When it comes to building long-term wealth, saving alone typically isn’t enough. (via CNBCMakeIt)
When it comes to investing, many Americans actually are putting money into the stock market — even if they don't know it. That's because the money that you put into your retirement accounts, be it a 401 or an individual retirement account like a Roth IRA, are typically invested in the market. About a third of respondents to MetLife's survey said they had a retirement plan.
So why the disconnect? We tend to use the "wrong language" when it comes to investing, Erin Lowry, author of tells CNBC Make It. Collectively, Americans usually say they're "saving for retirement," so they may not recognize they're actually investing.in your 401, rather than choosing specific funds or stocks. "They never really have to think about what it is they're investing in," Lowry says.
But there are still many Americans who actually aren't investing at all. Most of the hesitation comes down to fear, Lowry says. "There's a huge intimidation factor here," she says. And many times, the so-called experts don't really help, she adds, saying there's "almost a flippancy about how intimidating it can be to start investing."
"You're putting your hard-earned money into something that you might fundamentally not trust," Lowry says. To combat that she recommends taking the time to read about the history of the market and basic investing principles. It may sound like homework but doing some research will help you understand that markets go through cycles and how to structure your investments to hold up against down swings.
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