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Discussion Starter #1
As I sit here listening to the news on TV about the big three imploding and our economy collapsing, I get the bright idea to got to Fidelity's website and check on my 401K.....I've lost $85,000 so far this year! :shock:

Someone please tell me they've been through some big downturns and seen the market come back. They say that the market has always made money in every 5 year period. This may be an exception!! :roll:

TJ
 

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TJ

The market has always come back - but I don't think you can count on it doing so in 5 years - maybe or maybe not - I certainly am not smart enough to know for sure. I also doubt that it is at the bottom - I think the housing market still has aways to fall which is going to continue to drag down everything else.

I doubt that they were dancing in the streets in 1935 but I am not quite that old so again - I can't say for sure. The dot.com implossion took at least 5 years to recover and this one is a lot bigger than it was.
 

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Discussion Starter #4
Yeah Damon,

I agree, but I finally shifted some stuff out into one of only two available funds that hade made anything all year.
Best thing to do is delete Fidelity from my bookmarks! :lol:

TJ
 

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this is not the worst of it. Unfortunately you will probably see unemployment go past 8 percent. and your gonna see ford and chrysler most likely go under. GM might be able to save themselves. its gonna be a rough couple years ahead.
 

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I feel bad for my folks.
My dad just retired and is building a new home. He started just before this all hit

My stepdad lost his 25 yr job at a glass furnace manufacturer.
My mom cashed in her 401K and paid off their condo

I've been broke as hell since my kid was born 6 years ago.
I've barely put anything away so in a sense this grasshopper is already where the ants are headed.

Im an hour from Detroit. I bet I'll see the fires from my rooftop
 

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I'm just glad to know that I'm not the only one freaking out about this. 80K???...I would need a Valium/Prozac combo with some Jose Quervo to wash it down. I was told to stay in if you are in for the long haul...think about getting out only if you are ready to retire now or pretty damn soon. Wow, 80K? Hang in there fellas....it'll get better eventually...we hope.
 

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Discussion Starter #11
Yeah,
I'm in for the long haul....but this is killing my retirement calculator forecasts! LOL It may be a longer haul than I planned on!

TJ
 

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And to think the wife gave me hell for not having a 401k...........


My retiremnet fund is a 69 mustang, and I even refer to it as the retirment fund lol.

Its some scary stuff for sure, I'm just glad we have zero credit card debt, 2 paid for vehicles.............come to think of it all we have is a mortgage and utility bills. The neighbor is building a big *** house and shop, 2 shinny new trucks in the drive..........man I bet they are sweatin. bullits over there.

Save for the damn hot rod the wife and i have always been pretty conservative with the money..............not living beyond our means so to speak. If we cant pay for it we damn sure dont buy it with credit. We did buy some new appliances as such here awhile back and used a cc, but paid it off in 3 months. Just made the last toolbox payment as well.
 

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I feel sorry for you guys who lost that much. One positive from my long college career is that my 401k was only built to about 5k since starting my first "real job" after college in January. I lost about 2500 in the last 2 months. I dont know what I would do if I found out I had lost 100k and / or 200k in home equity.

Hopefully it will turn around soon. I am starting out on a bad foot already and need a turn around.
 

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I got lucky just before all this happened our company moved to a new 401K and I forgot to move my funds from BONDS so far I'm doing good I'm just waiting to move it back into the market.
 

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i took out a $40,000 loan against my 401k a fews months ago. I am paying myself interest at 7.5% on that amount :) the rest is losing it's azz. :cry:
 

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Psssht, I took out a loan for $81K in September and it was in my dad's bank within a half hour. It was the only way to keep the farm afloat. The insane fuel and hay prices of the last couple years pretty much killed. Bison prices were looking to be very good this year until the economy fallout. But, it still looks like when he sells a couple hundred of them in a month it'll be enough to pay off some of the loans. Interesting times ahead for sure.
 

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I am still waiting for some of my retirement funds to recover from the 2000 drop let alone all the money I have lost this year. All you can do is wait it out till it rebounds. It always does you just have to hope that you can wait long enough.

I feel sorry for older people that are close to retirement cuz they are screwed.
 

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I think I'll empty my 4o1k and invest it into the lottery. What could go wrong? I'm at a loss with the 4o1k, might as well let it ride and have the chance of over 100 million.....
:wink:
 
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