How I'd Invest $5,000 Today If I Had to Start From Scratch

Life's funny. We often don't know as much as we really need to know until well after we really need to know it. In other words, hindsight truly is 20/20. Not only is this even true for investing, it's especially true for investing.

With that as the backdrop, here's how I'd do things if I were starting all over again with $5,000 worth of seed money -- and all the cumulative lessons from the mistakes I made since my first foray into the market nearly three decades ago.

It's advice most investors have heard over and over again, often resulting in eye rolls and groans. Not only is it a cliché suggestion, it's the least interesting way to participate in the market. Nevertheless, your best first investment really is stepping into a long-term position in an index fund like the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) or the Vanguard Total Stock Market ETF (NASDAQMUTFUND: VTSA.X).

Source Fool.com