Author Topic: I'm scared...very scared. (Read 578 times)

Midlife · « **on:** September, 29, 2008, 11:15:16 AM »

About the $700B Bailout Bill defeat by the House of Representatives. Personally, I didn't think a give-away of taxpayer dollars was the right thing to do, but at the moment there is no plan forward. I'm very scared of a long-term recession/depression over the next few years, and my desire to see my retirement investments increase on historical rates instead of stagnate or decline.

We live in very interesting times...I would prefer not to live through them. I guess I have no choice, eh?

Fast68back · « **Reply #1 on:** September, 29, 2008, 11:20:41 AM »

I guess you better put that 401K plan of yours up on the lift in the garagmajhal and not drive it........ Rather than bail out this jackoff companies that loaned people money pretty much knowing they would default........why not divide the 700B up and each taxpayin household gets a chunk, whats it equate to 200,000 per household......then people will pay off or pay down their mortgages and invest the rest.........

daveSanborn · « **Reply #2 on:** September, 29, 2008, 11:28:57 AM »

Quote

my desire to see my retirement investments increase on historical rates instead of stagnate or decline.

Well, hopefully you were well diversified because after todays trading bell rings you may have lost a small fortune.

Fortunately I'm a few years younger than you and can (gulp) afford this "market adjustment", but I believe I lost the equivalant of a kidney today.

Midlife · « **Reply #3 on:** September, 29, 2008, 01:05:50 PM »

I am extremely diversified and have no funds invested in financial institutions that partook of the mortgage crisis. I am looking for another mattress. The spill-over to the rest of the economy is what I am anxious about.

On the otherhand, if I can find a realistic rubber snake that can shock SWMBO with a fatal heart attack, I could collect the life insurance! Oh wait...she doesn't have any...damn.

blue65coupe · « **Reply #4 on:** September, 29, 2008, 04:33:27 PM »

I've lost a shitload over this whole year and am sure today just tanked...but I have a few years. Anyway, when it didn't pass I grabbed a bag of chips and enjoyed the show. It shouldn't happen. There is no reason to bail these companies out. Will it hurt, yep. Was it due, yep. Was it going to happen at some time, yep. I don't care to see what is possibly going to happen but "oh well". If it's not now, it's another few years down the road. People, main street and wall street, are going to have to take responsibility at some point and time. Too bad. I do feel for those that are "innocent bystanders" but in a situation like this there is always some collateral damage. I just hope it is kept to a minimum. Now for the "non-innocent", you did it. Deal with it. Instead of that "golden parachute", how 'bout a nice hot "golden shower".

napaguy · « **Reply #5 on:** September, 29, 2008, 04:48:24 PM »

You yahoo's are all too high tech for me....doesnt anybody live paycheck to paycheck anymore? Stash money in a coffee can for vacations? I wouldnt have the first clue about the shit you guys speak of. I guess I am living in a sheltered little world under a rock....which is fine by me.

Midlife · « **Reply #6 on:** September, 29, 2008, 04:56:21 PM »

Latest rumor on Wall Street is that NAPA will be sold to the highest bidder between WalMart and PepBoys. :bom:

blue65coupe · « **Reply #7 on:** September, 29, 2008, 05:14:08 PM »

chat?

daveSanborn · « **Reply #8 on:** September, 29, 2008, 05:17:03 PM »

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You yahoo's are all too high tech for me....doesnt anybody live paycheck to paycheck anymore? Stash money in a coffee can for vacations? I wouldnt have the first clue about the shit you guys speak of. I guess I am living in a sheltered little world under a rock....which is fine by me.

You're killing me.

In a nutshell, some of us contribute to something called a 401k retirement plan offered by our employers as a retirement plan. This is before tax money that is contributed into funds primarily tied to the stock market. As a benefit, my company matches my contribution up to 4%. So by me contributing, it's like giving myself a 4% raise. The "raise" however joins my contribution into fund managed investments... it's money that will be withdrawn when I retire and hopefully living/earning in a lower tax bracket.

Historically, your stock market investments should double every seven years even with a balanced portfolio. This can turn into quite a retirement nest egg..... hundreds of thousands, and even millions if you start contributing early enough.

I'm not getting ready to jump out of any high-rise office building windows just yet, but lets just say I've lost 20% of my investments since January 1st.... the equivalant of a new Mustang GT.

For me, this is just money that my wife will blow on more shoes upon my depature. There's no way in he!! I'll live to collect a dime of my retirement. For others, who are taking care of themselves and closing in on retirement age, their lives could be seriously impacted.

monkeystash · « **Reply #9 on:** September, 29, 2008, 05:31:21 PM »

I'm not too scared. Life will go on as normal for most people in this country. For most, they won't need their 401K for many years and for those who need to retire, their 401Ks should be in safer stuff by now anyway.

If this bailout does ever get voted in (700B), just think, there won't be money for all those crazy gov't programs Obama wants to provide us with(800B), should he be elected. ;)

Good times!

napaguy · « **Reply #10 on:** September, 29, 2008, 05:37:06 PM »

Dave,
Do I kill you beause I dont have a 401k? I own my own business and struggle alot financially. Do I kill you because I live under a rock and shelter myself from this bullshit? Do I kill you when I tell you I havent a dime saved for my retirement? Well im sorry but its all true. I am not bragging so dont get me wrong. If my kids go to college [which I hope they will] they will have to work for the funds. When I retire I will have my home and all cars paid for. I will probably fall dead at napa anyways. Sorry but thats just the way I live....

Fast68back · « **Reply #11 on:** September, 29, 2008, 05:52:06 PM »

Your not alone Napa, my mom sent me here Fidelity logon and password and asked me to look at her "Funds" I was shocked at how little she had putaway. I know they (my parents) have savings (literally burried in the back yard, some in the freezer) and my dad has his business. She has only been with this company a few years, most of her previous jobs did not offer 401k plans or she did not enroll because of family needs etc.

Truthfully, now is not a bad time to jump, the market is low, stocks are cheaper, buy low and sell high....every little but helps.

Like most people, Dave does it because for two reasons, its free money that his company offers and it lowers his taxable income.

Remember though, as usual, dont take ole dave so literal....

daveSanborn · « **Reply #12 on:** September, 30, 2008, 05:20:03 AM »

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Do I kill you because I dont have a 401k?

Not at all. Up until 10 years ago, I didn't either, but I wish I'd have had one since birth. My "you're killing me" comment was in response to your "I wouldnt have the first clue about the shit you guys speak of" comment. Investing for retirement is not something that should be foreign to anyone. That's all I meant, nothing more, nothing less.

68EFIvert · « **Reply #13 on:** September, 30, 2008, 05:35:18 AM »

I can't comment to much about this subject because I am an investment advisor and I can't give advice over the internet but here is my two cents. The object of investing is to buy low and sell high right? Well the point where investments reach their lowest point is when nobody wants to buy them. The point where investments reach their peak is when everyone wants to own them. I am by no means calling a bottom but it sure looks like there is a lack of buyers in the market. Historically the best opportunities for investing come when the fear is the greatest and all the headlines in the papers/magazines are of doom and gloom.

napaguy · « **Reply #14 on:** September, 30, 2008, 06:00:18 AM »

I am not upset at anybody here including Dave. I just wanted to give a different point of view.....now Duane and Ryan I still hate

70_Fastback · « **Reply #15 on:** September, 30, 2008, 06:48:17 AM »

I've "basically" been contributing to my 401K since I was 18. "Technically" from age 18 to 21, the money didn't go into a "real" 401K, rather my previous employer basically set up an IRA for me, then upon age 21 rolled it into a 401K.

So I've been saving for 14 years now. I'm now 31 - soon to be 32 in November.

My company matches 50% up to 15% of my total early salary. Very nice matching. Free money, so I always contribute the maximum amount that I can. Sometimes it's a bit tough. That's a pretty decent amount of money gone from each paycheck.

And I did not like my last 401k update report. As the majority of my funds are rather "aggresive". So, as others have stated, I too am young and just have to let it ride I suppose. But I still don't like it.