FROG MAN Posted October 8, 2008 Share #1 Posted October 8, 2008 Whats faster then a first gen? Meaner then the dragon? Even makes WV twisties look mild. Not many survivors on this one. Anybody rode Wall Street lately? Retirement public pensions and private IRA's are down by 2 trillion over the last year and that data was before this weeks slide. My nest egg is down by 40 % since Oct of 07. Some economist are saying if you need your money in the next 5 years to take it out. If not ride it out. My thinking is it's to late to roll it and the bottom to this market may be long and flat. I was planning on being debt free in ten years and retiring with a new house. Now it's move on to plan B. Not sure what that is but I'll think of something. I feel sorry for the guys nearing retirement age. Plan C is to become a Walmart greeter. I'm still doing alot of work for my Oil field and energy clients I wonder how long their boom will last. Link to comment Share on other sites More sharing options...
mini-muffin Posted October 8, 2008 Share #2 Posted October 8, 2008 Not sure how the markets gonna do today the Asian markets dropped today so far. Now to see what European markets do next. Then we open later. Guess all ya can do is hang on it's gonna be a really bumpy ride. Iceland is in really tough times they're actually talking that the country could go bankrupt. Scary times. Margaret Link to comment Share on other sites More sharing options...
bongobobny Posted October 8, 2008 Share #3 Posted October 8, 2008 Yah! I just got a statement for one of my 401K's and I'm down about 20% for the year... Link to comment Share on other sites More sharing options...
DragonRider Posted October 8, 2008 Share #4 Posted October 8, 2008 I was already drepressed with the situation, Now, I am withing 3 years of retirement, and you really opened my eyes...........dang it all...........we too getting close to being debt free, but retirement might have to go to the back burner for a couple years, I sure hope not, miracles do happen, so praying for a big financial one real soon. That WalMart greeter job just wont cut it right now, thats harder than the job I do now.................LOL. Maybe we will all wake up and find out this is all a dream.....er, nightmare........... Link to comment Share on other sites More sharing options...
FROG MAN Posted October 8, 2008 Author Share #5 Posted October 8, 2008 No political punches intended and this is not a political thread. I'm just waking up some people. Most only monitor their retirement with those quarterly statements in the mail if they get opened. Up's and down's in the market are normal even recession is a part of it. But panic leads to a world wide depression and I never seen one of those. Who is at fault we will know later but my money and yours is vanishing NOW. Link to comment Share on other sites More sharing options...
Freebird Posted October 8, 2008 Share #6 Posted October 8, 2008 I deleted the political post. I know that many of us are concerned about our savings but we need to discuss it without bringing politics in it. Link to comment Share on other sites More sharing options...
Aimhigh Posted October 8, 2008 Share #7 Posted October 8, 2008 Don (Freebird)...I can't help but wonder...do you EVER sleep? Link to comment Share on other sites More sharing options...
Ozark Posted October 8, 2008 Share #8 Posted October 8, 2008 I was down 24% for the year and said enough. Pulled all my funds out of the market. Sticking them back into CD's or Money Market. Lost half of my 401k when the bottom dropped out eight years ago and can't go through that again. Link to comment Share on other sites More sharing options...
Freebird Posted October 8, 2008 Share #9 Posted October 8, 2008 Of course...just last night...I slept soundly from 3:30 am to 6:00 am. Link to comment Share on other sites More sharing options...
Bummer Posted October 8, 2008 Share #10 Posted October 8, 2008 Anybody familiar with Jeff Dunham and Walter? I'm way too close to Walter for Wally World to let me be a greeter for more than a day. Link to comment Share on other sites More sharing options...
Guest ezornes Posted October 8, 2008 Share #11 Posted October 8, 2008 I have been in insurance business many years, and I have never had so many phone calls from customers wanting to move their 401's to SAFE SECURE FIXED Interest Paying ANNUITIES. Dont let the big dollar mutual fund sellers lose your investments, they will always tell people to let it ride, or maybe move it to a slower losing fund, right now the smart safe choice is a Good Annuity, good luck E Zornes Mutual Of Omaha Link to comment Share on other sites More sharing options...
Aimhigh Posted October 8, 2008 Share #12 Posted October 8, 2008 Of course...just last night...I slept soundly from 3:30 am to 6:00 am. that's not a "night"...that's a catnap! Link to comment Share on other sites More sharing options...
Redneck Posted October 8, 2008 Share #13 Posted October 8, 2008 Its way to late to jump off the train now. I have managed to stay debt free. I have seen this degree of failure in the oilfield in the early 80's and it made a major impression on me at a young age. I saw people loose everything in a matter of months its not a pretty sight. This could be a long hard road but it will get better. I feel for the people who are nearing retirement and am wishing them the best of luck. Link to comment Share on other sites More sharing options...
KiteSquid Posted October 8, 2008 Share #14 Posted October 8, 2008 YAWN..... I am too far from retirement to care what the market does today.... Just like the cover of the Hitchhiker's Guide to the Galaxy says in big friendly letters: DON'T PANIC Link to comment Share on other sites More sharing options...
loehring Posted October 8, 2008 Share #15 Posted October 8, 2008 Hey Frog Man, rather than a Wal-Mart greeter I'm going to be a Mall Santa. What other job is there where you work less than 2 months, don't have to shave or cut your hair, and you get to write your pizza off on your taxes. Link to comment Share on other sites More sharing options...
BuddyRich Posted October 8, 2008 Share #16 Posted October 8, 2008 What's this retirement thing you speak off.... Link to comment Share on other sites More sharing options...
lonestarmedic Posted October 8, 2008 Share #17 Posted October 8, 2008 BuddyRich- I think retire has a couple of possibilities. Most likely it is when you buy new tires and then run them down to the cords chasing a few dollars. Thus you now have to go in for a retirement procedure. Then you can run the next set bald trying to make a living. JB Link to comment Share on other sites More sharing options...
mini-muffin Posted October 8, 2008 Share #18 Posted October 8, 2008 Well seems they did a .5% rate cut around some places. The European market closed better today. Heck oil is under $90 a barrel. Just think now we'll be able to put gas in our tanks. I know that's not funny. Hang in there folks. Margaret Link to comment Share on other sites More sharing options...
BuddyRich Posted October 8, 2008 Share #19 Posted October 8, 2008 Just got this in an email. NEW STOCK MARKET TERMS for 2008 and beyond. 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 none. 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. Link to comment Share on other sites More sharing options...
SilvrT Posted October 8, 2008 Share #20 Posted October 8, 2008 I have one solution to this whole mess .... don't invest! Link to comment Share on other sites More sharing options...
Yammer Dan Posted October 8, 2008 Share #21 Posted October 8, 2008 What's this retirement thing you speak off.... That's what I was wondering!! I'm just gonna shoot somebody. Know a place I can get free Room and Board. Free medical. Free clothes. I know people so I could get a extra tray now and then.......... Just so hard to decide who to shoot!!! Link to comment Share on other sites More sharing options...
BuddyRich Posted October 8, 2008 Share #22 Posted October 8, 2008 That's easy. Just shoot the one that would give you the most problems after you move in to your new home.. Link to comment Share on other sites More sharing options...
FROG MAN Posted October 8, 2008 Author Share #23 Posted October 8, 2008 Almost impossible to make a honest living.My neighbor retired on the Hydro plan. A 400% return on his investment. The ultimate buy low sell high business. CASH ONLY PLEASE with no taxes to pay. Link to comment Share on other sites More sharing options...
GunnyButch Posted October 8, 2008 Share #24 Posted October 8, 2008 I was planning on taking an early retirement in about 15 months, now I'm not so sure. Guess it's wait and see. Link to comment Share on other sites More sharing options...
FROG MAN Posted October 9, 2008 Author Share #25 Posted October 9, 2008 I always wondered why Grandpa and Grandma raised enough vegetables in 1 year to last for 7. Every year it was can can can I never seen so many quart jars. After she died we eat out of her cellar for years. Then there was butchering time. We only need one hog why are we raising two or three. Well folks after todays ride It looks like the world is in a panic sell off. GM lost 31% today. It's now trading at 1950 year levels. After todays 700 pt drop on Wall Street I know one thing. I can't take much more of this. Having just bought a 4 acre camp,still owing for our vehicles, and a mortgage on my Dad's place it's not a good time to be in debt. I could have paid off the property,the mortgage,the vehicles, and every thing else with what I have already lost. Then again I haven't lost anything until I sell.I guess I'll just ride it out.I know where Grandpa's plows are but might need a team of mules to pull them.I got some lumber for a hog pen and enough property to raise chickens. Link to comment Share on other sites More sharing options...
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