[TANATA]

I've seen a lot of people on CNBC and CNN talking about how they lost their home and job and 401k and everything else you can think of but can't think of anyone that's been hit other then my dad and his company.

Anyone really been hit other then fuel/inflation as far as jobs and housing goes? I think the midwest, or North Dakota area atleast seems to be taking it pretty well.

 

[drjongy]

Not losing the shirt off my back or anything, but still, a 30% reduction in my IRA combined with 30% increase in expenses is not the best situation.

 

[whitehorse]

I happened to pull funds out 6 months ago... at first i thought it was going to kill me for financial aid since I had more income, but I guess I'm too broke still.. and I prob saved myself $500$ from the hit I would be taking right now, even after paying for the fees... just had a bad feeling, and needed to get some cash, so worked out well

I also heard on the radio that the midwest is hit less than the rest of the states... not sure how credible that is, or the reason behind it.... I figure it's that we usually own items... tractors, cars, homes, ground... not renting a skylight, investing thousands a month because we "should"... oh... and we don't buy several hundred/thousand dollar coach bags or whatever.... just my thoughts...

 

[buckseye]

ND is a farm state, all grains are way up... sunflowers are way way up. Cattle market is stable at pretty decent prices. Then the added income from all the oil activity has also helped. It better be good cause we have never had it so good price wise out here!!!

 

[omegax]

I'm young enough to take the long-term view that stocks are going on sale (dollar-cost averaging is your friend in the long term!), but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.

 

[Bobm]

I'm young enough to take the long-term view that stocks are going on sale (dollar-cost averaging is your friend in the long term!), but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.

Very good advice dollar cost average and buy now and hold, my parents are also retired and nervous.

It will work out

 

[MSG Rude]

I'm young enough to take the long-term view that stocks are going on sale (dollar-cost averaging is your friend in the long term!), but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.

Very good advice dollar cost average and buy now and hold, my parents are also retired and nervous.

It will work out

Just like the great dep., time will balance it out. We still have a ways to go IMHO until we see the bottom of the bucket. It will get worse before the pendulum swings the other way.

Just MHO.

 

[Plainsman]

but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.

That's where I am at too. Savings dropped so far that my wife and I have gone from thinking about a new fifth wheel and going to Arizona for a month in the winter to just staying home and no camper. Oh, well, it's better than Obama taking half of my savings and giving it to some illegal alien and me living on potatoes and oatmeal. I have done that before and it's no fun.

 

[ruger1]

but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.

That's where I am at too. Savings dropped so far that my wife and I have gone from thinking about a new fifth wheel and going to Arizona for a month in the winter to just staying home and no camper. Oh, well, it's better than Obama taking half of my savings and giving it to some illegal alien and me living on potatoes and oatmeal. I have done that before and it's no fun.

Unfortunately there are always winners and loosers. Sorry to hear about your current state plainsman. I know my parents are in the same position. It creates mixed feelings for me as I'm not retiring for another 15 years. I took advantage of this and dumped all my free cash into the market when it tanked. Got to love cheap stocks.

 

[buckseye]

When people start putting their money in the bank again we will see a big difference. A lot of people prefer higher risk returns and now it is biting them in the arse. If banks don't have money to lend they have to borrow from the Feds.

Maybe I'm lucky but I prefer Annuities, I need security much more than a few more dollars.

 

[dblkluk]

My 401k is now a 201k...

Worth half as much.. :wink:

 

[blhunter3]

I don't know how much I lost but mom said I would have had enough money for 5 years of college and then some before 9/11 and everything else.

 

[TANATA]

If you guys are getting hurt by the market, get into gold. Always going up with unstable financials and everything else being hurt. Watched a few companies increase 50 fold in a matter of 2 days. Wouldn't be bad for the check book. :beer:

 

[blhunter3]

Or leave your money where its at because there will always be highs and lows in the market`

 

[TANATA]

Sound financial advise bl

 

[Burly1]

With retirement coming in eight years, this downturn hurts! Had a long talk with the missus the other day, and decided that the Alaska cruise for this coming Summer is still on. We've vacationed very little over the years, and have been looking forward to this one for a while now. I will have to cut back on some other expenditures though, and that will be tough. I bought $65 worth of groceries yesterday.....for $107! Prime steaks for $10.99/lb. None of those came home with me. We'll all adapt as we must, I'm sure. 'Cause if we don't we'll starve!
Still hopeful,
Burl

 

[fishhook]

I could go on for hours on this subject, but i'll just leave this thought.

Give it the window test. Look at all the new SUV's and Full Size Pickups on the streets and highways in ND. Now look at the same in the metro areas.

 

[goodkarmarising]

x

 

[goosetalk]

My 401k is now a 201k...

Worth half as much.. :wink:

You mean 200.5k :wink:

 

[LuckCounts]

Although my 401k took a 30% hit I am not drawing on that any time soon. Saw a much bigger downward hit after 9/11 but it came back like gangbusters in the years after. All the financial advice I've gotten about the 401k is that dollar cost averaging is the way to go. Once you are 10 years out of retirement you have to start thinking safe. Have a professional firm manage my 401k. They have done a much better job than I could have done on my own. Only thing is I am big on living within our means. Don't have a car loan, or mortgage. My daughter is in her last year of college but we just paid off the tuition without taking out a loan. Takes a lot of discipline but I believe it's worth it.