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Well, my retirement plans took another big hit today. Sick of the 401K plans and stock market. Ought to be a better way for Americans to invest with some relative certainty things don't tank based on every worldwide event. I think its an outdated practice considering the world wide economics. Tax incentive and company match are the only reason I do. But thinking putting it in a jar might be better and paying taxes each year. :(
Invest in a new boat. They only go down in a really bad storm. [emoji23][emoji23][emoji23]
Don't get too put out, their is only a loss if you sell now. It's just like a farmer raising cows, buy low sell high. Look at it this way, everything is basically worth what it was at the beginning of the year, no big deal. It'll all be good again in a few weeks. Actually, wish I had some extra to spend on some funds today.
take if for someone who knows, stand still, stand extremely still.....
Time to buy
All good advice for those with more investing years and time to ride her out with no need of income, but always keep an emergency reserve. Unfortunately I'm past the age of riding her out and need a steady income. I've been in a balanced mix for a while, Rated at a 4 compared to most aggressive 10. Took her down to a 1 today. Not a time to be aggressive imo.
I feel your pain boatbottom. Never been scared to work, but never thought I would have to again. Now I'm getting scared. As I said earlier in the year, oil price is the killer for me, Sure is nice at the pump, if I have any money left to buy with.
to some degree. just depends on age. but yes, i do understand that. and agreed, good time to buy! exactly how the rich get richer. we'll have to see how long it takes. took 7 years to recoup what i loss the first crash. but at least today is my birthday!Quote:
Originally Posted by feeshrman
Happy Birthday budro. You'll get it back after this correction.
Happy birthday.
Our 401K 's were high risk and paid well. Caught the first crash early and we cashed out, lost almost half after all was finished. It's in savings now, we don't have to pay penalties for a withdrawal.
Cost average and buy when it falls.
Had an investment banker friend that always said about a falling market "Don't get sore, Buy some more"!!!!!
The worst thing to do is sell into this craziness! No one knows for sure when, but the market will come back and set new highs! I will never forget a quote from Peter Lynch when he was head of Fidelity Magellan Fund...."You don't have to have brains to make money in the stock market, you have to have the stomach".
Looks like its bouncing back a bit today. whew.
hang in there
When the going gets tough the tough buy bonds.
I have long been against 401K plans. I invested my money in myself and so far all is well. I am a veteran and because of that and my backing the right political candidates I have ended up with several government contracts and I do some base business and I am happy where I am right now. No stocks or bonds for me. Forget about investing money in stocks and bonds and invest in yourself. "Quit" depending on someone else to take care of you. Pull yourself up by your "boot straps" and take responsibility for you and yours. Make responsible life decisions.
I do not invest into individual stocks, only mutual funds spread over several categories that have good long track records. I do not understand how investing can make you be dependent on anyone, quite the contrare, they are dependent on myself and many other likeminded folks. Investing for the long term is a great way to stay ahead of inflation. Look at it this way, back in the 70's if you had 100K on hand that was pretty dang impressive for the average guy, today not so much. If you put that same 100k in a cookie jar you would still have that same amount today, but if properly invested your life and that of your family could be changed forever.
Speaking of investments....don't forget the canned goods and ammo, just sayin'.......LOL!
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Gotcha Steve!!! [emoji4]
Good time to buy some pre 1964 coins. Just over 10.00 per 1.00 face value.
wasn't it 17 not long ago????Quote:
Originally Posted by downsouth
Yep, we bought some at 15.00
Going to get some more this weekend.