It is the most wonderful time of the year, or so says the Christmas tune. So is it really a wonderful life from an investment perspective? Absolutely, especially when you consider that the Dow Jones industrial average has chalked up a gain of 15 percent so far this year, while the S&P 500 index is up 13 percent and the NASDAQ is up 8 percent.

So does that mean that anyone can make money on Wall Street? The answer is "yes" -- providing that you use some basic common sense. The logic of investing is simple. You increase your wealth by investing in quality stocks of companies whose products you know and understand and then proceed to hold those stocks for a period of time measured in years.

Contrary to what many investment professionals would have you believe, anyone can successfully invest in stocks without the assistance, advice, newsletters, books and myriad other tools and free meals being hawked as essential requirements for investment success. Yes, I will admit to being slightly biased as a result of four decades of experience on Wall Street.

Now, as you sit back, eggnog in hand, contemplating what you believe makes for a prospective Wall Street bargain, content in the knowledge that you can successfully take charge of your investments, please take a moment to ask yourself this question: Have you have ever helped a child, teenager, or maybe even an adult learn the fundamentals of investing? It is never too early or too late to introduce a child, grandchild or other family member to the world of disciplined investing in common stocks.

I mention this idea every year not as a result of the avalanche of letters I receive requesting that I do so but because in today's world of instantaneous gratification, grounded in the idea of buying on credit, it is important to learn the discipline of saving and investing as soon as possible.

For example, you cannot do better for a young child than with a gift of a few shares of Disney. Whether Disney is the most sanguine investment is not relevant. What is important is that you request the actual stock certificate. Then you can frame it and place it where the recipient can view it regularly.

Decorated with Disney characters, a Disney stock certificate is almost a piece of art. Besides, how many pictures can your child hang on the wall that will likely increase in value?

For those family members who claim to be too old for the Mouse and crave a more exciting life, there are companies that most teenagers will not only recognize, but will likely raise their adrenaline level. For example, Microsoft, Adobe, Intel, Cisco and Nokia are but a few.

If video games are more their thing, then you might want to consider such names as Activision, Electronic Arts, Take-Two Interactive Software and THQ. While the shares of video game manufacturers are somewhat speculative, that does not mean that an enterprising teenager might not uncover a lesser known name that is outperforming its brethren.

There have been countless letters asking how to go about setting up an account for your soon-to-be Wall Street prodigy. To start, use only a deep discount brokerage house. Commissions should be under $10, regardless of how many shares are traded. For a teenager, the shares should be in an account that can be viewed on demand via the Internet, while still maintaining whatever supervision and restriction on both trading and the withdrawal of funds that you deem necessary.

Ideally, you want to instill the idea of investing as opposed to trading. However, if your child can make a case for moving out of one stock and into another, based on research, why not go along with the idea. As is the case with investment clubs, learning should take precedence over simply trying for the highest possible return.

Finally, let your young investor go it alone. Try out your ideas on your portfolio. The more kids can learn about investing and investment research, the greater the likelihood that they will be able to establish themselves on a sound financial footing in their adult lives.