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I’ve been speaking with Pat Moriarity with Main Street Investments with the Marion County Bank in Pella about financial affairs for over five years. Last week he took a little bit of time to chat with me as Christmas approached. Marion County Bank was festive, and staff were relaxing a bit in Christmas sweaters–as you can see in Pat’s photo above.

While it may have been the season that put the smile on Pat’s face, he is also positive about the general direction that the economy is going. He told me that while the real estate market is still in a bit of a slump, the stock market has rebounded from the hit it took a couple of years ago, and that the unemployment figures for the county are down, and that in general our local businesses are doing well.

Here are some major points I took from Pat regarding investing for the long term.

First, it’s never too early, or to late to start investing. Ideally, one starts when one is young, and lets money build. However, even if one starts late, it is better late then never.

Second, everyone needs an investment plan. What are you saving for? Retirement? College? A vacation home? Different investment plans and differing degrees of risk that people willing to take helps structure what investments people might choose.

Third, one needs the discipline to invest regularly whether or not the market is up or down. While it might seem risky to invest when the market is down, Pat says that may be the best time to buy–as one can get great bargains. One needs to invest for the long term.

Fourth, Roth IRA’s are always a great investment–for everyone–because of the tax breaks that come with them.

Fifth, if you believe in the American business model, and the ingenuity of the American people, investing in it is a great idea.

Sixth, investing is complex, and that advice from people who make a living from managing investments can often help one gain the most when making your money work for you.

There is lots more investment wisdom from Pat in the following interview. I hope you enjoy it.