Mike Murphy, founder and managing partner at Rosecliff, said recessions come and go, but investors need to keep an eye on the market for “opportunities.”
If you’re looking to invest, there’s never been a better time than now, advises Mike Murphy, founder and managing partner at Rosecliff. “Recessions come and recessions go, and people need to look for investment opportunities instead of trying to time the next recession,” he told FOX Business’ Stuart Varney.
Here are his five steps to get started. FOX Business Financial 101 Plan series.
Get started now!
Come on, give it a try. There is no need to monitor the market. All you have to do is decide you’re ready and secure your funding. “Instead of waiting for the market to go down tomorrow, start investing today. Or maybe six months from now, it’ll be a better time,” Murphy advised.
Do not trade aggressively
Predicting market movements is difficult for even the most experienced traders, Murphy says. It is unwise to try to time the market. “It’s difficult for most people, even professionals, to be successful at trading,” he warned. Instead, let the money sit and grow.
make a long term plan
Decide on your goals. Long term, short term or retirement. Next, decide how much money you want to allocate each month or quarter and start investing.
Inflation rate rises for third consecutive month
Personal finance experts say wealthy people can protect their money by investing in stocks and other money-producing assets. (license/image)
magic number for retirement
Buy low-cost ETFS
Murphy recommends low-cost exchange-traded funds (ETFS) that hold a basket of stocks for broader exposure.
He pointed to the SPDR S&P 500 ETF trust, which reflects the S&P 500, the broadest measure of the U.S. stock market, as a good option. So far this year, the fund has returned more than 10%.
The fund has a heavy weight in large-cap tech stocks, according to filings. These stocks include Microsoft, Apple, Nvidia, and pharmaceutical company Eli Lilly, to name a few.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| MSFT | Microsoft Corporation | 423.26 | -3.02 | -0.71% |
| AAPL | Apple. | 167.78 | -1.89 | -1.11% |
| NVDA | NVIDIA Corporation | 870.39 | +16.85 | +1.97% |
| Lily | Eli Lilly & Company | 761.98 | +4.71 | +0.62% |
monitor money
Murphy says it’s a good idea to track your revenue monthly, quarterly, and annually. “History has 100% proven that if you leave that money there over time, that money will compound and increase in value,” he said.
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