Here's the investing advice Jack Bogle gave Tony Robbins

Tony Robbins attends his 'Unshakeable' Book Launch Party & Birthday Celebration.
Robin Marchant | Getty Images

When legendary investor Jack Bogle doles out investing advice, it's smart to take note.

Bogle, the founder and former CEO of Vanguard who pioneered the index fund, offers tips in a recent conversation with self-made millionaire and best-selling author Tony Robbins for Money Magazine.

"Jack, what do you tell people right now who are on the sidelines? Especially younger millennials," Robbins asks.

Bogle's reply: "If you're not investing, now is the time to start."

It's easy, and often smart, to err on the side of caution when it comes to your money. But investing is never risk-free. In the long run, it's better to jump into the market than live in fear of it, Robbins and Bogle agree.

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"The best single thing that can happen to [young] investors who are accumulating money is a major and sustained market decline," Bogle continues. "Think about that. And that's not the best thing that can happen to somebody who already has their capital in."

When asked for general investing advice, Bogle explains to Robbins that now is "the time to really emphasize risk" because "valuations are clearly high, dividend yields are low, earnings growth will probably be less than the long term [average]."

It's important for young investors to experience the volatility of the market and take calculated risks that will pay off later.

As Bogle writes in the forward for Robbins' recent book "Unshakeable" and reiterates to Money: "We live in an uncertain world and face not only the risks of the known unknowns but also the unknown unknowns — the ones that we don't know we don't know. Despite these risks, if we are to have any chance for meeting our long-term financial goals, invest we must."

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This advice especially targets millennials, who are notoriously cautious about investing. Nearly 80 percent have never entered the stock market, according to a 2016 Harris poll.

But with investing, it's crucial to take advantage of the power of time. Thanks to compound interest, in which interest earned continues to earn interest on itself, a little money invested now can add up to a much higher total than a lot invested later.

Former Wall Street executive and Ellevest founder Sallie Krawcheck echoes this sentiment. "If you wait until you feel like you know enough, you're going to wait your life away, I promise you," she previously told Business Insider. "If you wait until everything is perfect, you're losing money. By keeping your money in the bank you're actually going backwards on an inflation-adjusted basis. You're losing money every day."

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