You've got to be in it to win it in today's markets, according to Money Morning Chief Investment Strategist Keith Fitz-Gerald.
That may seem like a risky move to some investors. Especially those expecting a long-overdue stock market correction.
"You know, you're always ripe for a correction. Particularly now, coming into the third quarter. We're due for it," said Keith on today's "Varney & Co."
But here's the caveat …
"It is always more expensive to go to the sidelines – even though it feels better – than it is to latch onto the growth," said Keith. "You've got to get to the growth if you want to grow your money and go forward."
For example, the Dow Jones Industrial Average has risen a whopping 23.25% since this time last year. The S&P 500 has gained 17.09% over the same time period, while the Nasdaq has grown 23.41%.
Yet an average savings account has a measly 0.06% yield, and many of the nation's biggest banks pay rates as low as 1%, according to CNN Money. In 2016, the inflation rate was 2.1%.
So while your money is literally losing value sitting in your local bank, even passive investors in the stock market are averaging 21% gains.
That means if you had just invested $1,000 in the major market index ETFs last year, you would have roughly $1,210 now.
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And the long-term gains are even greater. In March 2009, at the very bottom of the Great Recession, the Dow Jones was still valued at roughly three times what it was 20 years earlier, in 1989. Try tripling your money in 20 years at a bank.
Keith's advice: It's not too late to jump on the growth.
"If at all possible, go forward. Don't look in the rearview mirror because that's how your money sits around and goes away to die."
Watch Keith's full interview from today's "Varney & Co." below.
Keith Fitz-Gerald: Don't Stay on the Sidelines
Up Next: The Gains Keep Coming
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