Or at least had stabilized.
I'm young, and my 401k is all but empty. The company I work for didn't have a matching plan, so I didn't lose anything by not putting money in it. I figured I'd save my money myself and use it to pay off my student loans instead of putting it into a 401k.
So the economy thing hadn't really hurt me directly at all until I got a 10% paycut at work due to the automotive industry going stale. But that was about 4 months ago, and I've adjusted since.
Things at work started looking good again. Things stabilized, new jobs started showing up. But Chrysler is going through the whole bankruptcy thing for real now. All of our Chrysler related jobs are on hold. GM is shutting down for six weeks around June or so. We haven't felt the ripple from that one yet, but the company I work for is planning on having at least a one week shutdown near the end of June because of it.
So, the past few months had been pretty solid, even if a bit smaller than the last year, and that lulled me into a false sense of security. I thought the worst was over...
- Forums
- Cross Site
- The Asylum
- And here I thought it was going to be getting better.
And here I thought it was going to be getting better.Follow
Can't sleep, clown will eat me.
I've heard some say that things won't be getting better for two years...
publiusvarus wrote:
we all know liberals are well adjusted american citizens who only want what's best for society. While conservatives are evil money grubbing scum who only want to sh*t on the little man and rob the world of its resources.
My 401k saw 11% gains last month compared to 38% loss over the the last year and a half. Atypical I know, but it was a nice surprise.
I had about a 25% loss total on mine. But I only had 65 dollars in it, the "Profit Sharing" contribution from my employer which I'm only like... 40% vested in.
Can't sleep, clown will eat me.
Be lucky you aren't like the people in their 50s and 60s who lost a quarter of their retirement and likely will never get it back.
Turin wrote:
Seriously, what the f*ck nature?
I think the situation as a whole is getting better. The operative word there is "getting". It's a process, and it's going to be fairly slow, and I agree that we won't be at a stable plateau again for 18-24 months. However during that time things will improve somewhat.
GM and Chrysler took some time deciding how they wanted to weather the crisis. This is what they came up with, and it remains to be seen how things will pan out for them. Many other businesses have already bitten the bullet, so although the crunch hit everyone pretty much all at once the recovery will be somewhat uneven, as you'd expect.
We're not out of the woods yet, but we're getting there. As for complacency - I'd float a resume around and be ready to move if necessary, but hand wringing just wastes time, really.
GM and Chrysler took some time deciding how they wanted to weather the crisis. This is what they came up with, and it remains to be seen how things will pan out for them. Many other businesses have already bitten the bullet, so although the crunch hit everyone pretty much all at once the recovery will be somewhat uneven, as you'd expect.
We're not out of the woods yet, but we're getting there. As for complacency - I'd float a resume around and be ready to move if necessary, but hand wringing just wastes time, really.
In a time of universal deceit, telling the truth is a revolutionary act.
Be lucky you aren't like the people in their 50s and 60s who lost a quarter of their retirement and likely will never get it back.
No one in their 60s should have had money still in the stock market. No one in their 50's won't get it back.
The 401k part of this is ludicrously overblown. There are *maybe* a million people of just the right age to be significantly hurt by a decline in their 401k value. Which isn't nothing, but if you're 50 and your $500,000 401k drops to $400,000 it's really not a big deal.
Disclaimer:
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
Smasharoo wrote:
Be lucky you aren't like the people in their 50s and 60s who lost a quarter of their retirement and likely will never get it back.
No one in their 60s should have had money still in the stock market. No one in their 50's won't get it back.
The 401k part of this is ludicrously overblown. There are *maybe* a million people of just the right age to be significantly hurt by a decline in their 401k value. Which isn't nothing, but if you're 50 and your $500,000 401k drops to $400,000 it's really not a big deal.
I wish I could think $100,000 loss isn't much :-/
I don't have a 401k so I'm good. I prefer to buy gold with my expendable income, it's shiny.
LockeColeMA wrote:
Smasharoo wrote:
Be lucky you aren't like the people in their 50s and 60s who lost a quarter of their retirement and likely will never get it back.
No one in their 60s should have had money still in the stock market. No one in their 50's won't get it back.
The 401k part of this is ludicrously overblown. There are *maybe* a million people of just the right age to be significantly hurt by a decline in their 401k value. Which isn't nothing, but if you're 50 and your $500,000 401k drops to $400,000 it's really not a big deal.
I wish I could think $100,000 loss isn't much :-/
It's not about the dollar amount. It's a reasonable bet that in the 15 or so years between the age of 50 and when you're going to retire, all of those loses will have been returned. The market tends to normalize over the long term. It's the whole point of a 401k or other long term investment plan. You are only affected by a short term drop if you are right at retirement age because that value affects your real assets for your retirement.
The money is just a number. It has no value until you exchange it for a good or service. If the price of a loaf of bread doubles today, and then drops back to the same price next weekend when you go to the store, it didn't affect you at all, did it? It only affects those who buy bread between now and then.
King Nobby wrote:
More words please
Yeah, we're just pretending our IRA doesn't exist until the Dow tips over 10K again. When that happens, we probably won't have lost anything in the long run. (We can't borrow against it for a house til 2011 anyway, so no big deal there.)
Recent Visitors: 234
All times are in CST
Anonymous Guests (234)
- Forums
- Cross Site
- The Asylum
- And here I thought it was going to be getting better.
© 2024 Fanbyte LLC