Slow, Steady—and Staying the Course
Kate Dore, 31, social media marketer, Nashville
“I made a big mistake when I stopped investing for an entire year during the financial crisis.
I was just a couple of years out of college, making less than $30,000 as a concert promoter—and I freaked out when my investments lost a sizable chunk of their value when the recession hit.
So from 2008 to 2009, I squirreled money into a savings account instead of investing.
I had a very limited understanding of market cycles at the time, so as a result, I missed out on the chance to purchase stocks and index funds at a cheaper price. Plus, I bypassed the opportunity to earn compounding returns on that fresh capital for an entire year.
“It taught me about the importance of thinking long-term when it comes to investing—particularly when you’re young and have a lengthier time horizon.”
It didn’t hit me that I should have done things differently until 2013, when I enrolled in an introduction to finance course at UC Irvine.
I was considering a major career change at the time, since I knew that being on the road 24/7 as a concert promoter was an unsustainable long-term path.
I wanted to improve my financial literacy—and get my money under control—in case I went through a period of unemployment in between jobs.
That university course literally changed my life.
I got really excited about investing and began obsessively devouring content about financial strategies, and I learned just what I had been missing by not investing during that time.
Ultimately, the course inspired me to max out a Roth IRA, as well as open a separate brokerage account. It also taught me about the importance of thinking long-term when it comes to investing—particularly when you’re young and have a lengthier time horizon.
So despite the fact that the market hit some turbulence this past summer, I’m going to continue to invest. Rather than view that turbulence as a setback, I see it as an occasion to hopefully get more in return for my investment down the line.”