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Did you know that as of October 1, the S&P 500 was up nearly 18% this year? That it’s up 44% over the last three years and more than 100% since its low point in 2008? When the market is on a roll like this, it can be tempting to look for ways to take advantage of it—sometimes with more “sophisticated” investments or by investing money you can’t afford.
Here’s our tip for capitalizing on today’s economic conditions: Make a plan and stick to it, especially when it comes to retirement investing. If that sounds familiar, it should. It’s the same advice we give when your investments are tanking.
But in this case, it’s a warning to resist get-rich-quick temptations. Shortcuts to wealth are like instant coffee or microwave meals. We wish they would give us great results, but they just can’t.
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Investing Is Like Planting Bamboo
That’s right: Investing and Chinese bamboo have a lot in common. When you first plant Chinese bamboo, there’s no visible growth for about five years. But the gardener must constantly tend it—water it, prune it, keep the weeds at bay.
Then one day, it takes off—growing two and a half feet a day! You can stand back and watch it grow.
Building wealth works the same way. It’s a slow, steady process that takes consistency and commitment. It may feel like forever before you start seeing results. And it isn’t easy. If it were, everyone would be rich.
Building wealth requires patience. Consistent, systematic investing is the tortoise that beats the hare in the race to wealth.
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Forget Market Timing—Is the Time Right for You?
With all that in mind, there’s no time like the present to put your cash to work building your retirement if you find yourself with extra money in the budget. Increasing the amount you invest each month by just $50 can add tens of thousands to your nest egg.
Before you make any changes, it’s important to be 100% sure of your plan. Otherwise, when the hard times return, your first reaction will be to panic. When you work with an investing advisor, you’ll have expert advice not only as you create your plan but also as you see it through the good times and the bad.
Get Great Advice Today!
Dave has built a nationwide network of experienced, trustworthy advisors—each with the heart of a teacher. These Endorsed Local Providers (ELPs) focus on helping you make the most of your investing dollars. You can trust your ELP to give you the same great advice Dave would. Find your ELP today.