South Florida financial planners fielded calls Friday as more Floridians became interested in investing in a rising stock market -- just as the Dow Jones Industrial Average hit 14000 for the first time since 2007.
The interest has been building with the Dow jumping nearly 6 percent in January, the best start for a new year in almost 20 years, said Deerfield Beach financial planner Blair Shein.
"A lot more people are getting interested in investing," he said.
Just last April, three fourths of Americans were still shying away from investing in stocks, according to a poll from Palm Beach County-based Bankrate.com. People said then that stocks were too risky in a still uncertain economy.
But a steadily rising stock has encouraged many to reconsider, Shein said.
Still, he cautioned that he doesn't expect the stock market to mirror the go-go years of the 1990s when stocks had yearly double-digit growth for several years in a row.
"We won't have a repeat of the roaring '90s," he said. "That's not sustainable."
Still, the market could have hefty advances, Shein added.
But overall, he predicts the stock market will have slower, steadier growth.
He and Plantation financial planner Ben Tobias both recommended investing in stocks to build wealth in the long run.
One way is to regularly add to a portfolio or a retirement savings every month or so, Tobias said.
"The key is to have a plan and to stick with it," he said. "We are long-term investors. We stay with our investment plan."
Younger people who have shied away from the market should invest so they have time on their side for their savings to build, Tobias added.
"It's very foolish if young people aren't getting into the market," he said.
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