Anybody else watching their 401k drop like a rock?
I like!
No thanks!
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11 commentsReplies
<ReamworksSKG> said, (41 days ago)
You can rest assured that your money is going to help some deadbeat with two morgtages "keep" his "home"
<ReamworksSKG> said, (41 days ago)
...and if you had listened to nutjobs like me two years ago, you would have most of your $$$ in gold
Namrok said, (41 days ago)
Actually most of my money is saved in HSBCDirect and I'm starting to experiment with peer to peer loans. I figure with the credit freeze going on, more and more low risk people will be driven to peer to peer loans. At least that's my hope.
<ReamworksSKG> said, (41 days ago)
Seriously, I would put half in US Treasuries or TIPS. Read a book about bonds and learn how to buy US Treasuries.
bizzy said, (41 days ago)
So if I'm not contributing to my 401k yet, would now be a bad time to start?
<ReamworksSKG> said, (41 days ago)
You should absolutely take the opportunity to invest pre-tax dollars. Presuming your employer has enough investment options, including CDs, money market funds, US Bond funds, etc. READ PROSPECTUS CAREFULLY! You'll see things called "Government Bond Funds" that invest 50% of their money in strange derivatives.
Namrok said, (41 days ago)
Actually if you started NOW it would be a good time. I have a hard time imagine the market getting much lower. Maybe over the next few months it could drop as low as 5000? That's just my wild ass guess. But if you STARTED your 401k now, it'd be good, because the markets have little else to go but up.
Or I could be completely fucking wrong. If you are just starting a 401k though, we aren't talking about huge sums of money though, so who really cares?
<ReamworksSKG> said, (41 days ago)
I have a hard time imagine the market getting much lower.
Thanks for the laugh! I needed that this morning!
le_sacre said, (41 days ago)
my ira's at 68% of its cost value.
i remember thinking, each time i put money in it, "hm, i don't understand how this system is supposed to continue generating wealth out of nothing. it seems like everyone believes the market will keep going up over the long run simply because everyone else believes it. but i guess i don't understand all these things too well."
Mine is down 38%