Yes, the term 'dollar-cost averaging' tends to be overloaded. Strictly speaking, it refers to a strategy where you start with a lump sum and invest it in chunks

Yes, the term 'dollar-cost averaging' tends to be overloaded. Strictly speaking, it refers to a strategy where you start with a lump sum and invest it in chunks over a period of time, rather than at once. Some people have extended the concept to periodic investments, like you might make in a 401k. In that case, there's really no reason to sit on your money rather than investing it as you go.