temptation of spending money you don't have. Cool, high five!

Except, while you still owe that $2,000, lenders see you’re now using 80% of your total available credit, which, frustrating as it sounds, reflects poorly on you. Some experts suggest that, to keep your credit score healthy, you should use no more than 30% to 50% of the credit available to you.

So should you cancel those extra cards or not? Yes and no. Cancel accounts you really don't want -- especially if it keeps you from overspending. Though your credit score might take a temporary hit, it will recover. But if you'll soon be seeking a loan, a job, or a rental, now is probably not a good time to close credit card accounts.

Luckily, whether you decide to keep those cards or not, you can boost your credit score in other ways.

Simple Tips to Boost Your Credit Score

The folks at FairIsaac -- the people who developed FICO scores, the most widely used credit scores in the United States -- offer these tips to keep your score healthy:

* Pay your bills on time.
Late payments have a major impact on credit scores. Fortunately, the longer you pay your bills on time, the better your score.

* Don’t open credit cards you don’t need.
Sure, more credit cards give you a higher credit limit and therefore the appearance of using less credit overall, but opening too many cards can actually lower your score, say the folks at FairIsaac.

* Pay off debt, don’t just shuffle it from card to card.
Pay down revolving debt such as credit cards and home equity lines of credit and you’ll see your score go up, over time.

Along with these quick tips, don’t be shy about keeping an eye on your credit report. It’s easy, free, and it’s also a great way to catch errors early. Equifax, Experian, and TransUnion each offer one free credit report a year at AnnualCreditReport.com. Request one from each company, space those requests out over the year, and you’ll always have a finger on the pulse of your credit. And yes, this is one of the few times it’s okay to give out your social security number.

As for those extra credit cards you don’t want but aren't ready to cancel just yet? Just stick them in a glass of water in the freezer. I hear they make excellent martini chillers.

SOURCES: Kiplinger's, "Should I Activate New Credit Cards?," "Don't Sweat Small Credit-Report Errors." FairIsaac/myFICO “Credit Basics: Improving Your FICO Credit Score.” Associated Press.

"Have you looked at your credit report lately? The information on this document can influence your ability to buy a home, take out a car loan, get a low rate on your credit card, secure insurance coverage or even land a job."
- Kiplinger.com

So, have you looked at your credit report? You can do easily, for free, three times a year. The report details who's given you credit, how timely you were in paying back that credit, and whether you were ever in default.

There are three credit agencies who offer credit reports: Equifax, TransUnion, and Experian. Once a year, each let's you view online and download a free report (or they'll mail it to you). So, if you request your Equifax report in January, your TransUnion report in May, and your Experian report in September of each year, you can easily keep close tabs on your credit through the year -- and make sure all the information is correct.

Note: A credit report shows your borrowing and repayment history, it doesn't show your actual credit score. For that you'll need to pay the credit agency an additional fee, between $8-15. Yet, even if you don't plunk down the dough to see what your score is, you'll still have a good idea where you stand by looking over your credit report. What you'll want to see is lots of "Pays As Agreed" or "Never Late" or nice little green "OK" boxes.

Remember, you can check your report for free three times a year. Pop over to Annual Credit Report.com, which is run by the U.S. government, and take a peak today.

NOTE: Be careful using any other credit report service; some use misleading tactics and may sign you up for monthly credit monitoring you don't need. CBS Evening News reports that one group, Free Credit Report.com, seems to be signing people up for regular credit monitoring at $15 a month. Small disclaimers, of course, go unnoticed by folks who weren't expecting them.

The beautiful quilt your entire family helped make when you were sick. The sweet classic Camero you rebuilt from the chassis up. That first edition “Goodnight Moon” you taught your son to read with.

Treasures, every one.

Now hand them over to a stranger and let that them decide who gets those gems when you’re gone.

Why Every New Investor Needs a Will

To be sure, you’re going to blow out every one of the candles on a “Happy 101st Birthday!” cake. And before you do you’re going to enjoy the car, the quilt, the book…and hundreds of other precious possessions. In fact, you could be so busy between then and now you forget to do one very important thing: Write a will.

Enter the stranger.

Fail to have a valid will and, after your death, state law determines who gets all the things you hold most dear.

Fortunately, your investment accounts may already be covered in a will-like way -- if you took the time to designate beneficiaries when you first signed on with your brokerage. But it’s easy to leave that section of your account application blank “until later, when I have more information.”

That’s why, if you want your grandson to inherit “Goodnight Moon,” and wish your daughter to get that sweet ride, and you’d like to be sure your stocks, bonds, and other investments are distributed to the people you love and care for, you need to make those provisions now, while you’re still around to do it.

Here’s the Way. Make the Will.

A few hundred dollars may be all it takes to make a basic will with the help of a lawyer. You can also use software, or forms found on the Internet to make a valid will -- though few recommend this second route.

However, if you choose to make your own will, the experts at Kiplinger suggest having it printed or typed, not handwritten. Others stress the vital need for the signature of two or more witnesses. And, because will requirements differ from state to state, all recommend you have a lawyer look at any self-made will -- just to be sure.

No matter how you go about crafting your will, you can lay some excellent groundwork right now by answering these simple questions, suggested by lawyer Michael Flynn, host of the podcast Legal Lad's Quick and Dirty Tips for a More Lawful Life.

1. Who would I like to represent me and my estate after I die?
2. Who are all the people I want to take under my will?
3. Who are the people I do not want to take under my will?
4. Are there any organizations or charities I would like to provide for?
5. Exactly how much property do I have now?
6. How much property am I likely to have when I die?
7. Exactly what property do I want to go to each person?
8. Who do I want to get the “residue” of my estate? That is, where should all the property that I did not specifically account for go?
9. Do I have any retirement accounts that I need to deal with?
10. Do I have a life insurance policy I need to account for?
11. How would I like my body taken care of? Buried? Cremated?
12. Who would I like to make health care decisions for me if I am ever unable to make them for myself?
13. Are there personal messages I would like to leave for loved ones along with my will?
_______________

Next Steps

* Answer those thirteen questions above in as much detail as you can, then hie thee over to a lawyer and have the document made official. Or, if you insist that you can do it yourself, type everything up, then get two (or better yet three) witnesses to sign the document. It’s best if your witnesses are not named as beneficiaries in the will.

* Read more on why you need a will and get additional tips on putting one together, at Kiplinger.com: Why You Need a Will, and Six Steps to a Good Will.

* Do something about this. Now. Today. Just a little doodle on a pad. A few ideas. Anything. Just start.

And enjoy the quilt. Your family really loves you.

SOURCES: Legal Lad's Quick and Dirty Tips for a More Lawful Life, Kiplinger.com, American Estate Planning Attorney Directory.

“While socially responsible investing sounds as if it will help you take a principled stand, it won't carry you all the way to the moral high ground. If you're still eating Philadelphia cream cheese, Claussen pickles or Jell-O -- all made by tobacco titan Philip Morris -- you can't really cleanse yourself of any tobacco taint just by picking a fund manager who won't buy Philip Morris stock.”
- Jason Zweig, Money magazine, 1996.

“I've taken a hard look at these [socially responsible] funds recently, and I think much of what you've probably heard…is misleading -- including most of what I've written about them (I've parroted the conventional wisdom) and some of what the funds say about themselves.”
- Jason Zweig, Money magazine, 2007.

So, is socially responsible investing (SRI) bad? Or it good?

The truth is it depends on who you ask, and what they want from the concept. For many, SRI is a step in the right direction, an attempt to make a positive, perhaps small, difference. What do you think? Learn more about SRI with a quick Google search, at Social Investment Forum or by visiting two of the largest SRI fund company websites: Domini and Calvert.