When is the right time to invest?

It's understandable that some people think the right time to invest is when the market is doing well. But to answer the above question, the right time to invest is NOW.

Remember that the investments market is cyclical - they rise and fall. As long as you're prepared to give your investments sufficient time to ride out any fluctuations and meet your goals, there's no reason to wait to begin investing.

Start by setting some goals for yourself. Set short-, medium-, and long-term goals. Visualize a plan for what you want and when you want it. Then, consider your appetite for risk and the timeframe you've set for these goals.

But most importantly, get started today. Waiting even one year can cost thousands in future returns. Remember: Interest earns interest. The longer your money is invested, the more exponential your growth.

For example: Say you started investing $500 a month starting today. In 30 years you would have contributed $180,000, but your investment would have a value of $745,000. If you waited five years to begin this monthly investment you will only have contributed $30,000 less, but your investment will only be worth $475,000. That's a difference of $240,000 in growth!

Early investing allows for more tolerance of risk and ability to ride out the highs and lows of the market. Can't afford the $500 a month? That's ok, invest what you can, and increase the amount when your finances allow it. Starting early with smaller amounts typically beats starting later with larger contributions. Let the market help you reach your financial goals.

It's well worth the investment.