Fortune magazine drops in on a Q&A Warren Buffett offered to 150 business students, and the advice dispensed by the Oracle of Omaha on investing and money in general is elegantly simple. When one student asked Buffett how to best spend his free time to further his investing knowledge, Buffett avoided generalised advice and told him to stick to what he knows. Fortune paraphrases:
For most people, the bulk of their income is going to come from earning power in their chosen profession. Therefore, from the standpoint of building wealth, free time is better spent sharpening one's professional skills rather than studying investing.
Buffett also advises that those who can't commit serious time to being active investors should stick to buying index and other diversified funds over time, a thought echoed by our commenters. Hit the link for more questions and answers with a man who knows from investing.