Page 1 of 2 1 2 LastLast
Results 1 to 25 of 30
  1. #1
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    I got dem ole stock market blues again mama!

    What a freakin' mess. First I go through employment issues and now I'm watching my retirement funds being gutted right before my eyes. While it's true I don't 'need' the money for another 10+ years, and that I haven't realized a 'loss' unless I sell, it still hurts badly. I know I'm the only one suffering, so that helps a little.

    What does this have to do with music? Not a ****ing thing, but I'm now spinning that fine blues compilation sent to me by Luvin Da Blues, and it sure fits my mood right now.

    Swish - hey buddy, can you spare a dime?
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  2. #2
    Indifferentist Slosh's Avatar
    Join Date
    Jan 2002
    Posts
    2,221
    I'm afraid to look at my 401K. It'll bounce back long before I can access it (time to buy right now so hopefully my fund managers know what they're doing). My parents are 61 and lost $250,000 in two days! Now they say they'll wait until they're 70 to retire (they tend to panic). Their nextdoor neighbor lost $400,000. I'm just glad I locked in my financing for my new car when I did. I was pre-approved in the mid-fours and now it's over 6% for people like me with 800+ credit scores.

    NP:
    Attached Images Attached Images  
    Originally Posted by Troy: She has that same kind of cleft-pallet, slightly retarded way of singing that so many other people find endearing.


  3. #3
    42 Regular
    Join Date
    Jan 2003
    Location
    West of the fields, long gone
    Posts
    1,338
    I lost more yesterday in the market than I'd earned so far this year at my job. But you're right...it's not really a loss until you sell. And I'm in it for the "long haul".

    Sooner or later, it always works itself out.

    NP: "Walkin' in the Wild West End" by Dire Straits
    Mr. MidFi
    Master of the Obvious

  4. #4
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    Well, I just had to look at mine, but I'm not going to...

    Quote Originally Posted by Slosh
    I'm afraid to look at my 401K. It'll bounce back long before I can access it (time to buy right now so hopefully my fund managers know what they're doing). My parents are 61 and lost $250,000 in two days! Now they say they'll wait until they're 70 to retire (they tend to panic). Their next door neighbor lost $400,000. I'm just glad I locked in my financing for my new car when I did. I was pre-approved in the mid-fours and now it's over 6% for people like me with 800+ credit scores.

    NP:
    ...reveal how much I lost, but let's just say that it's much more than the average guy earns in a year. However, it's not really a loss....yet! The Dow was just down over 500 points but now is up 57 points, so maybe we've reached bottom already?

    I know you're younger than me, so you have a lot more time to make it up, but what really sucks for me is that, with a new employer, I can't contribute to their 401K until next August, so I'm missing the greatest buying opportunity in many years.

    As for your low rate on the car loan, that is a nice deal. However, the auto industry is getting battered, so car prices are going to drop and I suspect there will be some killer deals out there very soon. Mortgage rates are still low, so people like us with higher scores can still get what we need, but guidelines for conforming products have really tightened up, so the pendulum has swung far in the opposite direction. I'm sure it will come back to the center, where it should have remained, at some point in the future. I hope Wall Street and the large lenders learned a valuable lesson in all this.

    Swish - lived the entire mortgage industry mess
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  5. #5
    Forum Regular
    Join Date
    Feb 2005
    Posts
    852
    I just increased my 401k contribution a few weeks ago, and may do it again. this is the the perfect time - buy low, and when the market comes back you will see incredible gains.

  6. #6
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    Not trying to be pushy Duds...

    Quote Originally Posted by Duds
    I just increased my 401k contribution a few weeks ago, and may do it again. this is the the perfect time - buy low, and when the market comes back you will see incredible gains.
    ...but if your company is matching your contributions, even if not 100%, you should be putting the maximum in all the time. There's just no better bargain than that, and I cannot believe how much I accumulated in a relatively short time with my ex-employer. That money just grows and grows, and I was getting dollar for dollar up to 6%, so you had better believe I was putting in 6% from the start. It's off your taxable gross (or should be if you set it up properly) and reduces your taxable income, so you're actually contributing less than that % in net dollars. But then again, you probably already knew that.

    Swish - can't help myself in these matters
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  7. #7
    Man of the People Forums Moderator bobsticks's Avatar
    Join Date
    Dec 2005
    Location
    down there
    Posts
    6,852
    Quote Originally Posted by Swish
    ...but if your company is matching your contributions, even if not 100%, you should be putting the maximum in all the time. There's just no better bargain than that, and I cannot believe how much I accumulated in a relatively short time with my ex-employer. That money just grows and grows, and I was getting dollar for dollar up to 6%, so you had better believe I was putting in 6% from the start. It's off your taxable gross (or should be if you set it up properly) and reduces your taxable income, so you're actually contributing less than that % in net dollars. But then again, you probably already knew that.

    Swish - can't help myself in these matters
    Yes, this is so true. If you're prone to ignoring Swish, as so many are, make this post an exception. My man speaks the truth.

    I'm thinking the next six months ain't bad time to start rolling cds if you start tomorrow. After that, I'm looking into publicly traded issues of cemeteries, mortuaries and crematoriums.
    So, I broke into the palace
    With a sponge and a rusty spanner
    She said : "Eh, I know you, and you cannot sing"
    I said : "That's nothing - you should hear me play piano"

  8. #8
    Retro Modernist 02audionoob's Avatar
    Join Date
    Jun 2008
    Location
    Dallas, TX
    Posts
    2,908
    My losses currently exceed a year's salary. It's disheartening. I only wish I had the power to see the future and could've bailed out. All these years I've been almost reckless with risk. It's been so good it's like betting with the house's money. And now...kicked in the groin repeatedly. My best investments have been REITs and they were pummeled mercilessly, yesterday. But one good things comes of this...buying oppportunity if you have the stomach for it.

    It also gives you a dose of perspective. After all, the daily losses far exceed the cost of a nice preamp.

  9. #9
    Loving This kexodusc's Avatar
    Join Date
    Nov 2003
    Location
    Department of Heuristics and Research on Material Applications
    Posts
    9,025
    Quote Originally Posted by bobsticks
    Yes, this is so true. If you're prone to ignoring Swish, as so many are, make this post an exception. My man speaks the truth.

    I'm thinking the next six months ain't bad time to start rolling cds if you start tomorrow. After that, I'm looking into publicly traded issues of cemeteries, mortuaries and crematoriums.
    Ahhh...death care.
    The Lowen Group. I hit my first employment bonus because of this company. I also missed my 4 year target largely because of them.
    The younger kexodusc was right - you can always count on the fact that people will eventually die...
    The older kexodusc has since learned that most people don't plan, and especially don't pay for this inevitabilty...

    Be mindful, padiwan.

  10. #10
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    Thanks buddy!

    Quote Originally Posted by bobsticks
    Yes, this is so true. I base most of my decisions on the advice of Swish, my guru and our resident genius. You would be wise to heed his sage advice, culled from his many years of successful business practices.Swish is the man!
    You're making me blush...or that could be the pale ale.

    Swish - helping people do the right thing since 1982
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  11. #11
    Man of the People Forums Moderator bobsticks's Avatar
    Join Date
    Dec 2005
    Location
    down there
    Posts
    6,852

    Love at First Bleat

    Quote Originally Posted by Swish
    You're making me blush...or that could be the pale ale.

    Swish - helping people do the right thing since 1982

    ...or it could be:

    So, I broke into the palace
    With a sponge and a rusty spanner
    She said : "Eh, I know you, and you cannot sing"
    I said : "That's nothing - you should hear me play piano"

  12. #12
    Super Moderator Site Moderator JohnMichael's Avatar
    Join Date
    Apr 2005
    Location
    Central Ohio
    Posts
    6,307
    Sad times when you receive your statement and you celebrate that your investments have only lost a little over $2000. Of course there may be more loss to come.
    JohnMichael
    Vinyl Rega Planar 2, Incognito rewire, Deepgroove subplatter, ceramic bearing, Michell Technoweight, Rega 24V motor, TTPSU, FunkFirm Achroplat platter, Michael Lim top and bottom braces, 2 Rega feet and one RDC cones. Grado Sonata, Moon 110 LP phono.
    Digital
    Sony SCD-XA5400ES SACD/cd SID mat, Marantz SA 8001
    Int. Amp Krell S-300i
    Speaker
    Monitor Audio RS6
    Cables
    AQ SPKR and AQ XLR and IC

  13. #13
    Forum Regular
    Join Date
    Feb 2005
    Posts
    852
    my company matches 50% up to 6%. i dont make a lot of money, so i am contributing what i can. right now my total contribution, with the company match, is 15%.

    Quote Originally Posted by Swish
    ...but if your company is matching your contributions, even if not 100%, you should be putting the maximum in all the time. There's just no better bargain than that, and I cannot believe how much I accumulated in a relatively short time with my ex-employer. That money just grows and grows, and I was getting dollar for dollar up to 6%, so you had better believe I was putting in 6% from the start. It's off your taxable gross (or should be if you set it up properly) and reduces your taxable income, so you're actually contributing less than that % in net dollars. But then again, you probably already knew that.

    Swish - can't help myself in these matters

  14. #14
    Class of the clown GMichael's Avatar
    Join Date
    Apr 2005
    Location
    Anywhere but here...
    Posts
    13,243
    My company throws in 0.06 for every 1.00 I put in. I'd like to throw in more but right now, things are tight. We still manage to toss in about $75 a week. It's not the $200+ I used to invest before we bought the house, but at least it's something. If we had more funds, now would be when I'd put in extra.

    The people out there who do have extra money will be making a killing when this turns around.
    WARNING! - The Surgeon General has determined that, time spent listening to music is not deducted from one's lifespan.

  15. #15
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    That's outstanding Duds!

    Quote Originally Posted by Duds
    my company matches 50% up to 6%. i dont make a lot of money, so i am contributing what i can. right now my total contribution, with the company match, is 15%.
    It doesn't matter if you're not making a lot of money. If you're putting 15% of your income, with the company match, into the 401K, you're doing better than most people. 10% is recommended, so you're ahead of the curve, especially if you're well diversified and into the growth stocks and not in 'stable value' types of funds. Yes, they've been hit hard of late, but they'll be back and have returned just over 10% on average since the Great Depression. I'm betting you're in the right funds and will realize your efforts as the years roll by. Any argument against this is futile because it works. Period.

    Swish
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  16. #16
    Forum Regular
    Join Date
    Feb 2005
    Posts
    852
    thanks! Our company uses t. rowe price, they have strategies set up according to your retirement year. Obviously since i have a ways to go, i am in their most aggressive plan. I'm going to try to hammer it as much as I can with the market so low.

    Quote Originally Posted by Swish
    It doesn't matter if you're not making a lot of money. If you're putting 15% of your income, with the company match, into the 401K, you're doing better than most people. 10% is recommended, so you're ahead of the curve, especially if you're well diversified and into the growth stocks and not in 'stable value' types of funds. Yes, they've been hit hard of late, but they'll be back and have returned just over 10% on average since the Great Depression. I'm betting you're in the right funds and will realize your efforts as the years roll by. Any argument against this is futile because it works. Period.

    Swish

  17. #17
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    I think you made another wise decision there.

    Quote Originally Posted by Duds
    thanks! Our company uses t. rowe price, they have strategies set up according to your retirement year. Obviously since i have a ways to go, i am in their most aggressive plan. I'm going to try to hammer it as much as I can with the market so low.
    T. Rowe Price has a bunch of highly rated 'retirement' funds, and was recognized by Kiplinger’s Personal Finance in November 2007 for having the “Best Target-Date Retirement Funds” because of their high allocation to stocks and low expenses.

    Stick to the plan and you'll be amazed how these things take off. Well, perhaps you already know. I've counseled customers so many times over the years about putting more into their 401Ks, and most of them listen. I remember one guy who was nearly 50 who told me he was only putting in 2%, with a dollar for dollar company match, because 'the guy's down at the plant told me it doesn't add up to much'. I read him the riot act and, just a couple years later, he called to thank me for turning him around. It really does work.

    Swish
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  18. #18
    Class of the clown GMichael's Avatar
    Join Date
    Apr 2005
    Location
    Anywhere but here...
    Posts
    13,243
    Quote Originally Posted by Duds
    thanks! Our company uses t. rowe price, they have strategies set up according to your retirement year. Obviously since i have a ways to go, i am in their most aggressive plan. I'm going to try to hammer it as much as I can with the market so low.
    T Rowe Price is very good. I have several 401k's left over from old jobs. I left them alone to be more diverse. The T Rowe account is the only one that didn't loose money last quarter.
    WARNING! - The Surgeon General has determined that, time spent listening to music is not deducted from one's lifespan.

  19. #19
    Forum Regular
    Join Date
    Feb 2005
    Posts
    852
    yeah thank god we switched to them. the last company we had managing our 401ks was a joke. T. Rowe is very good, they send out newsletters with great info, and when you call them they are always very helpful.

    thanks for the compliments Swish!

    Quote Originally Posted by Swish
    T. Rowe Price has a bunch of highly rated 'retirement' funds, and was recognized by Kiplinger’s Personal Finance in November 2007 for having the “Best Target-Date Retirement Funds” because of their high allocation to stocks and low expenses.

    Stick to the plan and you'll be amazed how these things take off. Well, perhaps you already know. I've counseled customers so many times over the years about putting more into their 401Ks, and most of them listen. I remember one guy who was nearly 50 who told me he was only putting in 2%, with a dollar for dollar company match, because 'the guy's down at the plant told me it doesn't add up to much'. I read him the riot act and, just a couple years later, he called to thank me for turning him around. It really does work.

    Swish

  20. #20
    Musicaholic Forums Moderator ForeverAutumn's Avatar
    Join Date
    Jan 2003
    Posts
    9,769
    Over all we haven't had the troubles in Canada that you're having in the US but we're certainly seeing the effects here. My investments are down about 25% overall but I'm seeing this as a buying opportunity. I picked up a few stocks last week that I think are heavily undervalued right now. Time will tell if I'm right.

    My company pension plan forces me to invest 5% of my income each month and the company matches it. Once I've been with the company for 5 years it will increase to 7% so it's an excellent plan. I've got at least 20 years to retirement so I'm not concerned about the drop in my investments, in fact I see it as a good thing for the short term as I can buy more units for my money. It's the drop in my shorter term open funds that hurts more.

    On another bright side, the Bank of Canada dropped their interest rate last week, which meant that our variable mortgage rate dropped .25%. That's helpful too.

    Although I'm looking on the bright side, I would like to see things stabilize soon. The thought of a global recession is very unsettling and Hubby and I are trying to curb our spending and increase our savings for now, just in case.

    We are also having a federal election tomorrow and the results of that election will certainly affect our economy and the stability of the country. The polls show that 48% are still undecided so anything can happen.

  21. #21
    Stone Stone's Avatar
    Join Date
    Jan 2003
    Location
    Michigan
    Posts
    1,587
    Quote Originally Posted by Swish
    I know I'm the only one suffering, so that helps a little.
    Love it.
    And the world will turn to flowing pink vapor stew.

  22. #22
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    Buwahahahaha! I thought you pulled a 'bobsticks' on me...

    Quote Originally Posted by Stone
    Love it.
    ...until I went back and read my original post. I really have to do a better job at reviewing my posts before hitting that Submit button.

    Nice catch!

    Swish - oblivious to his surroundings
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  23. #23
    Rocket Surgeon Swish's Avatar
    Join Date
    Nov 2003
    Location
    Pennsylvania
    Posts
    3,918

    Most of the recent losses, in the general sense, are simply...

    Quote Originally Posted by ForeverAutumn
    Over all we haven't had the troubles in Canada that you're having in the US but we're certainly seeing the effects here. My investments are down about 25% overall but I'm seeing this as a buying opportunity. I picked up a few stocks last week that I think are heavily undervalued right now. Time will tell if I'm right.

    My company pension plan forces me to invest 5% of my income each month and the company matches it. Once I've been with the company for 5 years it will increase to 7% so it's an excellent plan. I've got at least 20 years to retirement so I'm not concerned about the drop in my investments, in fact I see it as a good thing for the short term as I can buy more units for my money. It's the drop in my shorter term open funds that hurts more.

    On another bright side, the Bank of Canada dropped their interest rate last week, which meant that our variable mortgage rate dropped .25%. That's helpful too.

    Although I'm looking on the bright side, I would like to see things stabilize soon. The thought of a global recession is very unsettling and Hubby and I are trying to curb our spending and increase our savings for now, just in case.

    We are also having a federal election tomorrow and the results of that election will certainly affect our economy and the stability of the country. The polls show that 48% are still undecided so anything can happen.
    ...the case of market risk, and that's the good news. If the market in general is down, it always comes back at some point, or, at least, it has every time so far. If you can avoid the turkey's that are totally failing, when the losses become 'investment risk' (think Enron), then you'll be just fine.

    I think it's funny that your company 'forces' you to invest 5%, but it's also a good thing, especially since they match it. You can't beat that with a stick. And the market drop simply means you're buying at lower prices and, when it bounces back (like today in the US), you'll make out like a bandit.

    Swish
    I call my bathroom Jim instead of John so I can tell people that I go to the Jim first thing every morning.

    If you say the word 'gullible' very slowly it sounds just like oranges.

  24. #24
    Musicaholic Forums Moderator ForeverAutumn's Avatar
    Join Date
    Jan 2003
    Posts
    9,769
    I didn't mean "forces" in a bad way. We're a financial services company so I think that there's even more of a responsibility to ensure that our employees are protected with good benefits.

    Dollar Cost Averaging is the name of the game, my friend. It protects you in bad times and in good.

  25. #25
    Loving This kexodusc's Avatar
    Join Date
    Nov 2003
    Location
    Department of Heuristics and Research on Material Applications
    Posts
    9,025
    Quote Originally Posted by ForeverAutumn
    On another bright side, the Bank of Canada dropped their interest rate last week, which meant that our variable mortgage rate dropped .25%. That's helpful too.
    Bank rates dropped twice (last week), your mortgage should have lowered by 40-50 basis pts depending which bank you deal with...
    Another rate cut expected on the 21st.

    This was our 3rd go around, but my first variable rate mortgage. It's like Christmas every time the rate drops. I'm just hoping it's doesn't have the polar opposite effect when the rates do eventually climb...

    Although I'm looking on the bright side, I would like to see things stabilize soon. The thought of a global recession is very unsettling and Hubby and I are trying to curb our spending and increase our savings for now, just in case.
    Part of the problem is that the media has consumers scared beyond belief. It's sort of a double edged sword. The financially responsible, good consumers are too scared to buy, the debt loaded over-spenders however seem to be the beneficiaries of a lot of recent bank actions and are almost being given a false sense of security.

    We are also having a federal election tomorrow and the results of that election will certainly affect our economy and the stability of the country. The polls show that 48% are still undecided so anything can happen.I didn't mean "forces" in a bad way.
    Any predictions...this is my first time voting in a Canadian federal election. I made the cut in 2006, but my wife and I were on our honeymoon and we botched that.

    When I was younger and dumber, I choose not to vote for Gore or Bush out of indifference.
    Dollar Cost Averaging is the name of the game, my friend. It protects you in bad times and in good.
    [shameless rant]
    While I'm a strong advocate of periodic, incremental investing (which is also lump sum investing), as a student of economics and a financial analyst, the empirical evidence overwhelmingly shows DCA has its pitfalls in both expected return and risk vs other simple investment strategies such as lump sum investing and balanced portolio approaches. When I worked on the "sell" side, I was disgusted to learn (fresh out of school and likely a bit naive) that the industry actually knows this! As the marketing department pointed out, the institutions that sell financial products receive higher premiums when transactions are smaller, and more frequent. No question that they are the biggest winners in DCA.
    [end rant]

Page 1 of 2 1 2 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •