Discussion in 'Up to the Minute' started by STO4, Jan 22, 2008.
and its STILL falling! :-/
I hear my 401k tumbling!
Depending on how old you are, it's a good thing (that is, if you're young). It means you'll be able to buy more shares because of cheaper stock prices. If you're near retirement then this is a concern.
NEW YORK (CNNMoney.com) -- The Federal Reserve slashed two key interest rates by three-quarters of a percentage point Tuesday following an unscheduled meeting, citing continued concerns about a weakening economy and turmoil in the financial markets.
The Fed lowered its federal funds rate, which impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans, to 3.5 percent from 4.25 percent.
Much ado about nothing--Dow is almost green now--and the penny, sub-penny market is still red hot, as it has been for four years
If you're young @ 16?
If you're young @ 21?
If you're young @ 40?
OH NO I don't wanna look... aaaauuugh! I just went through this at the beginning of the year. I was checking my 401K and it took a dive the first few days, then it went back up and I was happy again.. I'm afraid to look..
Hehe, I don't know of any 16 year old with their own 401k. They must be a child prodigy.
Generally the younger you are with a 401k the more aggressive some financial advisors will suggest you be. There's time to bounce back from stock slides.
Gradually as you age you'll want to become less aggressive and put more into stable funds. By the time you retire all (if not most) should be in stable funds.
I can't really tell you what ages, but it's a sliding scale. I'm sure there are articles available on the internet to describe this.
My advice? Don't. :bang:
I don't look in times when it's bad, haha. I have a hard time stomaching it...
I was considering retirement in a year when DH retires. It doesn't look like that's gonna happen now. My 401K has lost way too much to get out now. Ughghghgh.
See? This is the upside to being poor! I'm not affected!
Ramen noodles and Mac & Cheese for the win!
ok, so I may have to leave off the cheese if anything goes wonky with my company.
But try taking my Mac away! Just try it!
My youngest daughter thinks I've been around since the ark. She asked me one time what I went through during the Depression. (I'm 40!)
I just told her that our family was too poor to know anything about it. We were perpetually depressed anyway and didn't notice the change.
Historically, you will make more in the stock market than anywhere else. You just have to go with the flow and not panic and sell! It is just a loss on paper. I still don't like all of my losses; and I should follow my investments a little closer than I do...However, I have more than I ever would have had had I stuck my money in a saving account at the bank.
Great advice. The stock market will come back. Here's an article I just found discussing what to do when the market's down.
would this fall under an economic current event?
Things are fine here under the bridge. The only thing weve noticed is that when people throw their trash out of their car windows as they zip by theres less crumbs to eat.
It's also a good idea to be diversified. Stocks may come down for awhile, but as interests come down, bonds and bond funds go up.
Oh, to be a grown up.
I have to worry about my 401K and my job! We got emails at work suggesting ways the salespeople could create new business. This is worrisome.
I had heard them discussing all this on CNN Weekend and the analyst suggested keeping a close eye on your 401K, being the first one at work and the last to leave. But, he was also optimistic and said these things last for only 10 to 16 month!
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