Finance
investing, personal finance | Fox Business
Rosecliff founder and managing partner Mike Murphy says recessions will come and go, but investors need to keep their eyes on market ‘opportunities.’
If your thinking about investing there is no time like the present, advises Rosecliff founder and managing partner Mike Murphy. “Recessions come and recessions go, people need to look for opportunities to invest and not try to time the next recession” he told FOX Business’ Stuart Varney.
Here’s his five steps to getting started in FOX Business’ Financial 101 Planning series.
START NOW!
Get at it. There is no need to monitor the markets, just decide you’re ready and set aside some funds. “They should start investing today, not wait for maybe the market’s down tomorrow, or maybe they’ll be a better time in six months”, Murphy advised.
DO NOT ACTIVELY TRADE
Anticipating market moves is challenging for even the most seasoned traders, says Murphy. It’s unwise to try and time the market. “For most people, professionals even, it’s tough to trade successfully”, he warned. Instead, let your money sit and grow.
CREATE A LONG-TERM PLAN
Decide what your goals are; long-term, short-term or retirement. Then decide how much you can allocate each month or quarter and start investing.
INFLATION RISES FOR A THIRD STRAIGHT MONTH
Affluent individuals can protect their money if they place it into money-generating assets, including stocks, personal finance experts say. (iStock / iStock)
BUY LOW COSTS ETFS
Murphy recommends low-cost exchange-traded funds (ETFS) that hold a basket of stocks for broader exposure.
A good option, he noted, is the SPDR S&P 500 ETF trust, which mirrors the S&P 500, the broadest measure of the U.S. stock market. So far this year the fund has returned over 10%.
The fund’s heavily weighted in large cap tech, according to filings. Those stocks include Microsoft, Apple, Nvidia and drugmaker Eli Lilly to name a few.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 423.26 | -3.02 | -0.71% |
| AAPL | APPLE INC. | 167.78 | -1.89 | -1.11% |
| NVDA | NVIDIA CORP. | 870.39 | +16.85 | +1.97% |
| LLY | ELI LILLY & CO. | 761.98 | +4.71 | +0.62% |
MONITOR YOUR MONEY
It’s a good idea to keep track of your returns every month, quarter and year, according to Murphy. “History has proven 100% of the time, its proven, if they leave that money there over time it’s going to compound and increase in value,” he said.
‘The Big Money Show’ co-hosts discuss buy now, pay later spending options and the impact it will now have on your credit score.
Small, everyday purchases like a meal from DoorDash are now able to be financed through eat now, pay later options — a practice that some experts deem “predatory.”
“You’ve got to have enough sense to not follow the urge to finance a taco, okay? You have got to be an adult,” career coach Ken Coleman told “The Big Money Show,” Wednesday.
“This is predatory, and it’s going to get a lot of people in deep trouble.”
RISKS OF BUY NOW, PAY LATER: ‘TICKET TO OVERSPENDING,’ EXPERT SAYS
DoorDash and Klarna are now partnering up to extend buy now, pay later options to consumers. (Reuters, Getty / Getty Images)
Financial wellness experts are continuously sounding the alarm to cash-strapped consumers, warning them of the devastating impact this financial strategy could have on their credit score as some lenders will begin reporting those loans to credit agencies.
Consumers may risk getting hit with late fees and interest rates, similar to credit cards.
“So your sandwich might show up on your FICO score, especially if you pay for it late,” FOX Business’ Jackie DeAngelis explained.
EXPERTS WARN HIDDEN RISKS OF BUY NOW, PAY LATER
Major players like Affirm, Afterpay, and Klarna have risen to prominence at a time when Americans continue to grapple with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
Ramsey Solutions personal finance expert and ‘The Ramsey Show’ co-host George Kamel discusses the ‘buy now, pay later’ craze and the trend that celebrates the financial benefits of being childless.
“The Big Money Show” co-host Taylor Riggs offered a different perspective, suggesting that company CEOs have a “duty” to attract as many customers as they want.
“Unfortunately for me, this always comes down to financial literacy — which I know is so much in your heart about training people to save now by later,” she told Coleman, who regularly offers financial advice to callers on “The Ramsey Show.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Coleman continued to come to the defense of financially “desperate” consumers, arguing that companies are targeting “immature” customers.
“I’m for American businesses being able to do whatever they want to do under the law. That’s fine. But let’s still call it what it is: it’s predatory, and they know who their customers are,” Coleman concluded, “And I’m telling you, they’re talking about weak-minded, immature, desperate people.”
FOX Business’ Daniella Genovese contributed to this report.
U.S. tariff rates under Trump will be higher than the Smoot-Hawley levels from Great Depression era
Accountants tackle tariff increases after ‘Liberation Day’
How to use opportunity zone tax credits in the ‘Heartland’
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
Are American progressives making themselves sad?
-
Economics1 week agoYoung Americans are losing confidence in economy, and it shows online
-
Personal Finance1 week agoStudent loans could be managed by the Small Business Administration
-
Economics6 days agoPCE inflation February 2025:
-
Accounting6 days agoIRS sets new initiative with banks to uncover fraud
-
Economics1 week agoWhite House denials over the Signal snafu ring hollow
-
Economics6 days agoConsumer sentiment worsens as inflation fears grow, University of Michigan survey shows
-
Economics1 week agoTexas troopers are in more and more lethal car chases
-
Personal Finance1 week agoSocial Security delays date for new ID policies following complaints