Is this the right time to invest? Good question.
Here’s another good question: when is the best time to plant a tree?
The answer: “Now.”
Here’s a better answer: “When you were a child.”
Time is our most precious resource. A wasted moment is lost forever. Trees take time to grow. The same is true for wealth.
We are often asked “is this a good time to get into the market?” The answer is that there is no better time.
If you put your money in a savings account you might get about 1%.
At that interest rate it takes 70 years to turn $100 into $200.
If you could grow your money an average of 5% per year, that $100 would grow to $200 in 15 years.
If you can get 6%, it would take 12 years to grow to $200.
If you can get 7%, 11 years would get you to $200.
If you can get 8%, 10 years would get you to $200.
At 15% your money doubles every 5 years.
We are big advocates of people working hard for their money. But we are just as insistent that money should work hard for them. Why be a hard worker with lazy money?
Investing is one of those things that people put off. But doing so wastes their most valuable resource: time.
If you’re not happy with the way your money’s working for you, check out our website or give us a call.
No sales pitch, no pressure. Just good advice. That’s the reason we won the 2015 Suffolk Small Business of the Year award from the Hampton Roads Chamber of Commerce.