Okay, vote!
First, some ground rules.
1. I'm a big boy now, and I bear the responsibility of whatever choice I have to make. Fair enough? Good.
2. Research is not my strong suit. So if you want to battle there, you win, I lose.
3. Don't try this at home, kiddies!
Okay, now that legal is out of the way one more time I have to make a decision. Do I "do the deal" like everyone else? Or do I do what my head tells me to do and call the bank and and have them cut my 401(k) contributions down to zero and sell all my shares for whatever I can get "right now". That's the basic premise for this discussion. In a way I really do hope for some constructive feedback, but I also hope that someone else might learn something.
Why??? Why would I do such a "silly" thing??? Several little reasons are all pointing into one direction-- take my losses and run like hell.
1. To this day I remember standing there reading a previous 401(k) statement and realizing that if I had sold everything just a few short months before, I would have rescued about 30% of my savings. At the time I sold everything to support a mortgage that we couldn't afford anyway. As a quick sidebar, this time it will be to buy a generator, purchase ammunition, drill a well, something more useful as our current mortgage is stable and 1/3 what it was in CA.
2. This all started about that time when a friend of mine and I had a rather entertaining discussion about money. A great guy, he was smart enough to know that beyond the basic arithmetic required to be a pipe fitter, he probably wasn't the most book smart in a lineup of ten. What was so interesting was that even back then, even he realized that the government can't keep printing fresh money to spend forever. Sooner or later, [i]something[/i] would break.
3. As of this writing, it looks as if we're not going to default on the dollar. At least not yet. That said, prices at the pump and the grocery store keep going up, and never down over any great length of time. How long will it be before the actual worth of a dollar is so little I won't be able to afford to drive to work to make more money?
Given time, I could probably think of similar, if not other, reasons to do this thing. This is the bottom line.
So tell me Ahab, what do you think I should do?
1. I'm a big boy now, and I bear the responsibility of whatever choice I have to make. Fair enough? Good.
2. Research is not my strong suit. So if you want to battle there, you win, I lose.
3. Don't try this at home, kiddies!
Okay, now that legal is out of the way one more time I have to make a decision. Do I "do the deal" like everyone else? Or do I do what my head tells me to do and call the bank and and have them cut my 401(k) contributions down to zero and sell all my shares for whatever I can get "right now". That's the basic premise for this discussion. In a way I really do hope for some constructive feedback, but I also hope that someone else might learn something.
Why??? Why would I do such a "silly" thing??? Several little reasons are all pointing into one direction-- take my losses and run like hell.
1. To this day I remember standing there reading a previous 401(k) statement and realizing that if I had sold everything just a few short months before, I would have rescued about 30% of my savings. At the time I sold everything to support a mortgage that we couldn't afford anyway. As a quick sidebar, this time it will be to buy a generator, purchase ammunition, drill a well, something more useful as our current mortgage is stable and 1/3 what it was in CA.
2. This all started about that time when a friend of mine and I had a rather entertaining discussion about money. A great guy, he was smart enough to know that beyond the basic arithmetic required to be a pipe fitter, he probably wasn't the most book smart in a lineup of ten. What was so interesting was that even back then, even he realized that the government can't keep printing fresh money to spend forever. Sooner or later, [i]something[/i] would break.
3. As of this writing, it looks as if we're not going to default on the dollar. At least not yet. That said, prices at the pump and the grocery store keep going up, and never down over any great length of time. How long will it be before the actual worth of a dollar is so little I won't be able to afford to drive to work to make more money?
Given time, I could probably think of similar, if not other, reasons to do this thing. This is the bottom line.
So tell me Ahab, what do you think I should do?
Comment
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Comment by Maria De Wind on August 7, 2011 at 7:12pm
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Comment by Ann Marie Whaley on August 6, 2011 at 10:44pm
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IMO: It's safe to say that it's a good idea to pull out your funds first thing Monday morning (August 8, 2011) if you can not do it over the weekend. Global leaders on the phone today discussing the emergency financial crisis in US and Europe. AAA Rating officially downgraded to AA status yesterday.
Source: http://www.reuters.com
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Oops a daisy... Putin is already calling for alternative currencies: http://www.reuters.com/article/2011/08/01/us-russia-putin-usa-idUST...
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Gold is of course the safest course of investment and I agree that survival skills are a must. Many people do not know the old arts and we should encourage them to learn.
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Comment by youhavetoforgiveme on August 3, 2011 at 6:22am
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Point taken....but if the IMF and NOBama are in the same room it's already too late ;)
One of the Rockefeller's once said to the effect of that by the time a stock tip hits the streets, it's time to get out ;)
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For what it's worth here's my advice; listen to Jeff Rense at http://www.rense.com, Alex Jones at http://www.infowars.com, and Celente has a blog-spot http://geraldcelentechannel.blogspot.com too. Listen to them, then form your own opinion. I would at least ensure 401K funds are distributed evenly in "safe" low-risk markets (not moderate or aggressive). Our dollar is fading fast and today's budget deal buys us 6 months max. The world watched the US Budget Debacle with horror; maybe the dollar is not as stable as they thought? The Euro is in trouble with Greece leading the way in default.
IMO: So think about it and get prepared. Diversification is where it's at right now. Fiat currencies, such as ours, rely heavily upon how a consumer feels at a given moment - the dollar may not be worth the paper it's printed on in time. Do I think this will happen tomorrow? No. But when the IMF calls for an emergency meeting and our heads of state are in attendance - it's time to call the bank and liquidate.
I hope this helps. The stock market is taking a nose-dive ~ dropped again today:
11,866.62 -265.87 -2.19%
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