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Old 10-15-2010, 05:12 PM
  #61  
HRnB
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Originally Posted by Mishri View Post
401k? bwhaahh thats what everyone thought till they saw their 401k turn for 500,000 to 100,000 then the market receovered but for some rason their portfolio only went back upt to 180,000? wtf?
Of all the f**ked economy issues, this is the thing that was the most painful for me personally to see. I was really counting on my 401k to be my nest egg no matter what happened. I put the max allowable into it and even went without things at times to keep on track with my plan. I watched everything dwindle to **** right before my eyes before I could do anything.

I did get lucky by complete accident and moved some to a different investment right before the **** hit the fan. But still, it can never recover and get back to my 2 mil by retirement goal.

...I was planning on a 20 yr old wet nurse, sponge baths, skimpy maids outfits that are required to be in my employment, etc. All shot to hell. I wish i could punch the economy in the face.
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Old 10-15-2010, 05:17 PM
  #62  
Mishri
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just remember.. we had the DOW at a peak of 279 in 1929 3 years later it bottomed out after a lot of ups and downs to $42 took till 1954 to reach that 279 mark again.. give it 25 years.. you might get your money back.. just another example of loose lending policies.
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Old 10-15-2010, 05:27 PM
  #63  
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Yeah, I keep hearing that. I just can't trust anything anymore. Now I'm counting on real estate equity. But it's a far cry from my original retirement plan, lol. But I have another 25 years, or so. You never know, I might start another business between now and then that changes my future financial outcome. optimism
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Old 10-15-2010, 05:57 PM
  #64  
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Originally Posted by HRnB View Post
Of all the f**ked economy issues, this is the thing that was the most painful for me personally to see. I was really counting on my 401k to be my nest egg no matter what happened. I put the max allowable into it and even went without things at times to keep on track with my plan. I watched everything dwindle to **** right before my eyes before I could do anything.

I did get lucky by complete accident and moved some to a different investment right before the **** hit the fan. But still, it can never recover and get back to my 2 mil by retirement goal.

...I was planning on a 20 yr old wet nurse, sponge baths, skimpy maids outfits that are required to be in my employment, etc. All shot to hell. I wish i could punch the economy in the face.
Sucks man.....hence the reason I said I'm glad I'm so young. If I were approaching retirement age I'd be foobarred.

Not that it's any consolation to you, but you can feel good for me. Love me, you want to.
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Old 10-15-2010, 06:39 PM
  #65  
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Honestly, I feel bad for the people that really depended on their retirement plans. A guy I know with a small plumbing company, 68, still working because he's a bad *** old guy. Lost his 401k, Ira's and just got foreclosed on and police escorted out of his home and locked out about two weeks ago.

As far as for me, I honestly don't worry about it too much. I've always been one of those guys that land on my feet. Like, right when everything got sh!tty with new construction and all my pool building friends have hardly worked in a year, I was just finishing a big project with nothing lined up. As I started wonder how everything depends on my service and repair part of my company, I got a call from an old commercial contractor I did a favor for a few years back. I met with him the next day and he was contracted to build 14 miniature golf/theme park all in southern Cali. He asked if I'd take all of the pools, stream and water features. He already had the plans ready to bid off. A put the numbers together, he liked them and sign a 7 year contract.

Not breaking the bank or anything. But me and my employees and subcontractors are guaranteed work for the next 7 years. Things like this just always seem to work out for me.
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Old 10-15-2010, 08:44 PM
  #66  
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Since you are planning marrige and later a house, save as much as you can now for a down payment. A bigger down payment means less principle and less mortgage interest over the next 15 to 30 years. Also, a good down payment means you can avoid that hideous mortgage insurance which is money pissed into the wind. We payed as much extra towards principle as we could afford each month and payed off a 30 year mortgage in 11 years and we are both in retail, so you know we aren't rich. Interest is wasted money and avoid it as much as you can. Best wishes for you and your soon to be wife. Also, welcome to Ky. I live in eastern Ky, but I love nothern Ky. If you are an aviation buff, have you discovered the airplane viewing park near the Cincy-N. Ky. airport? BTW, the avatar is my Tom cat who loves to watch Ky. basketball !

Last edited by mikemc04gt; 10-15-2010 at 08:49 PM.
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