ouch! anyone else's wallet in pain?

[nittanyalum]

Freaky Friday on Wall Street

The Dow's 395-point drubbing is its biggest one-day point loss in 15 months, after crude prices' largest one-day advance ever and a poor jobs report.

http://money.cnn.com/2008/06/06/mark...york/index.htm

[1908Revelations]

My wallet died a while ago.

[Kevin]

I'm just fine.

[nittanyalum]

Originally Posted by Kevin

I'm just fine.

LOL. Nice.

[AGDee]

I've stopped checking the retirement account. I just keep chanting "that means I'm buying shares cheaper now". I have a lot of years before I can retire. It will have to go back up eventually, right? Right? RIGHT????? Of course it will. So, stop checking and ride it out.. yeah, that's my plan.

[Benzgirl]

My wallet, the airline industry's wallet, retail's wallet.....everyone except Big Oil's wallet is feeling a pain in the a$$

[jon1856]

Originally Posted by 1908Revelations

My wallet died a while ago.

I ate mine

[DeltAlum]

Originally Posted by AGDee

I've stopped checking the retirement account. I just keep chanting "that means I'm buying shares cheaper now". I have a lot of years before I can retire. It will have to go back up eventually, right? Right? RIGHT????? Of course it will. So, stop checking and ride it out.. yeah, that's my plan.

It's a lot different when you look at from the vantage point of my age group.

[AKA_Monet]

I'm cashing out a few of my retirement accounts... Hayle, it's 30% hit. I can afford it now than later... And I hear many people are doing it now which means, it's going to hit these companies pretty hard...

My planner just told me that Longterm care insurance written like a whole life insurance plan can be front loaded, allowed to mature and borrowed on a loan against... And the money is tax free.

[windinthewillow]

Monet. Are you sure you want to do that? You lose nothing if you ride it out. You'll be selling at a loss and you'll have to pay taxes.

You should never touch your 401k ever, until retirement. Not even to borrow from it. If stocks are making you squeemish, transfer your 401k into cash. But keep it in the 401k.

[Nanners52674]

My wallet is worth more than the amount of cash in it and has been since I got it as a x-mass present :-(

*The wallet Isn't even worth $100* Depressing

[AKA_Monet]

Originally Posted by windinthewillow

Monet. Are you sure you want to do that? You lose nothing if you ride it out. You'll be selling at a loss and you'll have to pay taxes.

You should never touch your 401k ever, until retirement. Not even to borrow from it. If stocks are making you squeemish, transfer your 401k into cash. But keep it in the 401k.

Thanks for your concern and I spoke to my advisor, he feels like you. NOT ALL my retirement accounts will be cashed. Only 2 of them. The rest are rolling over. And one of the 2, I'm cashing in will be rolled over into my IRA and Roths.

Yeah, I'm taking a hit. But, I've got expenses that MUST be paid & I have started my own business. I also have a talk with my tax CPA's where I have a "quasi-justification" for cashing my funds... Yes, it sucks, welp, we have to do what we have to do.

[G-Kue 1911]

I have no use for a wallet….since you have to pimp your children for gas, my money no longer folds it jingles.

[windinthewillow]

Good for you speaking to your financial advisor about it. These are some tough times. Who would have ever thought, just 8 years ago that we'd be in this kind of a soup. Thank you George Bush.

Wishing you much success in your new business.

[AGDee]

DA, I do understand your pain.

It is important, as we get older, to pay attention to our "mix" of investments, what percentages are high risk and which are more guaranteed. We should be moving from higher risk to lower risk as we age. I have started to contribute to the bond fund instead of the aggressive equity.