Today’s question for our Money Wisdom Question Series is: Is July a good time to buy an investment?
To provide some context, July has historically been a favorable month in the stock market. However, let’s delve deeper into this topic before drawing any conclusions. Jake Doser, CFP®, CPWA® shares his insights on this matter.
It’s about Time in the Market
A quote from perhaps the most famous investor, Warren Buffett, comes to mind: “It’s not about timing the market; it’s about time in the market.” This perspective suggests that there isn’t a definitive right or wrong time to choose an investment based on economic conditions alone. Instead, the focus should be on having a comprehensive plan.
Align Your Financial Goals with a Strategy
Whether you are planning for retirement, saving for college, or aiming for debt reduction, the best time to choose an investment is when you have a clear strategy. Selecting investments without a plan can lead to confusion and misalignment with your goals. On the other hand, a well-structured plan provides the necessary guidance to choose the right components that fit your life objectives.
Timing Isn’t Everything, Planning Is
So, is July a great time to buy an investment? If July is when you’re building your plan, then yes, it can be a good time. Otherwise, I wouldn’t recommend trying to time the market. The key takeaway is that there isn’t a specific month that is universally better for investments. The best time is when you have a solid plan in place. Don’t delay your financial success! Start working with your financial advisor today to develop a plan that will help you reach your financial goals.
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