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Author Topic: We're all going to dieeeeeeee!!11!That  (Read 2333 times)
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Canuck
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« on: September 30, 2008, 07:46:48 AM »

Thank goodness I'm only 29 (today).  I've still got some time for my investments to grow back.  I feel sorry for all of you old fogies out there.  The shit has clearly hit the fan.
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Zinfan
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« Reply #1 on: September 30, 2008, 08:22:37 AM »

Quote from: Canuck on September 30, 2008, 07:46:48 AM

Thank goodness I'm only 29 (today).  I've still got some time for my investments to grow back.  I feel sorry for all of you old fogies out there.  The shit has clearly hit the fan.

Eh it may come back faster than you think (at least I hope so) and I would expect a quick rise in the market if/when a plan is agreed upon.  But what do I know?  Nothing!
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Ironrod
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« Reply #2 on: September 30, 2008, 04:21:56 PM »

My strategy of not having any investments is working out just as I planned.
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Brendan
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« Reply #3 on: September 30, 2008, 04:22:32 PM »

Quote from: Ironrod on September 30, 2008, 04:21:56 PM

My strategy of not having any investments is working out just as I planned.

Your +0.0% for the year is beating my mutual funds, to be sure.
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YellowKing
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« Reply #4 on: September 30, 2008, 06:32:31 PM »

I came through it (so far) relatively unscathed. I went more conservative than my financial advisor suggested for my age. So yeah, maybe I didn't make quite the return I could have the past few years, but it saved my ass this week! This morning I was sitting at essentially dead even with last year. Considering the circumstances, I'll take the 0% change.
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Scraper
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« Reply #5 on: September 30, 2008, 07:04:21 PM »

Prior to yesterday my 401(k) had already lost 20% of its value this year (despite adding money to it) I can't imagine what happened to it yesterday. I'm afraid to look.
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Ironrod
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« Reply #6 on: September 30, 2008, 08:23:42 PM »

Quote from: Brendan on September 30, 2008, 04:22:32 PM

Quote from: Ironrod on September 30, 2008, 04:21:56 PM

My strategy of not having any investments is working out just as I planned.

Your +0.0% for the year is beating my mutual funds, to be sure.

Actually, my small Roth IRA is averaging around +3.5% in CDs and annuities. I'm very risk-averse. My slightly larger rollover IRA, and my wife's even-larger 401k, have undoubtedly evaporated. I'm afraid to look. But I never really expected to see any of that money anyway.
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Laner
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« Reply #7 on: September 30, 2008, 08:31:29 PM »

If I cared what my funds did in the short term, I'd be worried.  But I don't, so I'm not.
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leo8877
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« Reply #8 on: September 30, 2008, 08:41:33 PM »

Quote from: Laner on September 30, 2008, 08:31:29 PM

If I cared what my funds did in the short term, I'd be worried.  But I don't, so I'm not.

+1

I'll check in 28 years when I can actually withdraw them.
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PaulBot
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« Reply #9 on: October 01, 2008, 09:25:18 PM »

One of my co-workers said that we should take out loans from our 401K's so that there's less money in them to lose.

An interesting idea...
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Isgrimnur
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« Reply #10 on: October 02, 2008, 04:59:52 PM »

Quote from: PaulBot on October 01, 2008, 09:25:18 PM

One of my co-workers said that we should take out loans from our 401K's so that there's less money in them to lose.

An interesting idea...

Assuming you're not in a Roth IRA, expect to lose 30% of the value when you remove it (+/- based on your tax rate).  You'll pay full income tax + 10% early withdrawl. 
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PaulBot
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« Reply #11 on: October 02, 2008, 09:02:55 PM »

Quote from: Isgrimnur on October 02, 2008, 04:59:52 PM

Quote from: PaulBot on October 01, 2008, 09:25:18 PM

One of my co-workers said that we should take out loans from our 401K's so that there's less money in them to lose.

An interesting idea...

Assuming you're not in a Roth IRA, expect to lose 30% of the value when you remove it (+/- based on your tax rate).  You'll pay full income tax + 10% early withdrawl. 

No: not withdrawl, a *loan*
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corruptrelic
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« Reply #12 on: October 02, 2008, 10:02:43 PM »

ONLY 29???!! Damn that's over a third of your life gone by already, old man!
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PaulBot
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« Reply #13 on: October 02, 2008, 10:06:27 PM »

Quote from: corruptrelic on October 02, 2008, 10:02:43 PM

ONLY 29???!! Damn that's over a third of your life gone by already, old man!

It's all downhill after 29.
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corruptrelic
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« Reply #14 on: October 02, 2008, 10:13:17 PM »

Or death, if you've ever watched Logan's Run. Got to keep society young and get rid of the old folks.
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Isgrimnur
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« Reply #15 on: October 04, 2008, 07:09:26 PM »

Quote from: PaulBot on October 02, 2008, 09:02:55 PM

Quote from: Isgrimnur on October 02, 2008, 04:59:52 PM

Quote from: PaulBot on October 01, 2008, 09:25:18 PM

One of my co-workers said that we should take out loans from our 401K's so that there's less money in them to lose.

An interesting idea...

Assuming you're not in a Roth IRA, expect to lose 30% of the value when you remove it (+/- based on your tax rate).  You'll pay full income tax + 10% early withdrawl. 

No: not withdrawl, a *loan*

 retard  Not one of my brighter moments.
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PaulBot
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« Reply #16 on: October 07, 2008, 03:29:04 AM »

Quote from: Isgrimnur on October 04, 2008, 07:09:26 PM

Quote from: PaulBot on October 02, 2008, 09:02:55 PM

Quote from: Isgrimnur on October 02, 2008, 04:59:52 PM

Quote from: PaulBot on October 01, 2008, 09:25:18 PM

One of my co-workers said that we should take out loans from our 401K's so that there's less money in them to lose.

An interesting idea...

Assuming you're not in a Roth IRA, expect to lose 30% of the value when you remove it (+/- based on your tax rate).  You'll pay full income tax + 10% early withdrawl. 

No: not withdrawl, a *loan*

 retard  Not one of my brighter moments.

I'll overlook it this time.
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Scuzz
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« Reply #17 on: October 16, 2008, 11:23:07 PM »

and your going to remove this money (loan) and do what with it. Remember it still has to be repaid at some point.....

just slide it into a money market that makes 1.5% but won't loose value for awhile until things come back.....

It's borrowing money that got this place screwed up to begin with...

Although if you were borrowing to buy a house and could get a loan now is probably a great time to buy....
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Turtle
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« Reply #18 on: October 17, 2008, 11:46:13 AM »

Erm.  Wasn't one of the reasons this latest crash started was the collapse of a part of the money market mutual fund dealing with commercial paper?

Scary to think that MMMFs, such a safe and normal thing suddenly does bad.
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