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  1. #1
    Atomic Punk
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    Default Monday's 401k Hit

    What's not in your future wallet?
    -$18,577.18 for me...

    -----------------------------

    Another major down-day on Wall Street has left your 401K taking another huge hit.

    And you've had lots of questions about what will happen next.

    We took questions you posted on News 2's Facebook page to financial experts.

    The first answer from our experts: Don't Panic.

    "You should never change your assets in a 401K out of a knee jerk reaction to anything," said LSU Finance Professor Rejesh Narayanan.

    He says what's happening on Wall Street will only affect what's happening to your retirement plan as much as you let it.

    Narayanan said, "There is no one golden formula for everybody, you pick based on your risk tolerance and time horizon, you pick the kind of asset allocation."

    Financial analyst Bud F. "Andy" Anderson, with BF/Anderson & Co., says risks should not be aggressive right now, but you should still be taking them on something.

    He said, "Since the beginning of the century, we've had 15 panics, crashes, recessions, whatever you want to call them, we've recovered from every one of them."

    And the when? The answer is a while, but possibly the end of the year.

    Anderson said, "We were just getting back to where people would at least want to discuss the stock market, but with what's going on today, confidence is out the window again and it appears it's gonna be quite a while to repair the damage."

    "We don't clearly know all the details of the budget control act so until all those spending cuts are spelled out and how these things play out, the uncertain environment is going to exist and we're gonna see a lot of volatility associated with that," said Narayanan.

    The experts say if you're too nervous about what's going on in the markets or if you're close to retirement, consider shifting some of your assets toward fixed income or cash.

    As for this being a repeat of 2008, both analysts say that's unlikely, giving that scenario a one in three chance.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Eruption Onirb's Avatar
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  3. #3
    Good Enough weesfreewheelin's Avatar
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    -7 and counting. Jesus, I can't bare to look at it anymore. Not too long ago I was entertaining the thought (fantasizing) of what it would be like to semi-retire early in life (55) instead of having to work to the grave. Of course this would require downsizing in lifestyle substantially, but I figure after the kids are grown and gone this could be doable. Oh well, we can dream I suppose.
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  4. #4
    Eruption
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    I feel like the biggest dumbass ever!! I just switched from intermediate term bonds to stocks 2nd quarter this year, I should have stayed put. Also there is the issue of putting over half of my last two severance checks in my 401k, I should have just put it in my savings account. I know everyone says to not panic but I can't help it, my quick thinking the last time saved me quite a bit and now I am screwed. Anyone have any advice? I just started my 401k in 2005, so it really hasn't seen many "good times".

  5. #5
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by BeautifulGirl5150 View Post
    I feel like the biggest dumbass ever!! I just switched from intermediate term bonds to stocks 2nd quarter this year, I should have stayed put. Also there is the issue of putting over half of my last two severance checks in my 401k, I should have just put it in my savings account. I know everyone says to not panic but I can't help it, my quick thinking the last time saved me quite a bit and now I am screwed. Anyone have any advice? I just started my 401k in 2005, so it really hasn't seen many "good times".
    how many years will it be until you need to access the funds?

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    Eruption
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    Quote Originally Posted by It's Mike View Post
    how many years will it be until you need to access the funds?
    Oh like 30 I guess (I'm 33). I know I'm young(ish) and the market will recover blah blah blah,but I hate not seeing the number go up every quarter, makes me feel like I am throwing my money away. Most of the people I know that stayed in stocks in 2008, were just getting their money back to those levels and are now most likely fucked again, I almost think the slow growth route may be better.

  7. #7
    Forum Frontman fudd's Avatar
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    -1,500. As of today.

  8. #8
    Atomic Punk BREW CREW's Avatar
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    I owe less to my ex-wife compared to my 401K...that used to be a good thought!!
    Just go for it!

  9. #9
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by BeautifulGirl5150 View Post
    Oh like 30 I guess (I'm 33). I know I'm young(ish) and the market will recover blah blah blah,but I hate not seeing the number go up every quarter, makes me feel like I am throwing my money away. Most of the people I know that stayed in stocks in 2008, were just getting their money back to those levels and are now most likely fucked again, I almost think the slow growth route may be better.

    then don't even look at the numbers. Own some real cheap fee funds (like an index fund) and look at your statement once a year. No need to look more than that For instance, I'm sure my kids education fund took a beating last week (1/3 of their money is in US index funds) but I'm not even looking since my son is 3 and the girls haven't turned one yet. We'll just keeping buying a bit more every month and in 10 years we'll start pulling some funds out and sitting them in short term investments.

  10. #10
    Damage your reputation seenbad's Avatar
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    11.30.17 @ 06:15 PM
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    I'm guessing I've lost 4-5 % the last few days. Luckily I have a decent amount wrapped up in my company stock, which as it turns out has a better credit rating now than my own government does....which technically, I'm not sure if that's even possible (haven't thought too much in to it, but off the top it doesn't make sense that the company could rate better than the govt' that controls and backs rates..), but I won't argue it.

    One thing to consider for 401k folks also is, don't forget your company match, if you have one. That has to be put in the equation also. Hopefully it's not as bad as it seems.
    sheepa latta peepah dabba looka foh a moopy

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  11. #11
    Master Bluesman Elwood P.'s Avatar
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    Not to be a downer or anything, but anyone seen the markets today?

    I lost close to 15 G's over the last week or so. But I deserved it. I had pulled a real bonehead move, was out of the market and then got back in thinking the debt deal would push up the markets, if only for a few days. Obviously the thing had already been factored in.
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  12. #12
    Atomic Punk Wruff_ajax's Avatar
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    Yeah, the Dow sank another 520 points today.
    _-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_

  13. #13
    Damage your reputation seenbad's Avatar
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    Quote Originally Posted by Elwood P. View Post
    Not to be a downer or anything, but anyone seen the markets today?

    I lost close to 15 G's over the last week or so. But I deserved it. I had pulled a real bonehead move, was out of the market and then got back in thinking the debt deal would push up the markets, if only for a few days. Obviously the thing had already been factored in.
    The problem was though, and what everybody probably saw, was that there was no real debt deal. This got pushed through knowing full well what it would take to avoid a rating hit and we didn't even come close. A government failure to the highest degree by all sides.
    sheepa latta peepah dabba looka foh a moopy

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  14. #14
    Atomic Punk Wruff_ajax's Avatar
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    Meanwhile, the price of gold increased to $1,791.54 -- up $51.54, proving a weakening dollar.
    _-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_

  15. #15
    Master Bluesman Elwood P.'s Avatar
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    Quote Originally Posted by seenbad View Post
    The problem was though, and what everybody probably saw, was that there was no real debt deal. This got pushed through knowing full well what it would take to avoid a rating hit and we didn't even come close. A government failure to the highest degree by all sides.
    I know. I should have seen it. I knew the economy was bad. I knew the "debt deal" was just a last minute compromise between two excuses we have for political parties and not really a deal. Still, I figured the emotions that drive the market would bring it up for a couple of days. Live and learn.
    "I'm the opposite of Bill Cosby. Diamond Dave always gets your approval." (DLR)

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