Being Prepared

[Gavin]

Still have still have 10-15 years to earn if I'm lucky. Sorry for those that don't have time to wait it out. Big Haircut for them.

 

[Mitch f]

6 hours ago, BilletHead said:

              I agree 100% Mitch. But am glad the government is doing something. I have been trying to watch the briefing every afternoon. It gives me some peace of mind and helps the anxious feelings. While you and I and hoping all of our members are doing the right thing there are those that NEED to be told what to do. Remember that saying "You can't fix stupid". We see it everyday.  

I certainly agree with you 100%

[Terrierman]

1 hour ago, Gavin said:

Still have still have 10-15 years to earn if I'm lucky. Sorry for those that don't have time to wait it out. Big Haircut for them.

 

It would be a very bad time to try to retire with any kind of money problems at all.  Or worse, be a young family living paycheck to paycheck like a lot of them are in today's world.

[Gavin]

Not lo

Quote

 Or worse, be a young family living paycheck to paycheck like a lot of them are in today's world.

That's the truth....My niece in Reno has 3 kids under 5 and works as an aide in a nursing home...Baby daddy of her 3  yr old twins is a laid off tattoo artist. Lots of bad choices. Haven't received a phone call yet, but it might come. Hoping that  Baby Daddy sticks around so his parents can support them. 

 

 

[rps]

16 hours ago, slothman said:

Investment losses have been great for many including myself. However, I am viewing this as an amazing buying opportunity. I guarantee there will be a tremendous amount of money made by investors when this whole deal is over.  

Th wife and I cannot complain. We have been blessed over the years. We draw teacher pensions, SS, and she receives a small pension from her early careers. We are fully bought in here and only pay a monthly.

Unfortunately all else we saved, except for small cash reserve in the bank, is in mutual funds. It stings to see the market drop that much.  

[Quillback]

Market has certainly taken a hit, but this has been a long Bull run since, I believe it was March 2009 when the S&P 500 bottomed out around 670.  Don't know the exact close today, but I believe it was around 2450.  I've always looked at things with a long view, and I firmly believe we'll recover from this, my view isn't as long as it used to be now that I am 62, but I'm still looking out to about 20 years.  The one thing you don't want to do unless you are in financial dire straits is sell at a market bottom.  

 

 

[Mitch f]

2 hours ago, Quillback said:

Market has certainly taken a hit, but this has been a long Bull run since, I believe it was March 2009 when the S&P 500 bottomed out around 670.  Don't know the exact close today, but I believe it was around 2450.  I've always looked at things with a long view, and I firmly believe we'll recover from this, my view isn't as long as it used to be now that I am 62, but I'm still looking out to about 20 years.  The one thing you don't want to do unless you are in financial dire straits is sell at a market bottom.  

 

 

Yes I agree, the market fundamentals seemed pretty solid before this hit. My old financial advisor always told us to have 3-6 months of expenses liquid in case of an emergency....he was right

[rps]

6 hours ago, Mitch f said:

Yes I agree, the market fundamentals seemed pretty solid before this hit. My old financial advisor always told us to have 3-6 months of expenses liquid in case of an emergency....he was right

Must have been the same advisor we had.

[snagged in outlet 3]

15 hours ago, rps said:

Th wife and I cannot complain. We have been blessed over the years. We draw teacher pensions, SS, and she receives a small pension from her early careers. We are fully bought in here and only pay a monthly.

Unfortunately all else we saved, except for small cash reserve in the bank, is in mutual funds. It stings to see the market drop that much.  

My wife and I are 59 and 58 respectively.  We went to 95% stable investment two years ago.  In both IRA's and 401K's.  It was rough seeing the market go up during that time but we are eyeing retirement and lived through the tech bubble and financial crisis,  So we knew what kind of hit you can take when things turn south.  We kept dollar cost averaging into mutual funds in our 401k's in that time and we are only down about 5-7% in any of the accounts.  Now we are happily dollar cost averaging in after the market has gotten whacked.   

[Mitch f]

14 minutes ago, snagged in outlet 3 said:

My wife and I are 59 and 58 respectively.  We went to 95% stable investment two years ago.  In both IRA's and 401K's.  It was rough seeing the market go up during that time but we are eyeing retirement and lived through the tech bubble and financial crisis,  So we knew what kind of hit you can take when things turn south.  We kept dollar cost averaging into mutual funds in our 401k's in that time and we are only down about 5-7% in any of the accounts.  Now we are happily dollar cost averaging in after the market has gotten whacked.   

We’re doing ok, my business has taken a pretty sizable hit. Companies are reluctant to bring people in to their buildings, and so a limited number of folks are bringing parts to our shop for Metrology services. My wife has a job managing the charitable contributions of a super rich family so the downturn won’t affect her job...thank goodness