StrawberryFields Posted December 2, 2008 Report Share Posted December 2, 2008 The Sky is Falling, The Sky is Falling!!! All the news we keep hearing is going from bad to worse. Have you pulled your 401 K's or other investments? Quote Link to comment Share on other sites More sharing options...
pam Posted December 2, 2008 Report Share Posted December 2, 2008 I haven't pulled my 401K but I have considered it. I'm sure it's only worth 1/2 of what I have invested in it right now. Quote Link to comment Share on other sites More sharing options...
applepansy Posted December 2, 2008 Share Posted December 2, 2008 · Hidden Hidden what money? applepansy Link to comment
StrawberryFields Posted December 2, 2008 Author Report Share Posted December 2, 2008 In Nov 2007 we decided to go with a fund manager and they pulled us out of the market on our 401 which has saved us from losing so much money. We do have other money in IRA's that we have shifted around but with the new tax laws going into effect and the market not going up we just may take the hit and take it out. Quote Link to comment Share on other sites More sharing options...
Elgama Posted December 2, 2008 Report Share Posted December 2, 2008 I haven't really got any lol have a small amount in some companies that I bought couple of years ago they were doing very badly and it really was a case of either they will make me money or I will lose it. My husband's is just the company pension and its as safe as anyone's is going to get as the directors use the same pension scheme. Rest of me pennies are in the bank -Charley Quote Link to comment Share on other sites More sharing options...
pam Posted December 2, 2008 Report Share Posted December 2, 2008 In Nov 2007 we decided to go with a fund manager and they pulled us out of the market on our 401 which has saved us from losing so much money. We do have other money in IRA's that we have shifted around but with the new tax laws going into effect and the market not going up we just may take the hit and take it out. Could you explain the new tax laws? Quote Link to comment Share on other sites More sharing options...
Hemidakota Posted December 2, 2008 Report Share Posted December 2, 2008 I wish I had invested more into FOOD, SELF-ENERGY, WATER, and FUEL. Quote Link to comment Share on other sites More sharing options...
Kyra Posted December 2, 2008 Report Share Posted December 2, 2008 I wish my husband would agree to pull out his 401K. We haven't got much in there anyway. We also have some stocks in Alltel that I asked him this summer to pull out so we could pay some bills, he never did that either. I'm sure they're pretty much gone now. We have 1,000 shares of stock in my families company, but I don't know how well they're doing right now. Those are probably still our best because it's oil field work, but they probably won't last much longer with the way things are going. My husband has some trusts in his name, but he can't get them until his grandma dies. His grandpa set them up so that she could use them if she had to, but if not they would go to the grandkids when she passes on. They're probably not worth much now anyway. Quote Link to comment Share on other sites More sharing options...
StrawberryFields Posted December 2, 2008 Author Report Share Posted December 2, 2008 Could you explain the new tax laws? Nope. I just heard him mention that my tax rate would be going up up up!If I cash it in for 2008 I know what it will be and so if feels less of a risk. When the taxes do go up I wonder which year it will take hold... Quote Link to comment Share on other sites More sharing options...
pam Posted December 2, 2008 Report Share Posted December 2, 2008 My brother was mentioning something about new tax laws and how it would affect those that make $250k or more a year. Then it was mentioned in the same conversation that had been lowered to those that make $125k a year. Well either way, certainly doesn't affect me. lol But I am curious. Quote Link to comment Share on other sites More sharing options...
StrawberryFields Posted December 2, 2008 Author Report Share Posted December 2, 2008 My brother was mentioning something about new tax laws and how it would affect those that make $250k or more a year. Then it was mentioned in the same conversation that had been lowered to those that make $125k a year. Well either way, certainly doesn't affect me. lol But I am curious. See, that is exactly what I mean. Why wait when the man in charge of my money is even wishy washy about it. Quote Link to comment Share on other sites More sharing options...
pam Posted December 2, 2008 Report Share Posted December 2, 2008 I hear ya SF. Quote Link to comment Share on other sites More sharing options...
countrygirl66 Posted December 2, 2008 Report Share Posted December 2, 2008 Just what I am doing and thinking - If you have money in stock and don't have to pull it out for 10 years great. The stock market is a long term investment not short term. The way I see it is you haven't lost any money until you sell. Right now we are still contributing to our 401k's in stock because we are buying at a cheap rate and when it goes up we will make money. If you were going to need to take it out in 5 yrs then I would watch it closely (because it will eventually go up) and when you can live with where it is at move it. The really smart investors are buying right now. (only good solid stocks) If it is making you crazy and your losing sleep over it then stock is never a good option for you. Just my thoughts. Also by the time you hear about a great investment it is time to sell it. You have to make investments based on what is proven good over the long term. Again just my thoughts. Quote Link to comment Share on other sites More sharing options...
Guest Alana Posted December 2, 2008 Report Share Posted December 2, 2008 My husbands company adds 15% of whatever he makes into an investment account. So, it's not out of his salary, but extra. Right now we have it in the default plan, about 10 different stocks that it's spread out in. I really don't know much about it, I would like to learn more, but I don't have any one to 'show me the way.' Everything I've found online to explain things already assumes you know a little bit about how it works, which I don't. I'm not a complete stranger to money and dealing with numbers, I love doing taxes and do them for my parents and my brothers and sisters. None the less, I don't know anything about our investment portfolio. I have a feeling it's taken a BIG hit. I can change which 'plan' it goes into, but can't pull it out yet (not fully vested) and I don't think I can pick specific stock to invest in. I think it's more like there are 7 different plans, some higher risk than others that you pick. So basically, 'our money' is out there some where, floating around. Oh and then I have my wad that I keep in the mattress. Mattresses are fire proof, right? Quote Link to comment Share on other sites More sharing options...
StrawberryFields Posted December 2, 2008 Author Report Share Posted December 2, 2008 I agree with you Countrygirl66 but I also know that we are possibly heading into a depression soon. This is the worst market we have seen for 100 years. I wonder how long it will take to recover from this? All we have to go on here is what has happened in the past. Quote Link to comment Share on other sites More sharing options...
BenRaines Posted December 2, 2008 Report Share Posted December 2, 2008 I know I have rose colored glasses on but folks this is not the worst market in 100 years. The sky is not falling and this too shall pass. I have been a stock broker for over 30 years. Here are some thoughts about what has gone on before and what is going on now. When the US experienced the Great Depression there was little government involvement until it was too late and then they had to act. There was not the information that is out there today for not only the big financial institutions but for the average consumer. Most investors, main street, are not properly diversified in their investment choices. Ten stocks is not a diversified portfolio. Depending on when you need your money you should or should not have a stock portfolio. Most investors, main street, that get out of the market get out when it is near the bottom and don't get back in the market until it has recovered. They lose two ways. Lose on the downside and then lose on the recovery. If you need the money in less than five years it should not be in the stock market. If longer that five years there are few places that outperform the stock market long term. I am open to answering any questions but know that the advice is worth what you pay for it and this is free. :) Ben Raines Quote Link to comment Share on other sites More sharing options...
StrawberryFields Posted December 2, 2008 Author Report Share Posted December 2, 2008 LOL Ben.How do you think this will go now that it has been declared that we are officially in a recession? What about the depression that could follow. We recently shifted our IRA's into commodities... We have planned to wait it out and get with the upswing or recovery... In changing these funds we have also gone with a fund manager. Maybe I should just keep the news off for the next few years. Quote Link to comment Share on other sites More sharing options...
rameumptom Posted December 2, 2008 Report Share Posted December 2, 2008 If you make more than $200K, you may have a tax hike under Obama, but it won't be until next year at the earliest. Right now, he is indicating no tax hikes for at least 2 years. I have my money spread around, diversified. I saw this recession coming about 2 years ago, and so have had most of my money in CDs. My 401K I've left mixed, with half in stocks/mutual funds, knowing I would temporarily lose. But as long as the nation recovers, it will eventually be worth more than it was a year ago, I'm sure. That is what history of the market has shown. As long as you are not all-in on a single stock or family of stocks, and that sector is not collapsing, then you should be okay in the long run. I have a standard with my stocks and mutual funds that if they ever drop by 20%, I automatically withdraw and place the money somewhere else: another stock, fund, CD, bonds, etc. That way, my investing risks are minimized. I can always reinvest later when the stock looks better. For those of you not saving: why not? If you budget your money properly, almost all people can be saving away at least a little bit every year. But you have to build your budget first, and be honest in living by it. Quote Link to comment Share on other sites More sharing options...
Palerider Posted December 3, 2008 Report Share Posted December 3, 2008 This is some thoughts from me Palerider......I am not an expert....this is just from what I have read and picked up from talking to people.....I have heard if we get the Market rolling the way it should we could eliminate some of the money problems we are now facing....this was on a talk radio show......my Branch Pres is a CPA and he has mentioned the new tax laws that Straw is fearing......a friend of mine who I attend Church with works for Wachovia....he said invest in the blue chip stocks...Ben might have something to say about this.......I just read yesterday where we are in a recession and that we should see signs of improvement by may or June of 2009......now this my question I am throwing out there....how come if things are so bad and we are in a recession....how come everywhere I go the Resturants and Hotels and stores are crowded?????? Quote Link to comment Share on other sites More sharing options...
prisonchaplain Posted December 3, 2008 Report Share Posted December 3, 2008 I confess that I moved half of my diversified 401K into the only safe option, out t-bill fund. Come the New Year, we will reevaluate. Quote Link to comment Share on other sites More sharing options...
BenRaines Posted December 3, 2008 Report Share Posted December 3, 2008 Pale, amen to that. I tried to go to Target yesterday, on Monday, at around 11 am. I had to park in parking spaces as far away as I could get and still be in the Target parking lot. That is how crowded it is. On my way to California on Sunday, the Sunday after Thanksgiving, I ran in to traffic near Sacramento where I covered 15 miles in an hour and a half. The media may be suffering and they can find a few people who have lost their jobs, my son in law this Monday lost his but most people are still in their homes, still driving lots of miles and still eating out at restaurants. Black Friday sales were up 3% over last years. Sure not the 8% of the previous year but still up. I know how to fix the economy, get rid of the news channels. Get rid of the gloom and doom reporting. They are self fulfilling prophesy. Oh and at Famous Dave's BBQ joint you can't get a table on Friday or Saturday night unless you are willing to wait an hour and a half outside in the cold after 6 pm. Ben Raines Quote Link to comment Share on other sites More sharing options...
Palerider Posted December 3, 2008 Report Share Posted December 3, 2008 Yes Ben.....everywhere you go its crowded.....my Branch Pres will cal me and say...we are at such and such Restaurant and its crowded....or I will call him and tell him where were at ....etc....and we always say....must be the bad economy.... Quote Link to comment Share on other sites More sharing options...
bytor2112 Posted December 3, 2008 Report Share Posted December 3, 2008 I know I have rose colored glasses on but folks this is not the worst market in 100 years. The sky is not falling and this too shall pass. I have been a stock broker for over 30 years. Here are some thoughts about what has gone on before and what is going on now.When the US experienced the Great Depression there was little government involvement until it was too late and then they had to act. There was not the information that is out there today for not only the big financial institutions but for the average consumer.Most investors, main street, are not properly diversified in their investment choices. Ten stocks is not a diversified portfolio. Depending on when you need your money you should or should not have a stock portfolio.Most investors, main street, that get out of the market get out when it is near the bottom and don't get back in the market until it has recovered. They lose two ways. Lose on the downside and then lose on the recovery.If you need the money in less than five years it should not be in the stock market. If longer that five years there are few places that outperform the stock market long term.I am open to answering any questions but know that the advice is worth what you pay for it and this is free. :)Ben RainesHello Ben,I am also in the business and couldn't agree more. If you would have invested $1000.00 in the S&P 500 the day the market crashed in 1929, you would have doubled your money in 5 years. Best advice.....get some advice. If you have taken the wild ride to the bottom, hang in there, the market will recover. Quote Link to comment Share on other sites More sharing options...
BenRaines Posted December 3, 2008 Report Share Posted December 3, 2008 Same story with the market drop in 73-74. Major drop over two years and then best year ever the following year. Those who waited for the recovery missed out. Ben Raines Quote Link to comment Share on other sites More sharing options...
Guest monol1th Posted December 3, 2008 Report Share Posted December 3, 2008 I've upped my 401(k), and moved a lot into the markets from funds. The way I see it, shares are at bargain prices right now so I'm buying everything I can, I won't need the money for a long time, I'm just going to hold tight and enjoy the ride. Quote Link to comment Share on other sites More sharing options...
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