I returned home from work and was so disgusted with everything. In particular the amount of money lost due to the dismal turn of events on Wall Street.
I could have bought more than 1 Ducati 1098 and had more to show in gains than losses. They did a summary of if you invested a $1000 in xyz company
versus bought a $1000 in beer, the bottle refund would have netted more than
some of the investments. Anyways, just wondering how my fellow Speedzilla
members have fared and if you wish you had spent your money differently?
Imagine if the government would have allowed everyone in the US that had money in a 401K account to withdraw money early tax free and used it to pay off credit cards, mortgages, etc.
Consumers would have had less debt and not sat around and watched their savings continue to decline. The banks would have also watched their stock prices decline (due to the withdraws of funds) but would have had their revenues rise due to the decrease in foreclosures.
Now we are on the edge of a very dangerous cliff. Consumers are less willing to spend money due to the fear in the market and what is going to happen to their savings. Banks are less willing to loan out money due to defaults and lack off capital. Consumers do not want to go out on a limb and buy homes, due to lack of available money vs interest rates, the fear that they are not going to get a good deal and the possibility of extended unemployment in the near future.
It really is quite frustrating to watch all this going on at the moment.
I was watching some of the congressional hearing the other day with the former CEO of Lehmanns Bank, and how he was trying to justify to the hearing whether he thought it appropriate to give himself a salary and perks in excess of $270 million dollars over the last five years, while the man in the street did everything he could to run his life as normally as possible.
I don't get it.
If it was you or me, we'd be shown the door or maybe the inside of cell.
Let me start out with.....I've lost 6 $ figures in this market since last month. Theres nothing I can do about it! I would be stupid to pull whats left out! Only thing I have going for me now is that I'm 41 years old and have a long run before retirement. It will rebound, always has and will again! I just hope that the idots that were living the high life driving their BMW's riding their Ducatis and living in $500K house all on a $40K salary are held accountable for their stupidity!
If your able to buy the Duc with cash, and you have no need to worry about paying next months bills, then I would say yeah go for it!....if you want to live on the edge and possibly double tripple or quadrupil your investment, nows the time to buy into the market! It's a tough call really!
Let me start out with.....I've lost 6 $ figures in this market since last month. Theres nothing I can do about it! I would be stupid to pull whats left out! Only thing I have going for me now is that I'm 41 years old and have a long run before retirement. It will rebound, always has and will again! I just hope that the idots that were living the high life driving their BMW's riding their Ducatis and living in $500K house all on a $40K salary are held accountable for their stupidity!
If your able to buy the Duc with cash, and you have no need to worry about paying next months bills, then I would say yeah go for it!....if you want to live on the edge and possibly double tripple or quadrupil your investment, nows the time to buy into the market! It's a tough call really!
Good luck!
At least you have the right attitude. If you pull out now you will loose more when the market rebounds and it will. I'm 43 and have 20+ yrs to retire, all you can do is ride it out. The silver lining may be that the P&E's of alot of these companies that are tanking are actually pretty good. Eventually the stock will be undervalued and someone with money will come along and off we go.
At least you have the right attitude. If you pull out now you will loose more when the market rebounds and it will. I'm 43 and have 20+ yrs to retire, all you can do is ride it out. The silver lining may be that the P&E's of alot of these companies that are tanking are actually pretty good. Eventually the stock will be undervalued and someone with money will come along and off we go.
Totally agree.....tomorrow's megarich will be guys who are gobbling up stupidly cheap stock in companies that have great underlying assets and will rebound like a skyrocket 12-18 months from now. All those assets marked down due to the "mark to market" rules are not suddenly worthless and when they are revalued will make a lot of today's "the sky is falling" doomsayers look pretty silly.
I just don't bother to look at the stock market now.....this country ain't going to hell in a handbasket......one day a year from now, I am going to be glad that I rode out the storm.
As FDR said "All we have to fear is fear itself".
I have unlimited faith in this country without doubt or reservation.
__________________
Only one left not in captivity.
The market is going back to what it used to be, before Reagan was in office. You had a 5 and 2 cycle, 5 year up swing, with a 2 year down turn. this time around, it's a hard down turn. People don't remember the times in the early '70's and early '08's. This is just like it. People foreget the bad times. I lived though them. So this is nothing new. My
Rather than participating in my company's 401K, I have been working to pay off everything. I have resolved not to buy another vehicle until the house is paid off. The fight will be in two or three years when my wife wants yet another new car, but she got exactly what she wanted last year with the understanding that it would be the last for some time.
Why put money into the market only to see it drop by 25% in the last month, when I get a guaranteed 5.875%?(actually more like 4.5% with the mortgage interest deduction) Paying down the principal is saving tomorrow's money, and a hundred thou saved is a hundred thou earned.
This of course goes against most financial wizards that tell you to leverage as much as you can and you would be an idiot to pay off your house. Hopefully by age 42-ish, as long as I can cough up a few thousand per year for taxes, insurance, and utilities, I will always have a pretty nice place to live.
In seven years, those Desmosedici RR's will probably have hit their depreciation bottom
Rather than participating in my company's 401K, I have been working to pay off everything. I have resolved not to buy another vehicle until the house is paid off.
High five! Same plan here -- as long as I'm getting paid in dollars and my mortgage is in dollars, I don't care much about the value of the dollar or the Dow. My newest vehicles are a 2003 bike and a 2003 car (of course, the wife drives a newer car). Before buying my latest car, I was commuting in a car that cost 1% of my income and had 300,000 miles. I wish I could have squeezed a few more miles out of her. I'll get back to investing when I owe nobody anything -- hopefully that's next spring, and then the new cars and bikes will be much more enjoyable!
Quote:
Originally Posted by tmoneyr007
Imagine if the government would have allowed everyone in the US that had money in a 401K account to withdraw money early tax free and used it to pay off credit cards, mortgages, etc.
You probably could have taken the money out and paid taxes and still been better off than you are now. I wish I had done that.
I just don't bother to look at the stock market now.....this country ain't going to hell in a handbasket......one day a year from now, I am going to be glad that I rode out the storm.
As FDR said "All we have to fear is fear itself".
I have unlimited faith in this country without doubt or reservation.
Nah, nothing's wrong at all.
Here in Asia, we're hitting circuit breakers with markets down 6-10% across the board in Wednesday trading. Markets are down anywhere from 40-60% on the year and hedge funds are facing redemptions and hitting any bid out there. Everything's fine, the US isn't part of the World.
Is the sky falling? Hell no! Is it REALLY fukn bad? Yep!
__________________
Quote:
Originally Posted by mrgrn
why don'y you do yourself a favor and put me on ignore
I've never sunk a nickel into a 401K or Social Security. I'm 37, and I've got nine years 'til I max out my police pension. Crime will never take a day off. I will always have a job whether I want to or not.
My wife and I bought our house in June. It was a forclosure, and we bought it for $70K less than its appraised value. I drive a 1983 Oldsmobuick, that I bought for $500 three years ago. My wife makes more money than I do, our mortgage payment is exactly 23% of our take-home income, we have no credit card debt, my GI Bill paid for my eduction; and while it seems that everyone in the country is about to jump out of the proverbial seven-story window, I purposely ignore ALL news broadcasts and continue to smile..........
__________________
CRA/CCS #666
"Everything I have, I'd give it all up right now...........for just a little bit MORE!!"
I paid all of my debt off back in 2006. No student loans, mortgage, credit cards, nada.
Everyone else was livin large while I was living with less paying cash for everything.
The Tortoise always wins the race.
On the other hand, if you want to get rich, you must be a producer, not a consumer.
It really sucks that many are in jeopardy of losing their homes. People have already started killing themselves, literally, due to the anxiety of losing everything.
This situation is really sad.
But I don't think there is any quick fix. Might be bad for the next 2-5 years.
I can tell you one thing though. Real Estate won't be producing nearly as many millionaires going forward, as it has within the past 20 years. I see alot of agents, brokers, etc becoming janitors and looking for city jobs.
I used to post on Ferrarichat a few years ago, and there was a strong California contingent on the board. At that time, the consensus was that real estate was always going to go up 20% per year, they were rich and only getting richer, and everyone else in the country was an IDIOT for not getting in on making all this money buying houses you couldn't afford and flipping six months later for more than your asking price. The rest of us backwater bumpkins were missing out. Their shiny new 360 was proof that they were clearly smarter than the rest of us.
My how times have changed. I haven't been back there for some time, but I would guess these financial geniuses are now stuck in a house whose value has dropped precipitously from its peak, and they are now upside-down with no hope of refinancing. I doubt these same people are now bitching about the waiting list for a new 430.
Some were brokers, I remember one guy in his early 20's who couldn't even put a coherent paragraph together, I would call him functionally illiterate. He did two or three house deals for his family members, bought some V12 AMG something or other to drive clients around, and touted himself as a high-roller. He is now probably living back with his parents and flipping patties at the nearest In-N-Out. He had no skills, other than some relatives who wanted to buy and sell a few houses. My guess is his boss realized this and took him on long enough to make some money for himself.
Do I feel sorry for these people? Yes and no. I feel bad because next to death or serious illness, financial hardship like this is probably the most difficult thing to deal with in a family. I feel sorry for the family that felt they had to buy at the inflated prices because they would never come back down. Certianly the media made it seem that way.
OTOH, the old saying that pigs get fat and hogs get slaughtered come to mind. There were some really greedy people that may have even known the music was going to stop someday, and they felt smart enough to make sure they had a seat. At least some of them apparently didn't.
You probably could have taken the money out and paid taxes and still been better off than you are now. I wish I had done that.
LOL, I took a loan out of my 401k at the beginning of this year (my company matches my 401K contributions which is why I invest there) When everyone said no, that's a horrible idea, saved myself from depreciation of it's value, had money to pay off debts (saving on interest) and am paying myself back money that I can now invest back into stocks at a nice discounted rate. Worked out pretty well so far!
A lot of smart people on this board.... DEBT is the enemy, allowing others to make interest off of everything you buy/own is not the way to financial freedom.
I used to post on Ferrarichat a few years ago, and there was a strong California contingent on the board. At that time, the consensus was that real estate was always going to go up 20% per year, they were rich and only getting richer, and everyone else in the country was an IDIOT for not getting in on making all this money buying houses you couldn't afford and flipping six months later for more than your asking price. The rest of us backwater bumpkins were missing out. Their shiny new 360 was proof that they were clearly smarter than the rest of us.
My how times have changed. I haven't been back there for some time, but I would guess these financial geniuses are now stuck in a house whose value has dropped precipitously from its peak, and they are now upside-down with no hope of refinancing. I doubt these same people are now bitching about the waiting list for a new 430.
Some were brokers, I remember one guy in his early 20's who couldn't even put a coherent paragraph together, I would call him functionally illiterate. He did two or three house deals for his family members, bought some V12 AMG something or other to drive clients around, and touted himself as a high-roller. He is now probably living back with his parents and flipping patties at the nearest In-N-Out. He had no skills, other than some relatives who wanted to buy and sell a few houses. My guess is his boss realized this and took him on long enough to make some money for himself.
Do I feel sorry for these people? Yes and no. I feel bad because next to death or serious illness, financial hardship like this is probably the most difficult thing to deal with in a family. I feel sorry for the family that felt they had to buy at the inflated prices because they would never come back down. Certianly the media made it seem that way.
OTOH, the old saying that pigs get fat and hogs get slaughtered come to mind. There were some really greedy people that may have even known the music was going to stop someday, and they felt smart enough to make sure they had a seat. At least some of them apparently didn't.
+ 1,000,000
Let's just hope that some of these folks were smart enough to save some of that money otherwise they will now be forced to .................................................. ..
Wait for it................................................ .....
GET REAL JOBS. hahahahahhahahahahhahahahahhahahahaha!
Maybe I'll go online in a few months this winter and get me a pre-owned 360 Modena for $75K.
I feel sorry for the families that were lied to and taken advantage of. I don't feel sorry for the guys that took advantage of old senile folks and got rich off of their equity.
I am pretty disgusted with it all. I watched my 401k tank big time monday. I say NO to the bail outs, if you can't afford to pay back what you owe tough you should have not had the money lent to you to begin with. To the lending giants who loaned the money sorry someone needs to be held accountable. If you go broke so be it. I am sick of people thinking the goverment owes them a living. Get off your lazy asses and go to work!! There is not majic bullet to fix this. New President, that in itself is another joke. Yes I vote and yes I can complain!!
People have been living well beyond their means in this country for a long time. This was going to happen eventually.
We'll see who survives. Sad but the world needs an enema....
I also don't think the financial bail out is the answer here either.
Ken
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Quotes From Turd Burglar 51
Quote:
Originally Posted by Area 51
I'm fifty and ride a sport bike. I guess I'm a tool too - just like you, bros. Got a few hunting guns too.
Quote:
Originally Posted by Turd Ferguson
Can't say for sure but I suspect Rand Paul is an ass.
Pot and Kettle..together forever. Hypocrisy knows no boundaries..
Quote:
Originally Posted by nero
IQ51 still fits, i see...
_________________
The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living.
Investments in stock market vs new Ducati
I say NO to the bail outs, if you can't afford to pay back what you owe tough you should have not had the money lent to you to begin with. To the lending giants who loaned the money sorry someone needs to be held accountable. If you go broke so be it. I am sick of people thinking the goverment owes them a living. Get off your lazy asses and go to work!! There is not majic bullet to fix this. New President, that in itself is another joke. Yes I vote and yes I can complain!!
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