The fable about Noah's Ark is a myth. The fact that this myth is still around in 2014 allows it to qualify as an enduring myth. Enduring myths are seemingly forever, regardless of factual validity or any other, supporting evidence.
Money buys happiness is another example of an enduring myth. People who do not possess great wealth often think that rich people are happy. Rich people are mostly just ordinary people, who have more money than you.
Most wealthy people have to do the same things as you, like getting up in the morning, eating breakfast, brushing their teeth, and so on. After that, their butler may hold their pants for them to step into, just like you do, one leg at a time. Minor detail.
People who have too much cash are not happy because they have too much cash. In fact, cash is an investment that offers a negative return because of inflation.
People who leave cash in savings accounts are literally delegating, no, abdicating future returns on investment to their banks. That means, bank gets to invest their cash, and these same banks get to keep the compounded growth on the investments earned... with your money.
For about one hundred years, the Dow has returned almost 7% annually. If you only buy a basket of Dow stocks and reinvest your dividends, you too could earn a double-digit return.
On Friday (12/29/14) the market closed with the Dow up almost 9% year to date. Up, at record highs, despite all the global turmoil that includes: Russians in the Ukraine; oil crashing to less than half its value per barrel since the start of the year; emerging markets tumbling; Greece and other EU nations floundering; BRICS growth slowing, and more.
Here is a simplified math example: at an annual gain of 15%, reinvested, an investment portfolio value would double every five years.
Work hard and try to save and invest $30,000 by the time you hit age 30.
At a 15% compounded growth rate, by the time you turn sixty, your $30,000 investment value could double 6 times: $30,000 / $60,000 / $120,000 / $240,000 / $480,000 / $960,000 and $1,920,000.
With the Dow up almost 9% this year, and most Dow stocks offering a dividend yield of greater than 2%, your return in these stodgy 100 year old companies would already yield double-digit returns. Just be patient, and do not hit the sell button when the stocks decline.
What does any of this have to do with building an ark?
Well, now that you know all of the above, you can start building your own ark. In the biblical fable about the ark, Noah starts his new gig as a shipbuilder around age 500, then spends the next 120 years or so concluding the task, and then enters the ark for its maiden voyage only in his early 600’s.
You do not have this much time! I fully expect you to be sitting on the beach, reading a good book and sipping cocktails... when you are only in your 80’s!
Do not allow the bank to relieve you of your compounded investment growth, nor people to influence you into buying rubbish ‘investment products’ like mutual funds, annuities, and even some ETFs, when you are able to achieve good returns at no additional, or ongoing investment cost (fees).
Also Read Mutual Funds - Epic Fail