How has the current market mess effected you?
Submitted by tony on September 29, 2008 - 2:22pm.
I know that money is sometimes a taboo topic, but I'm curious to hear how folks have been effected by the current financial market downward spiral. Is there anything we need to do right now to stay on the safe side? The only thing I've done is sell one of my international mutual funds (in preparation to buy some undervalued stocks... GOOG?). Besides that, I've seen my IRA value go down pretty good (maybe 20% off the highs). I bank with Chase, so it seems like they're in good shape and I don't have any accounts over the limit anyway...
Re: How has the current market mess effected you?
I had a HUGE year last year financially. I was so stoked about how much ground I had covered in my portfolio. Then six months ago it all came crashing down. I am now worse off than I was back in 2000. On the bright side I am still here, so is my wife, and baby is on the way. So things aren't that bad. Just my plans to retire at 50 just got pushed back a decade.
Re: How has the current market mess effected you?
It's been great for my business. I work with a lot of start-ups creating web sites and SEO and people are moving their butts to start their own businesses now. I guess the lack of job security can do that to people. Does everyone here have a contingency if they get laid off?
John
john at zimmerman dot net
Re: How has the current market mess effected you?
I think the current market situation is PRIME for those of us who can manage to remain employed through it. World renowned investor Julian Robertson, founder of Tiger Management, who has been able to provide returns of 20-25% over the two past decades in his fund, said we are just at the beginning of a "doozie" of a recession. Japan's recession began in the 90's and it was a pretty bad one. The diff is that Japan had money in savings when it hit. We, America, do not! Either way, at over 30% down, it wouldn't make much sense to head for the hills now. I'm doing as most, scrounging for every extra penny I can get my hands on and buying the bargains. Now is the time to make some money. I've got about 32 years to figure it out anyway. Unfortunately, for some of the older fathers here approaching retirement sooner than later, may have a tougher ride. Good luck guys!
Re: How has the current market mess effected you?
I am looking at my 401(k) portfoloio and thinking "when the market recovers - and *it will* - I am going to be sitting very pretty!
http://whatsit2you.blogspot.com
Re: How has the current market mess effected you?
Saw this in an email and had to just laugh (or cry?):
CEO --Chief Embezzlement Officer.
CFO-- Corporate Fraud Officer.
BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.
VALUE INVESTING -- The art of buying low and selling lower.
P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing. BROKER -- What my broker has made me.
STANDARD & POOR -- Your life in a nutshell.
STOCK ANALYST -- Idiot who just downgraded your stock.
STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER -- A guy whose phone has been disconnected.
MARKET CORRECTION -- The day after you buy stocks.
CASH FLOW -- The movement your money makes as it disappears down the toilet.
YAHOO -- What you yell after selling it to some poor sucker for $240 per share.
WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.
PROFIT -- An archaic word no longer in use.
Re: How has the current market mess effected you?
A question that has also been on my mind is "How will the current market mess affect my 4-month-old son?"
I've always marveled on the fact that we Americans are so comfortable with debt. I remember having a college friend who would get all sorts of free junk by applying for credit cards at sporting events. He would always put 0 as his income. But sure enough, he would get a card (and the junk). Was he irresponsible, or were the companies who issued him the cards? It seems that everyone is eager to go into debt for the short gain, figuring that the details will be worked out later. The proposed 700 billion dollar bailout is no different. It's the later part that has me worried about my son.
Consider this article from Sunday's Washington Post:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/27/AR200809...
I understand, having a mortgage and student loans, that some debt is good debt. But what about this American culture of debt? What are we leaving our sons and daughters?
Re: How has the current market mess effected you?
Three year's growth washed away in three months - gulp! I'm just thankful my retirement is in the distant future (ie way more than three years). My plan is to batten down the hatches and ride it out.
Re: How has the current market mess effected you?
I am in Canada but doing the same, buying all the stock I can afford buy and hold for several years. Well that is the plan anyways.
Post new comment