Quote:
Originally Posted by over the mountain
yeah, the say at times like these the rich get richer, the poorer get poorer.
Im losing aprrox. 4k every 3 mos on my 401k. given that i am hesitant to throw any of my non-401k savings into the market. i really just dont know what to do right now.
should i take my savings and invest in some cheap but well known producing stock?
should i buy a new home (tax & penalty free as 1st time home buyer) by clearing out my 401k just so i dont continue to lose 3-4k every quarter?
im feel kinda screwed right now. i could have bought a house with no money down like every one else and have the fed bail me out b/c i dont know how to live within my means. But no, i played it smart, saved up enough to put 10-25% down so i wouldnt over-extend myself. now my 401k has been chopped in half and i am not in a good position to buy a home . . all these people who had no business thinking they could afford a home but did anyway may very well get "bailed out" . . . while i saved up only to have my life savings cut in half and still dropping.
i say the dow doesnt drop below 5800, no way it can go lower than that i hope.
go skins!!
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i just started a foliofn account... you can use it for retirement accounts or disposable cash, but its like a super low fee mutual fund where you choose your own stocks (or you can leave retirement money as straight cash in there)... they have pre-made investment strategies that including bear market funds (which are short sale stocks that go up when the market goes down, and go down when the market goes up)...
the fact that you can trade in and out of positions without having to take tax hits or rollover paperwork or whatever is nice though.
of course, trading inside your retirement account without research or whatnot isn't necessarily a good idea, but being able to pick individual stocks instead of mutual funds has saved me some money during the downturn.