Market crash............

Discussion in 'The Club House' started by willshoum, Aug 15, 2013.

  1. willshoum

    willshoum New Member

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    Two weeks to late ? Yesterday I called the folks that has my 401 k, from my previous employer........The last time i was envolved with the money holders they told me to sit tight and things would get better. I lost as much as I had put in. This time I pulled it out just before the **** hit the fan in Egypt, more or less. Now my question is...............Are there any Honest people left out there that can reinvest my savings. Or do I bite the bullet, pay the taxes and hoard the little left overs that osammy and his cronies have left me with.................I could always invest in guns and ammo.................Hell, better than gold.....................:confused:
     
  2. Shihan

    Shihan Active Member Lifetime Supporter

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    I say hit the strip club and have a blast. You can't take it with you, so enjoy it while you can. Aaaiiieeeeeeeeeee!
     

  3. eatmydust

    eatmydust New Member

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    Wills.... - you do not want to withdraw it all and take the bath!

    Roll it into a Fidelity, Schwab, or Scottrade IRA and oversee it yourself. Just go with an S&P index ETF, like SPY (60%) and a wide market bond ETF, TTL (40%) and let it ride! You'll be fine. Depending on your age, you may want to reverse those percentages.

    Call any one of these discount investment houses and they'll handle the rollover and the investment at very, very low fees!

    * I am not a financial advisor, but I did sleep at a Holiday Inn Express last night!
     
  4. winds-of-change

    winds-of-change The Balota's Staff Member

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    This is the key. RIDE IT OUT. But I am younger than Wills so that's easier for me to say. Over all, through all the crashes and booms, I have done well with my 401(k). I have a couple of them. I'm going to roll them all over into one when I get mine going at my current employer. I have to wait a year. But technically, you didn't lose anything until you pull your money out at a loss. :cool:
     
  5. hiwall

    hiwall Well-Known Member

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    It depends on how old you are(how close to retirement). eatmydust has a pretty good idea about managing it yourself. Add to the list TDAmeritrade.
     
  6. Daoust_Nat

    Daoust_Nat Well-Known Member Supporter

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    Just my humble opinion, but an unexpectedly good jobs report and a couple of profit shorcomings are not yet going to do the market correction that I think is coming. I think Bernanke is going to quit throwing $85 Bil into the economy each month, but not until Obummer says so. I don't think that is coming soon, as it does not fit his Keynsean Economic plan. It is coming, but I think he will try continue throught he 2014 midterms. I would keep it in. I am, and I am 64, so I need to be careful. I would watch and listen for Bernanke to fart.
     
  7. tri70

    tri70 New Member

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    Money = power, BO wants all the power. Buy guns and ammo, they are doing better than any Wall Street investment.
     
  8. Jpyle

    Jpyle New Member

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    Having ridden the anti-bubble sentiment into office in 2008 Obama and Bernanke have created a bubble of their own under QE I, I, III whatever. When that party comes to an end head for the sidelines cause when it happens it will ripple around the globe and no amount of diversification will protect you.
     
  9. ScottA

    ScottA FAA licensed bugsmasher Lifetime Supporter

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  10. Jpyle

    Jpyle New Member

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    Wills, just my opinion but if you are of retirement age and are drawing on that 401(k) you should be in a defensive position with lots of fixed income holdings, not stocks. If you lost 20-30% in a week you simply do not have time to make it back. You won't make a lot in bonds but they are more stable in a bear market and you won't lose what you put in.
     
  11. purehavoc

    purehavoc New Member

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    I lost just under $80, 000 in mine and it had not came back 1% in 6 years . I said screw it paid the taxes and bailed before I lost any more. The markets are bad and the government is just pumping in money to try to keep them stable. I had a bad feeling about doing this in Jan , but I dont regret it now . I could not afford to lose any more money . I did what I thought was right paid off our vehicles . Paid off what little bit of debt owed and put the rest away in case things get bad one day .
     
    Last edited: Aug 16, 2013
  12. TexasGunner

    TexasGunner New Member

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    I agree with this. Not one of my guns, I repeat, not one has lost value since I bought it. All that I have sold have been at a profit. And when the bubble bursts and the $hit really hits the fan on Wall Street, guns will be as valuable as gold bars. It's only a matter of time till the market fails and the average Americans lose everything.
     
  13. willshoum

    willshoum New Member

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    Death and taxes............

    I'm almost there, I'll turn 61 in Dec. I retired after I had sugery on my shoulder. I could no longer put up with todays work force [ the up an coming know it alls ] and the people that treated me like a chained dog in the back yard.........When Bush was in office my 401 made money, then come election time I lost half, Now its up again, BUT, with all the goings on in the muslims countrys I'm not taking any chances. I'm to old to take the gamble and wait it out. I wish I could, my 401 k has more than doubled in three years. I'll know something within the next week or so. I took the money out of the market and its on hold, and still earning some. Thanks for the replys, wills..............:)
     
  14. GTX63

    GTX63 New Member

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    I too got tired of taking a financial bath. Every year both accounts shrunk, year after year. Of course the handlers always got their fees though. I pulled it all out, invested it into my business and now those nest eggs are making some real money. That isn't a plan for everyone, however.
     
  15. ScottA

    ScottA FAA licensed bugsmasher Lifetime Supporter

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    In that case, definitely move the money out into an IRA. it's not a complicated process.
     
  16. WebleyFosbery38

    WebleyFosbery38 New Member

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    This market hasnt played out yet, a couple short earnings doesnt make for a market crash. Not saying the basis for the bull has been solid, just saying BHO's gonna keep the fires burning until he retires with freshly printed money and he has no intention of doing anything else until someone else has to pay his tab.

    At 61, you probably should not be highly tied to stocks, if youve already pulled your money, reinvesting in the market now is pointless until a new bottom is reached thats way below where you sold but I think thats a couple years out.
     
  17. hiwall

    hiwall Well-Known Member

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    willshoum, I agree with you. At your age the market is NOT the place for your money. If you have any debt I would pay that off. I would also make sure that I had a fair reserve in the mattress and/or at your local bank. Then I would pull out some of that 401k every year until it was gone(most have no penalties after age 59-1/2 only taxes).
     
  18. willshoum

    willshoum New Member

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    Debt free............

    Every thing is paid for, just the day to day cost of living. I have two separate parcels of land I can sell if need be. I hate the thought of giving to uncle Sam what I sweated so many years for, only to see it spent on others outside the USA...........When I was young worrying about where the money was going to come from to save, now the worry in old age is will I lose it.............:(
     
  19. Yunus

    Yunus New Member

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  20. purehavoc

    purehavoc New Member

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    I attend corporate business meetings several times a year and we hire in marketing and trade representatives to put them on . These people are big into the markets and trade . There was not one there last week that didnt say the same thing about the Government pumping dollars into the markets to help keep things up and they also said expect it to stay like this until BO is gone . Then the fault of the market crash will be on someone else's shoulders . Maybe they will be wrong and I hope for everyone's sake its false info . But in the 7 years I have been going to these . They have been right on target every year .