Author Topic: Stupid Effing Stock Market (Read 661 times)

Udie · « **on:** October 31, 2002, 11:26:51 AM »

Everything I've put in my 401k since July is fek'n gone!

Not only that but the damn thing is worth $1000 less than it was at my 1st quarterly statemen

I guess one day all this stock I'm buying will be worth something, I hope...

Somebodly please explain this 401k economic thing to me. I think I was stupid and had them put it all in to one fund and didn't "diversify".

If I put a list up here of our available funds could/would one of you people that are lightyears smarter than I please tell me which fund(s) you would put your stuff into?

I'm tired of spinning my wheels....

Toad · « **Reply #1 on:** October 31, 2002, 11:34:36 AM »

Udie, you're young. The Stock Market, in my experience has been a time thing. I'm not smart enough to be the "day trader" type that jumps in and out and makes billions.

So, I just buy good companies or funds and wait.

Yep, most of my stuff is down but I still put the same amount every month into it. I like to view it optimistically. The stuff I like is "on sale" right now and I'm getting shares cheap.

I don't retire for 9 more years... so I'm thinking it'll all work out.

If I'm wrong... I guess I'll be eating a lot of venison.

Ripsnort · « **Reply #2 on:** October 31, 2002, 11:37:16 AM »

Oh but Udie! Its the administration in the White house, didn't you know? I mean, during our economic boom, we had a Republican house and Senate, but because Clinton was president, HE was responsible for the economic boom! Now Bush MUST BE responsible for the downturn, no?

Udie · « **Reply #3 on:** October 31, 2002, 11:37:49 AM »

Well I keep telling myself "the stock is low and you're buying it low so that's good" but I keep watching my savings total go down. Now this thing isn't that old and there's not much in it, but it's still going the wrong way!!

Mickey1992 · « **Reply #4 on:** October 31, 2002, 11:48:41 AM »

My 401k is down for the year too. But I am still up since I started 5 years ago. Give it time, and don't worry about watching it day to day.

If anyone has any extra $$$ lying around, put it all in Wendy's stock. I predict a 33% return within 12 months. (It closed at 31.91 yesterday, I will check this thread in a year).

Eagler · « **Reply #5 on:** October 31, 2002, 12:03:41 PM »

you haven't lost anything until you sell

if you stock has potential, ie not WorldCom type, leave it alone

you have plenty of time b4 you retire

we're in btwn sets, waiting for the next big wave to ride into shore

Wlfgng · « **Reply #6 on:** October 31, 2002, 12:22:57 PM »

my 401 and 457 are down dramatically.
as long as they don't go bankrupt I'll hang in there.

IMO it's either lost or someday will amount to something.
either way I'm not counting on it.. much like social security.
be cool to have but I'll prolly have to work my whole life.

Modas · « **Reply #7 on:** October 31, 2002, 12:58:00 PM »

Udie -

don't worry about it. Make sure you have you money diversified into several different funds.

I am 100% in stocks and have lost about $6000 so far, but I'm not worried. In fact, I'm going to INCREASE my contribution starting my next paycheck. Look at it this way, when the stock market is down, you are buy lots of shares at a reduced rate. When the stock market goes back up, you 401K will increase that much faster.

Follows the saying, "buy low, sell high". The worst thing you can do at this point (assuming you have many years to retirement, I have about 30), it to NOT put money into 401K. Now is the time to do it, so you can buy the stock when its cheap.

Course, I'm not a financial advisor and you have to use this information at your own risk

. Gotta protect myself ya know.

The stock market will come back. It has to. If it doesn't, we ALL will have a lot more to worry about then retirment at that point if you catch my drift.

Good luck

mason22 · « **Reply #8 on:** October 31, 2002, 01:00:04 PM »

takes money to make money?

Wlfgng · « **Reply #9 on:** October 31, 2002, 01:10:25 PM »

that and a little patience

Udie · « **Reply #10 on:** October 31, 2002, 01:18:43 PM »

No I think I'll handle this the way Joe Pescie did in "Casino" when his investment banker told him he had lost his money

Wlfgng · « **Reply #11 on:** October 31, 2002, 01:25:23 PM »

lol

(Wlfgng runs to hide)

Lance · « **Reply #12 on:** October 31, 2002, 01:34:04 PM »

Look at the bright side, Udie. You are young and you can make back whatever you wind up losing. The people who are hosed are those that are near-retirement age and older that have lost a lifetime of savings.

Curval · « **Reply #13 on:** October 31, 2002, 01:34:48 PM »

If you don't HAVE to sell you haven't lost anything.

When the depression hit the US the rich got really rich because (a) They were not forced to sell their investments to put food on the table
(b) They are generally a wise bunch of investors and had their money in safe strong companies that would survive the downturn
(c) Stocks were dirt cheap..they did as Wlfgng did and bought more.

SaburoS · « **Reply #14 on:** October 31, 2002, 01:49:18 PM »

Quote

Originally posted by Udie
Well I keep telling myself "the stock is low and you're buying it low so that's good" but I keep watching my savings total go down. Now this thing isn't that old and there's not much in it, but it's still going the wrong way!!

Udie,
It is better for your 401k investments to stay low as long as the companies don't actually fold (the gamble).
You'll be buying far more shares for your investment dollar.
It is at your retirement age that you want to see the market climb and peak out. You'll retire quite comfortably that way

.
Keep in mind that a fairly large investment population are baby-boomers who are reaching retirement age and will be selling their shares, keeping the market artificially low. Should be in the next 10-15 years, maybe 20. Depending on your companies' economic foresight and growth will determine how strong and profitable they'll be during and after this 'buyout' period.
Think long term and you'll be ok

Real estate is another investment opportunity you might want to look into, not as volatile as the market.