Originally Posted by Baconeater:
I have no savings, no 401k, I rent my house and lease my car and I would like to retire next week. Any advice would be appreciated.
I believe the appropriate CP response here is, "Kill yourself." [Reply]
I've got a pretty generous pension that I will receive from the State, but I don't have a 401(k) or IRA mostly because they don't match contributions. I should probably change that. [Reply]
Originally Posted by Baconeater:
I have no savings, no 401k, I rent my house and lease my car and I would like to retire next week. Any advice would be appreciated.
Originally Posted by Holladay:
This is a no brainer buying opportunity. Scrape any extra money and dump it into ANYTHING. When blue jeans go on sale, people buy. When the market goes on sale, people run.
Yeah, I'm buying right now. I've taken a big hit, but fortunately my cash position was higher than usual when it dropped.
I'm trying to figure out why cruise lines stocks have been hammered so much. I have some CUK and RCL that have been beaten like a Matt Cassel football team. I'm buying some more of it because I still have 15 years until retirement. [Reply]
People make far more money selling stocks short on any bad news than the hold for gains strategy. I am beginning to think Mutual funds are becoming obsolete in today's market.
Instead of being a whiney douche, look for buying opportunities like I am because many stocks were overpriced. [Reply]
Originally Posted by scho63:
Instead of being a whiney douche, look for buying opportunities like I am because many stocks were overpriced.
I was stating a fact not being whiney.
Go ahead and buy and hold- the next news out of the EU will slash your investment and you will be holding for months, maybe years to try and regain your losses. The real players make their money on fear and bad news and will triple it again will you are waiting.
Maybe try the Oil sector-plenty of companies like Linn energy that were gutted by the manipulated oil prices. They have not recovered while the short sellers made 90% profit on the way down. Lots of "Buying opportunities" there. [Reply]
Originally Posted by eDave:
Be fearful when others are greedy and be greedy only when others are fearful.
- Warren Buffett
Even if it's just your 401K, increase your contributions now. Call your administrator for guidance.
Glad you are confident it was just a 2 day reaction to the Brexit vote. Smart money should be bet on that being just the first domino. More bad news on the way IMO.
The rich are waiting for the sheep to prop the market back up so they can slaughter them. [Reply]
Originally Posted by Baconeater:
I have no savings, no 401k, I rent my house and lease my car and I would like to retire next week. Any advice would be appreciated.
Originally Posted by Halfcan:
Lloyds banking and other financial stocks down by as much as 25% in 2 days.
That was my point-the money was made on the way down-not trying to time the bottom of the market and hold until it corrects. How long will it take Lloyds to gain that back?
I thought CS and DB had bottomed out, but they just got hammered again. I lost over 5% in my RBC stocks and BMO that killed the slow gains from a month of steady climbing. I will get a nice dividend in a few weeks that will be reinvested at the lower stock price-but it is still crap since they are some of the most solid banks in the world and have a low exposure to Europe compared to most other banks. :-)
But if you're not selling tomorrow, next week or next month, who cares?
I've always been able to stomach "paper" losses because I know i'm not selling soon, and it's always recovered (if the underlying issuer is strong, anyway). [Reply]
Originally Posted by scorpio:
I've got a pretty generous pension that I will receive from the State, but I don't have a 401(k) or IRA mostly because they don't match contributions. I should probably change that.
Yes, you should. Tax advantaged growth is very hard to beat. You should probably set up systematic investing, even if it's a fairly small dollar amount. The market can go sideways for a loooong time, but if you're reasonably young (less than 50), play it safe, and stick to the program, you should come out ahead in the long run. [Reply]
