That is what our 401k has lost since January 2021. Draw your own conclusions as to why. Damn, just damn.
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$48,000
- Thread starter Blitzkrieg
- Start date
In the same boat with you. On the plus side, I did buy $118 of gas yesterday.
And the sad thing is that it's all so unnecessary.
I noticed the parking lot of a local plant here was only about 1/3 full of its usual capacity the other week and asked around.
The components they need are on the docks in Charleston but there are no trucks to get them to the plant.
The local drive-thrus that used to be busy, even during the height of the pandemic, are essentially empty now because people can't afford it like they used to.
Gas and food prices are too high right now and people are having to trim their budgets.
I will be making more grocery store runs and spreading the food out over the work week and eating out less. A lot less.
I put the money I received from my late mom's estate two years ago into a savings account and that's where it has stayed ever since. The stock market has just been too goofy and that has proven to be the right call.
No stimulus checks for people this year to help cushion the blows to family budgets, either. Kinda scary.
The components they need are on the docks in Charleston but there are no trucks to get them to the plant.
The local drive-thrus that used to be busy, even during the height of the pandemic, are essentially empty now because people can't afford it like they used to.
Gas and food prices are too high right now and people are having to trim their budgets.
I will be making more grocery store runs and spreading the food out over the work week and eating out less. A lot less.
I put the money I received from my late mom's estate two years ago into a savings account and that's where it has stayed ever since. The stock market has just been too goofy and that has proven to be the right call.
No stimulus checks for people this year to help cushion the blows to family budgets, either. Kinda scary.
S
scfan2001
Guest
As long as you don't need it now, it's no big concern. I'm still maxing mine out this year. Just means I'll get more shares for less money.
Well I'm retired and not making any more contributions but I'm not withdrawing from the account yet. I'll try and ride it out.
and Ukraine just got 40 Billion to protect its border...The supply chain issues are still very real and in many cases bringing some business to a standstill. We need to really take a look at the continued spending is doing to our economy. As far as the 401k goes, I just keep telling myself dollar cost averaging over and over again. I feel for anyone that is retired and not contributing.
I still have a printout I got at a former employer about 12 or so years ago about retirement strategies.
The one big takeaway I got from it was you need to start moving money to savings as you get older to minimize a certain amount of risk.
I always went the middle road in my 401k strategy rather than go high-risk and take my chances.
I am 58 now and the money I got from my late mom's estate two years ago was put directly into savings.
I haven't worked for an employer with a 401k offering in the last 10 years, either. I refused a state employee retirement plan because that thing in SC has been somewhat shaky in recent years and I didn't the feel the need to throw away money in there, either.
However, I do have a fair amount of equity in my home. A friend of mine who is a realtor said the recent interest rate hike will most likely bring the Covid housing market bubble closer to reality. That's probably a good thing, too.
You can survive going upside down on a car loan, but going upside down on a home mortgage is something you really don't want to do.
The one big takeaway I got from it was you need to start moving money to savings as you get older to minimize a certain amount of risk.
I always went the middle road in my 401k strategy rather than go high-risk and take my chances.
I am 58 now and the money I got from my late mom's estate two years ago was put directly into savings.
I haven't worked for an employer with a 401k offering in the last 10 years, either. I refused a state employee retirement plan because that thing in SC has been somewhat shaky in recent years and I didn't the feel the need to throw away money in there, either.
However, I do have a fair amount of equity in my home. A friend of mine who is a realtor said the recent interest rate hike will most likely bring the Covid housing market bubble closer to reality. That's probably a good thing, too.
You can survive going upside down on a car loan, but going upside down on a home mortgage is something you really don't want to do.
which is great if you can sell it and find another property that has not increased that much otherwise all it really does is cost you more in insurance and taxes for your property.
Property tax notices around here usually go out in October.
Hopefully most local governments have stayed with a pre-pandemic property value calculation.
Usually their values are a good bit lower than real estate market fluctuations anyway.
Hopefully most local governments have stayed with a pre-pandemic property value calculation.
Usually their values are a good bit lower than real estate market fluctuations anyway.
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scfan2001
Guest
Fingers crossed you won't ever have to until it's on your terms.
Not that relevant....more relevant is how some items (like real estate) are good investments in times when things like stocks/401Ks are struggling.
And those that may have lost in their portfolios, may have gained in their real estate investments.
Now if have another housing market crash....watch out!
There is a reason I haven't bought any crypto. Though my 401 k has taken a dive as well. At least there is some real value behind the companies in it, other then just speculation that some other sucker will pay more for your crypto or NFT that you did.
Having siad that, I am still in it for the long haul, so I haven;t been checking daily, or even weekly. If I was closer to retirement, I would be putting more into less volatile assets.
Having siad that, I am still in it for the long haul, so I haven;t been checking daily, or even weekly. If I was closer to retirement, I would be putting more into less volatile assets.
Wells Fargo will be closing two branch offices in the Columbia area by the end of the summer.
Realistically people will use credit cards more in reaction to inflation and banks make their money off of credit card interest.
Makes you wonder if the push to cashless sales with debit cards in the wake of the pandemic has something to do with that more than anything else.
Realistically people will use credit cards more in reaction to inflation and banks make their money off of credit card interest.
Makes you wonder if the push to cashless sales with debit cards in the wake of the pandemic has something to do with that more than anything else.
I think it is coming unfortunately...I would hate to be holding the paper on a loan for a home purchased at an escalated price or a re-fi that cashed out based on an escalated price I agree that diversifying is extremely important and to get things that are not market sensitiveNot that relevant....more relevant is how some items (like real estate) are good investments in times when things like stocks/401Ks are struggling.
And those that may have lost in their portfolios, may have gained in their real estate investments.
Now if have another housing market crash....watch out!
I have been getting re-fi offers to the point of being very annoying and having to turn the email notifications off, but I am still getting the hard copy offers in the mail on a regular basis.
Of course, there is no way I will re-fi again. It seems like it's all a shell game after some point.
Of course, there is no way I will re-fi again. It seems like it's all a shell game after some point.
Keep an eye on inventory. High inventory is the red flag (economic downturn = forclosures re: 2008).
Right now, seems a lot of buyers are getting priced out of the market due to low inventory/inflated prices. This has to normalize first.
Wise investors are making tons of $$ in all of this.
