I went conservative last year but I'm still putting money into the market. But what's in the next 5 years or maybe less I will be taking some money out of my 401k. I refuse to let the market postpone my retirement.
dow jones
- Thread starter Jkloc420
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Up In Smoke
Well-Known Member
There is a huge difference between investing and managing a portfolio. Most people blindly put there money in 401ks and buy a mutual fund that has hundreds of companies in it. These people hope that the fund managers will actively add and subtract companies based on the guidelines (prospectus) set forth by the institution. These people also complain the most when their investment under performs. The people that manage their portfolio will buy (this is important) and sell individual stocks or EFTs when goals are met. Capturing and profit and minimizing a loss sets these two types of savers apart.
Thebrownblob
Well-Known Member
Can’t remember when I started my 401(k) 1994 or 95. Mostly just a stupid kid Who didn’t think it was even important. Just did it because someone said it was a “good idea.” Retirement was the farthest thing from my mind. Now at this point in my career it’s probably just as important as my pension. Did most of it having almost no clue.
Thebrownblob
Well-Known Member
And even the ones who do it blindly are better off than those who don’t at all.
Just remember your pension never goes up but everything else does.
And that's why you need a 401k or a Roth IRA to help supplement your income
Thebrownblob
Well-Known Member
Yep, wife and I do Roth IRA as well.
That Roth money is going to be huge later in life
Thebrownblob
Well-Known Member
The majority of 20 something’s I work with Eyes glass over if you start talking about mutual funds, ETFs, 401(k)s,Roth IRAs etc. I just tell them keep putting money in your 401(k), eventually down the road they’ll pay attention.
The most common responses while the company doesn't match it so I shouldn't put any money in.
Up In Smoke
Well-Known Member
Part of our safety committee goals is to teach financial well being. 3/4 times a year we set up tables and invite loan officers, wealth mangers and insurance reps to come in and inform the masses about mortgage rates, savings strategies and insuring your wealth. These programs have been well attended and the feedback is generally quiet positive.
DriveInDriveOut
Inordinately Right
I'd like to think so.
Just remember that absolutely nothing is off limits when it comes to the left's desire to tax the rich. Laws can be changed.
They never found a tax they didn't like
DriveInDriveOut
Inordinately Right
Yikes.
This kind of thing is how people get scammed into giving up a percentage of their money to a 'manager', or buying some garbage like whole life insurance.
Nothing wrong with having your money professionally managed, just want to make sure they are fiduciary.
Because there's lots of scrupulous people out there to try to sell you expensive annuities and other products that are not in your best interest.
DriveInDriveOut
Inordinately Right
Let's be honest though that's the majority of them.
Yes there are lots of bad people out there.
Up In Smoke
Well-Known Member
Purely informational. Bankers explain how mortgages, vehicle and small business loans work. Investment managers talk about building wealth and saving for things like education. The insurance professional talks about protecting your wealth and family. I'm always amazed at the advanced age of men and women that have no concept of much of the information provided.
Wally
BrownCafe Innovator & King of Puns
Why the Stock Market Has Turned Into a Horror Movie
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Fred's Myth
Nonhyphenated American
scrupulous: having moral integrity : acting in strict regard for what is considered right or proper
You are contradicting your own statement. FYI
