It's impossible to know everything, especially in investments and financial planning. Cora and I play the "Catch and Release" information game these days. First we pull in information about investment planning. If we have too much, we throw some back for later. This way we have a digestible amount of good habits to develop. Once we have these down, we go trolling for more information. Cora likes this kind of fishing, since it isn't messy and she doesn't have to touch worms.

By now, I hope you've read through the first few Mom Chronicles from last year. Joyce has written about all the basics, and it would help for you to know them. Maybe you've been to the Motley Fool as well. Hopefully, you've kept a file of your own "Catches" from both sites, and you're ready to clean some fish. Before you do, Cora and I would like to tell you how we test the waters.

We'll tackle BUYandHOLD first: BUYandHOLD is a breeze. Even Cora knows her way around by using the easy menu on the left. You can access just about anything within BUYandHOLD without registering, but there are a few tools you won't be able to access unless you get "inside." This is our home for purchasing stocks with the "dollar cost averaging" method of investing. We hope you register soon, so you can join us in our investment planning this year.

The newest feature at BUYandHOLD is the Advisory Services section. This tool gives us an opportunity to read and review a professional's stock pick, along with advisories on when to buy. There are similar programs offered on the Internet for hundreds of dollars. We can't shell out this kind of money, but the BUYandHOLD price is great. Cora and I prefer Nancy Dunnan, since her specialty at BUYandHOLD is the beginner's portfolio.

This service is similar to hiring a guide in the back country. Just remember these guides might know where the best fishing holes are located, but you still have the work of figuring out what equipment to use and how to use it.

Once we have the information we need at BUYandHOLD, Cora and I like to pack the tackle box and head over to the Motley Fool. The Fool has much of the same information, but it's presented in a different format. Cora loves this site, if only for the funny hats.

One of the tools Cora and I utilize at the Fool is their "watch portfolio." We set up several portfolios at the Fool last year; one each for our own personal choices and activities, and another for our "buy and hold" picks. Last week, we talked about dollar cost averaging. After we learned more about this strategy of purchasing stocks, we set up another portfolio to watch at the Fool. This new portfolio is for stocks we will pick to purchase on a weekly or monthly basis with a steady dollar amount. I wish we had done this last year, just to see the difference between the "buy-in-a-lump-sum-and-sit-on-it" portfolio and the dollar cost averaging investments. Now we'll be able to compare these two strategies, and we can report back to you how both portfolios perform over the next year.

We also decided to check out the competitive online stock trading games last summer. The strategy in these games is to trade stocks daily in order to stay ahead of the pack for a certain week or month. We found the constant day-in and day-out checking on stocks, news and the pulse of the market is not only stressful - it's also one of those fish we don't want to eat in real life.

If you use these games as learning tools, they can be beneficial. You can learn how to "short" a stock, and you can also learn how brokerage fees can eat you alive with constant trading. The games are set up to simulate real market purchases made at most online brokerages. This is - seriously - a good way to eliminate any fear you may have in placing your money in the real market through the click of a mouse.

You can also see how you rank with other players. If you lose a few hundred thousand dollars over a few days, you don't feel so terrible when you notice you're in the "top ten" for that week. Of course, most of the players are in there to learn how to "play" the stock market, also.

The only two games I allow when we have time are at MarketPlayer and at StockJungle. The MarketPlayer games last four weeks, so you can follow your picks for a reasonable length of time. The StockJungle game is based on an ongoing performance over a period of time - years, if you'd like. Both of these games have online research tools, but we rarely use them. I feel the environment at BUYandHOLD and at the Fool are more conducive to the needs of families and beginning investors.

Investing is not a game. Nor is it wildlife management. But this is one way to teach our children (and ourselves!) something not taught in our schools - how to manage money, and to make that money work for you.

Next week we'll be ready to invest, we'll look at what sort of investor we might be, and which program we're going to use at BUYandHOLD. Get your "Catch and Release" program rolling, 'cause we're going to do some "BUYandHOLD" fishing!

Until next week.

Linda Goin