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Another Black Monday
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Topic: Another Black Monday (Read 5466 times)
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duh
Elite Member
Posts: 10,068
Gentle Gypsy
Another Black Monday
«
on:
Sep 16, 2008, 05:50:58 AM »
I hardly ever catch the news but I caught the financial news last night. I never knew that AIG owned MetLife which is the stock I own and was just getting ready to sell to pay my debts. It doesn't look like I'll be able to do that now. Fudge, has anyone else been hit by the "restructuring"?
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Triss
Elite Member
Posts: 10,844
Live, Love, Laugh! Impudent Imp
Re: Another Black Monday
«
Reply #1 on:
Sep 16, 2008, 09:34:40 AM »
I have not been hit only because I have no stocks but I know that my parents have been hit hard.
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We are all under the same stars, therefore we are never far apart.
barleychown
Elite Member
Posts: 6,138
live and let live Mischievous Minx
Re: Another Black Monday
«
Reply #2 on:
Sep 16, 2008, 09:49:55 AM »
Many huge companies have tanked, and many more, including WaMu are circling the drain. Scary to watch.
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Today's mighty oak is just yesterday's nut that held its ground
UNCLEG
Jr. Member
Posts: 319
Re: Another Black Monday
«
Reply #3 on:
Sep 16, 2008, 11:55:25 AM »
401K took a big hit.
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Jim
Administrator
Posts: 4,319
What have I gotten myself into?
Re: Another Black Monday
«
Reply #4 on:
Sep 16, 2008, 06:30:11 PM »
Yeah, I have already been loosing ground with the 401K so I can only imagine after yesterday. I'm afraid to look at it.
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Former SMF Support Specialist
duh
Elite Member
Posts: 10,068
Gentle Gypsy
Re: Another Black Monday
«
Reply #5 on:
Sep 18, 2008, 05:45:20 AM »
401k's sounded like a good idea but most of the management companies that run them aren't worth their incorporation papers.
I hope things turn around but I'm not feeling hopeful.
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Jim
Administrator
Posts: 4,319
What have I gotten myself into?
Re: Another Black Monday
«
Reply #6 on:
Sep 18, 2008, 12:19:13 PM »
401Ks
are
a good deal, especially when your employer matches anything you contribute. Most 401Ks these days are managed by an investment firm. I was able to pick what my money was invested into and know the risk are higher when you go for larger gains in a short amount of time. Sure the money could be in CDs getting 3 or 4% guaranteed but on the outside chance that you can make 15%, sometimes you have to take the risk. Mine is fairly diversified so I have some high risk and some low risk which means I'm going to lose some just not all in a situation like this.
It's still better than having nothing, though.
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Former SMF Support Specialist
landofoz
Elite Member
Posts: 7,513
Busy Brownie
Re: Another Black Monday
«
Reply #7 on:
Sep 25, 2008, 08:32:06 AM »
Right now I think 3 or 4% is generous. We nailed in our CD in March for 3.04 (a year ago our daughter's small CD's got them 3.58%). Last I saw at our bank the $5,000 special was 2.89%. My husband started watching his 401k very closely this spring because it was about to pass an "important" dollar amount.
It has dropped almost 4K since then--and he puts almost quite abit every month into it!! lol - I keep telling him that "We're buying low, we're buying low. Calm down, it's not like we're 65--we're just 25."
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duh
Elite Member
Posts: 10,068
Gentle Gypsy
Re: Another Black Monday
«
Reply #8 on:
Oct 09, 2008, 07:24:50 AM »
With care the investing you do now can really produce some nice gains landofoz. As long as the companies don't go under. The companies you are looking for are the ones that have very little corporate debt and are for staples as I'm sure you know. Those have the best chance of sticking around.
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UNCLEG
Jr. Member
Posts: 319
Re: Another Black Monday
«
Reply #9 on:
Oct 11, 2008, 07:44:39 PM »
I made the mistake of looking at 401k yesterday...it is down 1/3 since this time last year, thought I was going to be sick
. Went and bought some chicken pullets this morning, gotta bad feeling that we had all better be able to take care of ourselves in the not to distant future.
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duh
Elite Member
Posts: 10,068
Gentle Gypsy
Re: Another Black Monday
«
Reply #10 on:
Oct 12, 2008, 05:39:03 AM »
Not a bad idea. I just can't afford to build a chicken coop right now. Wish I could.
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Jim
Administrator
Posts: 4,319
What have I gotten myself into?
Re: Another Black Monday
«
Reply #11 on:
Oct 13, 2008, 04:51:22 PM »
Looks like it was a much better day today with the Dow closing up 936.42 or 11.08%.
Made a little bit back but still a long way to go. I still refuse to look at my 401K.
If it's down a 1/3 then we need several more days like today to make the ground up that we lost. The guy from Mad Money said this morning that it would take at least 2 years to get back to where we were before things started going south.
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Former SMF Support Specialist
UNCLEG
Jr. Member
Posts: 319
Re: Another Black Monday
«
Reply #12 on:
Oct 13, 2008, 07:26:44 PM »
I talked with my accountant friend today at work, he said if we the market would perform this way the rest of the week (7 days) we would be back to where we were 1 year ago today.
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Jim
Administrator
Posts: 4,319
What have I gotten myself into?
Re: Another Black Monday
«
Reply #13 on:
Oct 13, 2008, 08:07:32 PM »
I sure hope it does. That would make for a good week. Now as long as gas prices don't start creeping back up, we might be ok.
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Former SMF Support Specialist
duh
Elite Member
Posts: 10,068
Gentle Gypsy
Re: Another Black Monday
«
Reply #14 on:
Oct 14, 2008, 10:01:32 AM »
I've got my fingers crossed for everyone who has stocks.
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sunsoaker
Elite Member
Posts: 22,778
Sunny Sylph
Re: Another Black Monday
«
Reply #15 on:
Oct 14, 2008, 10:58:29 AM »
My ex has made $2000 already today.. on one stock. He bought it just the other day - at bottom $$. With the upswing today, it has gained 45% so far. I know all this 'cause he's here helping me with gravel today... he can be nice when he wants... lol
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Dear Lord, On this day, please wrap your arm around my shoulder and keep your hand over my mouth. Amen
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