Suze Orman: ‘There couldn’t be a better time’ to start investing than right now”
New York (CNBC, Mar 26th,2020):
People looking to start investing have found the right moment, personal finance expert Suze Orman told CNBC on Thursday.
“There couldn’t be a better time to start investing [than] right now,” Orman said on “Fast Money.”
Orman’s comments came after another strong day for stocks amid weeks of coronavirus-driven volatility. The S&P 500 rose more than 6% on Thursday and now sits up more than 20% since Monday’s close.
While the index has come off its 52-week low on Monday, it still remains around 22% below its all-time intraday high of 3,393 on Feb. 19.
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And that is why Orman argued would-be investors should still get into this market — essentially, stocks remain on sale.
“You will never, ever know the bottom. You will never, ever know the top,” the New York Times best-selling author said.
“Fortunes are going to be made out of this time,” she said.
Orman also delivered a message of caution to uneasy investors whose main exposure to the market is through a 401(k). She said they need to “fight” the urge to opt out of their retirement plan despite the financial uncertainty brought by the coronavirus.
“If you come out, you’re going to lock in a 30% loss. Then … you’re going to have to pay ordinary income taxes on it,” she said.
“So just stay calm,” she added. “I can guarantee you that if you stay in and you just stick with it, three years from now you will be very, very happy that you did.”