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When it comes to investing, there's a lot of information out there, but not all of it is true. We'll help you sort fact from fiction by debunking three common investing myths.
While it's important to put money aside in a low, fixed interest rate savings or money market account for emergencies and unexpected expenses, saving money isn't the same as investing. Investing is using your money to potentially create more money over time. There's risk involved with investing, but there's also risk in not investing. If your money doesn’t grow, you may risk not achieving your long-term goals.
This example shows how an investment of $550 a month earning 7% could produce nearly $600,000 more than a savings account earning 3% over the same time period.
Investing takes some homework. That’s why many investors seek professional guidance.
Being patient can be challenging, but following the latest investment fads and selling every time the market drops won’t get you to your goals. Instead, choose quality investments and have a financial strategy that can weather market ups and downs.
While it may be best to start early because your money will have more time to grow, it’s never too late to invest. If you’re 50 or older, you may be able to make catch-up contributions to your IRA or 401(k). Or, if you're closer to retirement, there are strategies available that can help ensure your money lasts.
Find an Edward Jones financial advisor to help you start working toward your goals today. He or she can help you separate myths from reality, identify appropriate opportunities and develop strategies that are right for you.