What word do you associate with Wall Street?
Post your answer in the LEAVE A COMMENT section below. I’m not the boss of you, though. Don’t write anything for all I care! I can’t help it if your heart is a stone wall.
. . .here are my thoughts.
What word do you associate with Wall Street?
It’s silly to try and beat the market on your own. Statistics show that only about 6% of investment professionals beat the market over a 20-year stretch. Simply invest into a 401(k), index funds, or IRA. Don’t worry about timing the market, either. Just understand and embrace the beauty of dollar cost averaging. Sometimes you’ll invest your monthly contribution near an absolute low, other times at a relative high. Who cares—just keep funneling the money in. Allow compounding interest and an 8% average yearly return to transform your meager monthly contributions into wealth during your retirement. But what if there’s another huge economic downturn when the market loses a quarter of its value? Great! You want the occasional recession when planning for long-term gains. The market has always rebounded bigger and better, allowing for a healthy helping of dollar cost averaging, to boot. Money is little more than numbers traded hither and yon with faith in its backing by the United States government. Traders mumble prayers for another measly tenth of a percent increase. Their lives dedicated to the worship of the almighty dollar. Wall Street sounds quite like a religion.
The word for me is rollercoaster. Don’t try to get off Just let it ride. Just get into some good funds or stocks with good dividends and let it reinvest. Eventually you will have a nice nest egg.
And start young! The best time to start was yesterday. The second best time is today.