Members TIMKEYS Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by race81 Some of us who lost thousands....had no choice but to leave money there. Most employer run 401's will not let you remove your money when you expect the market to go down the tubes. I lost nearly 10g when the market dumped a few years back, and just now is it back up to where it was then................I dont contribute to anything I dont have control over anymore. Aging out.............funny reading the replies to this. For many years I played in a country music opry setting. Made very good money doing so for nearly 15 years. Somewhere near the last three years the crowds started to dwindle. Thought we were doing something wrong, but then come to realize our audience was dying off.....sad..but true story. I would think that your 401k would have some sort of money market option to transfer funds into , or at least a place with less risk. In the winter we play for an older crowd. What I am seeing is that we are getting fewer who come down early, they are doing house parties more and saving money by staying out of the bars. They havent slowed down on the drinking but they do seem to be watching their dollars. We are an americana texas band that does a lot of texas songwriter stuff, older classic rock and original stuff. our crowd is alive and well , but they are getting snug with the buck. It should be interesting to see how jan goes. I hope to see things pick up as they face up to the fact that its cold and snowin up north. FEB is peak winter texas season. If they are not here by the first week in jan odds are they aint commmin. Link to comment Share on other sites More sharing options...
Members Vito Corleone Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by race81 Some of us who lost thousands....had no choice but to leave money there. Most employer run 401's will not let you remove your money when you expect the market to go down the tubes. I lost nearly 10g when the market dumped a few years back, and just now is it back up to where it was then................I dont contribute to anything I dont have control over anymore. Originally Posted by TIMKEYS I would think that your 401k would have some sort of money market option to transfer funds into , or at least a place with less risk. Tim's right. While you can't just pull your money out of the 401K without penalty, you have the option to move it into different funds. When the market started to tank, I pulled all the money of out of my wife's 401K that we had in stocks and put them into much safer money market and bond funds. When it started going up again, I moved a lot of back to stocks. Tech stocks had a pretty good year. It really pays to learn a bit about the markets and watch your money. You can't just put all of your 401K into whatever and hope things go well. You have to be proactive. Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by guido61 Tim's right. While you can't just pull your money out of the 401K without penalty, you have the option to move it into different funds. When the market started to tank, I pulled all the money of out of my wife's 401K that we had in stocks and put them into much safer money market and bond funds. When it started going up again, I moved a lot of back to stocks. Tech stocks had a pretty good year. It really pays to learn a bit about the markets and watch your money. You can't just put all of your 401K into whatever and hope things go well. You have to be proactive. The problem with the 2008 melt down was that it effected good solid non risky stocks. It was an across the board melt down. I took a 22 percent hit on that one. while its easy to go into the typical 401k and move things ,, its pretty hard to take a portfolio that has built up over a lifetime of investments and make any quick adjustments. I got out of the stuff that had exposure to the morgage meltdown prior to the {censored} hitting the fan. I got nailed on the solid stuff that people dumped out of panic selling. When you are retired you tend to have to live by the sword and die by the sword. You pretty well have to have enough chips in the game to pay the bills. Now I just keep a large cash holding to ride out a big sell of , so i dont have to sell at low prices to pay bills. I am giving up income to have a better long term options. I have cut down my living expenses and am down to one house and can get by on less income. Now the big question going foward is how long to sit on the bond funds. For sure I have one foot in the exit door. For sure how you approach investments changes when you dont have a paycheck rolling in. I think its somthing you cant wrap your hands round till you actually do it. Link to comment Share on other sites More sharing options...
Members Vito Corleone Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by TIMKEYS The problem with the 2008 melt down was that it effected good solid non risky stocks. It was an across the board melt down. I took a 22 percent hit on that one. while its easy to go into the typical 401k and move things ,, its pretty hard to take a portfolio that has built up over a lifetime of investments and make any quick adjustments. I got out of the stuff that had exposure to the morgage meltdown prior to the {censored} hitting the fan. I got nailed on the solid stuff that people dumped out of panic selling. It was a bad time because both stocks and real estate got hit hard. Historically, one has usually been a bit of a safe haven for the other. Part of the reason for the real estate boom was because that's where a lot of money went after the tech-bubble burst in the early 00s. In '08, there weren't too many places to go. T-bills and cash were, at least, places where you wouldn't get hit too hard. If you only took a 22% hit, you did pretty well. I took closer to 30%, but was able to get it all back and then some pretty quickly when the market started to go back up again. Gold did well, but gold doesn't come without its own set of risks as well. Where the future will take us, who knows? I know I've about 20 more years to build up the nest egg and then the goal is to have enough capital working for me that I can live modestly off the investments themselves. The bottom line is to not be too greedy and live modestly. The wife and I combined make a pretty good income. We don't live in a mansion. We drive older, paid-for cars. We don't take expensive vacations every year. The people who got hit the hardest were the ones who extended themselves beyond what made sense for reasons largely due to ego and greed. Hopefully people learned from that. Only do what makes sense. When we bought out first house in 2003 we found out that we were "pre-approved" for a $500,000 loan. We laughed realizing that to buy such a house would mean putting pretty much every cent we made into the mortgage payment every month. Or do some silly ARM or interest-only loan. Instead we bought a house with monthly payments we knew we could afford even if one of us lost their job. They were giving out loans to everybody in those days. And a lot of people got eyes bigger than their wallets and couldn't resist the temptation to live in that $500K house. Same thing with the new one we are buying. We're upgrading a bit because we've outgrown the house we're in and we want to live in a different area, but it's nowhere near the house I'd LOVE to come home to every night that the bank---even in these much-more-strict times---would be happy to approve us for. But you gotta be realistic with your life and think about the long term and what's really important to you. Making sure we've got a decent retirement plan and that the kid has her schooling at least somewhat covered is important. Marble countertops? Not so much. Link to comment Share on other sites More sharing options...
Members Potts Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by TIMKEYS This adm and fed chairman are destroying the dollar and the future of our nation. LOL...Put the pipe down.This president will go down as one of the most influential and incredible leaders we've had in modern America. There has been more positive social change in this country than anytime in the recent past. "Destroying the dollar and the future of our nation" that's just silly. I think you're confusing him with the last guy. Link to comment Share on other sites More sharing options...
Members turnip Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by race81 Aging out.............funny reading the replies to this. For many years I played in a country music opry setting. Made very good money doing so for nearly 15 years. Somewhere near the last three years the crowds started to dwindle. Thought we were doing something wrong, but then come to realize our audience was dying off.....sad..but true story. That's bizarre, and sad, to think about. Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by Potts LOL...Put the pipe down. This president will go down as one of the most influential and incredible leaders we've had in modern America. There has been more positive social change in this country than anytime in the recent past. "Destroying the dollar and the future of our nation" that's just silly. I think you're confusing him with the last guy. Carnak see's the need for a macro econ course in your future Link to comment Share on other sites More sharing options...
Members Potts Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by TIMKEYS Carnak see's the need for a macro econ course in your future Darrell sees Tim needing a newspaper. Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by Potts Darrell sees Tim needing a newspaper. why? I dont have a puppy or a bird. Newpapers are pretty well obsolete these days. Your best bet is to stick to pickin guitar and singing. You really dont have a clue about macro econ or whats going on with the national debt and the fed. Link to comment Share on other sites More sharing options...
Members Potts Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by TIMKEYS why? I dont have a puppy or a bird. Newpapers are pretty well obsolete these days. Your best bet is to stick to pickin guitar and singing. You really dont have a clue about macro econ or whats going on with the national debt and the fed. LOL.. and you know this how? Is it because I don't engage in trivial economic talk with a die-hard righty that thinks this world is coming to an end because of our current president? Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by Potts LOL.. and you know this how? Is it because I don't engage in trivial economic talk with a die-hard righty that thinks this world is coming to an end because of our current president? will the world come to an end ,, that prolly wont happen. Will we end up in a double dip recession with no job recovery, high taxes on everyone, and 20 trillion in debt, and stag flation by the time he gets out of office. Thats a pretty good bet. The biggest reason why you should not talk econ with me is because you dont know {censored} about it. Link to comment Share on other sites More sharing options...
Members Potts Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by TIMKEYS The biggest reason why you should not talk econ with me is because you dont know {censored} about it. LOL.. and you know this how? Is it because I don't engage in trivial economic talk with a die-hard righty that thinks this world is coming to an end because of our current president? Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by Potts LOL.. and you know this how? Is it because I don't engage in trivial economic talk with a die-hard righty that thinks this world is coming to an end because of our current president? Because you dont. Whats your background? You dont have one. Link to comment Share on other sites More sharing options...
Members Potts Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by TIMKEYS Because you dont. Whats your background? You dont have one. 1. For nearly 5 years I worked as a research economist at the Federal Reserve Bank of Cleveland.2. You're trolling because Guido bitch-slapped you. Link to comment Share on other sites More sharing options...
Members modulusman Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by Potts 1. For nearly 5 years I worked as a research economist at the Federal Reserve Bank of Cleveland. 2. You're trolling because Guido bitch-slapped you. Potts if you go over to the political party forum you will find out that TIMKEYS/Rhat is famous for always being wrong. We still love him anyways. Link to comment Share on other sites More sharing options...
Members FitchFY Posted December 31, 2012 Members Share Posted December 31, 2012 Don't we have a Politics forum for this? Link to comment Share on other sites More sharing options...
Members Vito Corleone Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by FitchFY Don't we have a Politics forum for this? It's the #1 sign of "aging out" musicians--they'd rather talk politics and 401Ks than music. Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by Potts 1. For nearly 5 years I worked as a research economist at the Federal Reserve Bank of Cleveland. 2. You're trolling because Guido bitch-slapped you. Brainwashed by the public enemy number one eh? Link to comment Share on other sites More sharing options...
Members mrcpro Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by guido61 It's the #1 sign of "aging out" musicians--they'd rather talk politics and 401Ks than music. Yea I love it, but it really does mirror what's happened. I'm a boomer, and we ruled the club scene when I was younger. There were so many of us that I was regularly gigging 6 nights a week and making more money at it than my roomates who were doing day jobs. I really thought I had it made throughout my life. This was never going to end, right? We were this huge bulge in the population and some of us would always be going out, even if a few dropped out of the scene. Wrong. Here is is NYE and I don't know anyone my age who is doing anything other than spending it at home, or at small parties with friends that will end well before midnight (out here those over 50 usually celebrate the new year with what's called "East Coast New Year's Eve" at 9pm). So my gig this year is as a DJ in a club that will be filled with people the age of my kids. And that's it in a nutshell. As people age out they don't go out. Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by mrcpro Yea I love it, but it really does mirror what's happened. I'm a boomer, and we ruled the club scene when I was younger. There were so many of us that I was regularly gigging 6 nights a week and making more money at it than my roomates who were doing day jobs. I really thought I had it made throughout my life. This was never going to end, right? We were this huge bulge in the population and some of us would always be going out, even if a few dropped out of the scene. Wrong. Here is is NYE and I don't know anyone my age who is doing anything other than spending it at home, or at small parties with friends that will end well before midnight (out here those over 50 usually celebrate the new year with what's called "East Coast New Year's Eve" at 9pm). So my gig this year is as a DJ in a club that will be filled with people the age of my kids. And that's it in a nutshell. As people age out they don't go out. I live and work in a gulf coast town that gets a ton of retired seniors starting after christmas. Trust me , they party their brains out. While the party might end at midnight tonight, odds are they will be drinking again before noon tomorrow. You cant drink all day unless you start first thing in the morning. If its people who retire and stay in the home town. Yea they are pretty sedate, but most of them were pretty sedate when they were young too or are so disabled from smoking, drinking and extra weight that they cant move. Link to comment Share on other sites More sharing options...
Members Vito Corleone Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by TIMKEYS Brainwashed by the public enemy number one eh? Ahhh...yeah. That's it. Don't read any newspapers because those are all just the liberal-biased, Obama-loving, America-hating, lamestream media anyway. Instead, get all your financial advice from Sean Hannity and Glenn Beck. GREAT plan there.... And yes, Tim. Your political prognostication record is running right around 0% in the few years I've known you on this board. How many times are you going to get stuff wrong before you'll start to figure out you need better sources? Or are you just going to go the stopped-clock route and figure you'll get something right eventually and that will make all the wrong calls worth it? Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by guido61 Ahhh...yeah. That's it. Don't read any newspapers because those are all just the liberal-biased, Obama-loving, America-hating, lamestream media anyway. Instead, get all your financial advice from Sean Hannity and Glenn Beck. GREAT plan there.... And yes, Tim. Your political prognostication record is running right around 0% in the few years I've known you on this board. How many times are you going to get stuff wrong before you'll start to figure out you need better sources? Or are you just going to go the stopped-clock route and figure you'll get something right eventually and that will make all the wrong calls worth it? I am pretty happy with how I have met my financial goals. Link to comment Share on other sites More sharing options...
Members Vito Corleone Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by TIMKEYS I am pretty happy with how I have met my financial goals. Luckily you established the path you were on with them before you became crazy old gummit conspiracy guy. Link to comment Share on other sites More sharing options...
Members TIMKEYS Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by guido61 Luckily you established the path you were on with them before you became crazy old gummit conspiracy guy. Its not crazy to understand that there is a major problem of borrowing 46 cents out of every dollar we spend with the adm teamed up with a fed chairman that lets them do it at pretty well a zero percent interst rate. We need to get spending under control and take the recession we have earned though out of control goverment. Link to comment Share on other sites More sharing options...
Members Vito Corleone Posted December 31, 2012 Members Share Posted December 31, 2012 Originally Posted by TIMKEYS Its not crazy to understand that there is a major problem of borrowing 46 cents out of every dollar we spend with the adm teamed up with a fed chairman that lets them do it at pretty well a zero percent interst rate. We need to get spending under control and take the recession we have earned though out of control goverment. There's an advantage to being the economic top dog in the world and getting to print our own money. Yeah, a good deal of the debt will eventually be eaten up by inflation due to all the money printing, but from the economic standpoint of the individual, how is that any more painful or dangerous than a recession? And it has the advantage of being able to spread it out over the next few decades rather than taking the hit all at once. Take a trip to Europe and ask some of those countries over there how well "austerity" is working out for them. I've been hearing the cries of "the debt will destroy us!" since I was a little kid. None of that has ever really panned out, has it? Dick Cheney told us all that "deficits don't matter" around about 2002 when the government was in the mood to run up the credit card to pay for some wars. Were you as apoplectic about all the debt back then? Or did it not bother you because it was the guys YOU like running it up at the time? Some quick tips to live your life by: 1) take care of yourself as best you can. Nobody else is going to do it for you. Not Barack Obama. Not Mitt Romney. 2) it's fun and entertaining to pick a team and play political football, but it isn't going really matter which party is in power because, if for no other reason, you can't do anything about it anyway. I can't think of any bigger waste of time than trying to live my life based on who the current or next president is. I need to focus on the things I CAN control. 3) don't let that {censored} run your life. Nobody likes crazy political guy with a yard full of signs and his car covered in stickers. Doesn't matter which team you're rooting far. People will think you're a nut. They're laughing AT you, not WITH you. The truth is in the middle, not at the extremes. That's why we have a two-party system. If one side was always right and the other always wrong, they'd have obliterated the other side long ago. Link to comment Share on other sites More sharing options...
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