Down goes the Dow...the Big 3....and..............

Posted By: Truffle Royale

Down goes the Dow...the Big 3....and.............. - 11/19/08 11:38 PM

Citigroup looses 23% in one day.
Dow closes under 8000
Big Three automakers sent packing without any TARP money.

Holy s**t, batman. This is getting serious.
Posted By: Tigg

Re: Down goes the Dow...the Big 3....and.............. - 11/19/08 11:43 PM

Wow! I was watching this earlier when it was just above 8000. I can't believe it went under!! eek

And the Fed is considering the possibility of a rate cut - any more and they'll be GIVING money away!

Pure crazy !!!
Posted By: pjs

Re: Down goes the Dow...the Big 3....and.............. - 11/19/08 11:51 PM

This all makes me sick. Really sick.
I keep the faith but man oh man I'm afraid.
Posted By: Truffle Royale

Re: Down goes the Dow...the Big 3....and.............. - 11/19/08 11:55 PM

Me too, pjs. My husband and the guy who sits next to me both still check their retirement accounts. I won't even look at mine. I'm too scared.
Posted By: Tigg

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:31 AM

This quarter - I refuse to even open the envelope when my 401k statement comes. I'm just going to file it.

I'm glad I never signed up for the computer access to it.
Posted By: Pale Rider

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 01:33 AM

it was nice knowing y'all!!!
Posted By: pjs

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 02:22 AM

I had to check mine because my bank changed companies and I had to get on and decide how I wanted my account handled. It was not pretty, it left me sad, angry and wanting to kick something.
Posted By: DeeQ

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:14 PM

Originally Posted By: Truffle Royale
Me too, pjs. My husband and the guy who sits next to me both still check their retirement accounts. I won't even look at mine. I'm too scared.


me either... I am not looking until next year... crazy
Posted By: Jessilynn

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:31 PM

with my contributions its 1 step forward 2 steps backward.

I heard it may bottom around 7200

frown
Posted By: Bagweaver

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:38 PM

Retirement next year is no longer being considered. mad cry Maybe part-time later in the year IF things improve some and I can sell my house to down-size.
Posted By: DeeQ

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:39 PM

^^^ sorry BW frown
Posted By: Bagweaver

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:52 PM

I'm just glad that I haven't retired and have to consider returning to work like some friends.
Posted By: Skittles

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 12:52 PM

Keep selling those gourds and Indian jewelry, BW.
Posted By: Bagweaver

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 01:09 PM

That was to turn out to be my retirement job. With the economy the way it is, income from those sales has decreased also. We're just lucky so far that sales haven't dropped as much as we were afraid they would. Spring of 2009 will let us know for sure how things are going in that area.
Posted By: Comp Guy No More

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 03:48 PM

I certainly feel for those of you who are very close to retirement, but for those of us who have a while to go, the stock market is on sale!!!! BUY BUY BUY!
Posted By: Truffle Royale

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 04:28 PM

Yes, pad those earnings because you're going to need them to take care of all of your parents whose retirement accounts aren't going to last nearly as long as their life expectancy. I've been supporting my mother for years now and I've informed my two grown kids that, inspite of our best efforts, they may have to do the same for their father and me.
Posted By: Pale Rider

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 04:37 PM

I wish I could get my mother to live with me!!! Paying me what she pays that assisted living center would allow us to go to Taco Bell more than once a week!!!
Posted By: Truffle Royale

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 04:50 PM

Trust me, PR, it ain't all it's cracked up to be. I love her and I'm glad she's here and safe and healthy but there are days when a 'run to the border' ain't nearly far enough away from Mom. eek
Posted By: Dip

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 04:55 PM

I quit my contributions yesterday and moved all my investments into a money market option. I'm too young to throw my money away like this. That $150 a paycheck is better off in my own savings account--liquid, so when all h311 breaks loose, I'll have some cash.
Posted By: Pale Rider

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 04:56 PM

ha!

I know what you mean Truff!!

My mother wants visits to extend to 2 or 3 weeks, but by the end of the first week we are ready to start throwing things at each other.... eek
Posted By: A_G

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 04:58 PM

You're too young to not be keeping your money IN the market and building up asset size. You're not in the market to necessarily make money right now...At least put in what your employer matches up to - it's FREE MONEY!

If you were a year away from retirement, okay. But you have 40 years or so. Ride it out.

You'll probably see this cyclical market another 5-10 times, imo. smile
Posted By: Dip

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:02 PM

Just quit my contributions until we know more about the market. It's too scary and uncertain for me right now. Hopefully in a few months things will look better, even if the economy is slow. Then I'll start back up again. Besides, I've been tryign to save up a chunk of cash and the extra $300-somethgin a month will help.
Posted By: QCL

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:02 PM

I agree with AG.
Our age is not all that different dip - I am still contributing, but right now all future investments are going into less risky funds.

Although I invest (always have) like I am Pale's age wink , so I haven't lost quite as much as some here did.
Posted By: A_G

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:05 PM

How old are you QoCL?

I'm just keeping my investment percentages the same (not increasing with this year's raise), but I am in mod/mod-risky stuff right now so will probably head more the moderate route.
Posted By: QCL

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:07 PM

31 smile
Posted By: The OG Zaibatsu

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:09 PM

Originally Posted By: Dip
Just quit my contributions until we know more about the market. It's too scary and uncertain for me right now. Hopefully in a few months things will look better, even if the economy is slow. Then I'll start back up again. Besides, I've been tryign to save up a chunk of cash and the extra $300-somethgin a month will help.


Have you looked at the statistics on how much money people who did this lost in the past? Either our economy will continue to grow and you will make this up or it won't and we're all hosed. If your company is matching your contributions (1 to 2 or 1 to 3), I would consider continuing to contribute. If they don't match, I don't know why anyone would contribute to a 401K--there are other options.
Posted By: #Just Jay

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:11 PM

I moved another chunk from cash into the market again yesterday, and raised my 401k contribution at the start of the quarter as well as continuing to max out my Roth contribution... money is on sale, and the more shares we can rake in now, will just blossom in the future!

I have toned down the investments as well though like the others above have mentions to more moderate investments, from a moderate-risky position before I cashed out this summer.
Posted By: Dip

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:31 PM

A couple months to stockpile some liquid cash isn't goign to kill me. I've always been good about contributing to my 401k--was the easiest was for me to be responsible and invest for my future.

My company matches 50-cents on the dollar up to 6% of my pay, so I was putting away 6%. I'll go back to it once my savings gains a little weight.
Posted By: A_G

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:33 PM

Better be careful when you can switch contribution amounts - ie the amount that comes out of your check.

Not sure if it's Federal or State law or whatever, but we can only change our amounts in January and July of each year. It's not at will.
Posted By: #Just Jay

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:38 PM

Generally, it is a plan rule.

We can change our contribution amount quarterly. My other half's can change theirs whenever they wish.
Posted By: Dip

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:39 PM

I can go and change at any time but not sure when it takes effect--might be a pay period or two delay? The rep at Prudential was walking me through how to do it online.
Posted By: pjs

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:42 PM

I'm glad you stated that AG because that is how we are. I was waiting for my paycheck to lower because I upped my % in my plan and now I know it won't be until January that the change will come.

I was in 52% aggressive - which wasn't good-
Posted By: A_G

Re: Down goes the Dow...the Big 3....and.............. - 11/20/08 05:45 PM

That's why I'm going to maintain as is after the annual raise. I might even decrease to what my company matches just to get the match and put the leftover in an IRA...