Sorry, I didn't realize you are not 55 yet. Most 401K plans will allow you to rollover to a qualified IRA without penalty if you are 55 and older.

I know.  I am now.  Back when I needed to be moving money around -- nope.

Have you ever had a job?  You can't pick and choose which plan your money is in.  Your contributions stay in that plan until you have a qualified distribution event.  Otherwise you get his with a 10% penalty AND have to pay the gov't any deferred taxes on that money.

I could send you my statements for how crappy the index funds performed, but then you'd just find another armchair quarterback / Monday-morning quarterback / tell-everybody-else-what-to-do reason why I was wrong.

 

I have never seen a 401k plan that didn't let you "choose which plan your money is in." You may not be able to choose any fund you want but if you're telling me you can't pick from a selection of funds available I call bullshit.

You're either lying or have the worst retirement administrator on earth.

I don't need statements. Name this magical fund that was invested in stocks over the last 5 years that returned nothing. That you were forced into. I can read the prospectus.

Also, you can change your asset allocation.  The penalties you're talking about only apply in a distribution. Rebalancing within a retirement acct is perfectly allowable.

Sent from my SM-G920V using Tapatalk

I have never seen a 401k plan that didn't let you "choose which plan your money is in." You may not be able to choose any fund you want but if you're telling me you can't pick from a selection of funds available I call bullshit.

You're either lying or have the worst retirement administrator on earth.

I don't need statements. Name this magical fund that was invested in stocks over the last 5 years that returned nothing. That you were forced into. I can read the prospectus.

Also, you can change your asset allocation.  The penalties you're talking about only apply in a distribution. Rebalancing within a retirement acct is perfectly allowable.

Sent from my SM-G920V using Tapatalk

You can't choose your PLAN.  You can only choose INVESTMENTS that are included in your retirement plan.

You can't choose your PLAN.  You can only choose INVESTMENTS that are included in your retirement plan.

Semantics.

So YOU chose the wrong investments. Exactly like I said.

Sent from my SM-G920V using Tapatalk

Since no one was brave enough to answer my original question, I'll answer it for everyone.

It seems that it is a bit premature.

This morning the Dow opened down and as I type this it is up 0.81% 201.24.

We'll see what the future brings. TBC...

Like I said before it could spike and drop again, but the largest daily drop in history is nothing to sniff at. The point is that volatility is through the roof and instead of a speedball-fueled hockey stick of FREE MONEY we now have a bumpy plateau of uncertainty and fear. It will probably take a few months to see if this is just a rough patch in the unpleasant wilderness of sober correction or an economic freight train of fantasy colliding with the solid granite slopes of Reality Mountain.

Like I said before it could spike and drop again, but the largest daily drop in history is nothing to sniff at. The point is that volatility is through the roof and instead of a speedball-fueled hockey stick of FREE MONEY we now have a bumpy plateau of uncertainty and fear. It will probably take a few months to see if this is just a rough patch in the unpleasant wilderness of sober correction or an economic freight train of fantasy colliding with the solid granite slopes of Reality Mountain.

I thought we were talking about the American Stock Exchange? 

Grabbed the wrong image but they pretty much all looked like that though. That's the problem with a globalized economy. Crabs in a bucket.

Grabbed the wrong image but they pretty much all looked like that though. That's the problem with a globalized economy. Crabs in a bucket.

Yeah I know. Had to give razz you for that one. 

Yeah I know. Had to give razz you for that one. 

Those numbers are also in POUNDS, not US dollars.   

I usually go off the Dow Jones, but I saw s197 wants to pick S&P 500.  Might as well throw the NASDAQ in if it supports your comments, huh?

The Dow is the index we always use, because that's the value we track for breaking records and amount of drop or rise.  Using other indices just looks like you're comparing apples to hand grenades.  Get on the same page, please.   

Those numbers are also in POUNDS, not US dollars.   

I usually go off the Dow Jones, but I saw s197 wants to pick S&P 500.  Might as well throw the NASDAQ in if it supports your comments, huh?

The Dow is the index we always use, because that's the value we track for breaking records and amount of drop or rise.  Using other indices just looks like you're comparing apples to hand grenades.  Get on the same page, please.   

Yeah how stupid of me to use the top 500 companies in America. What does that have to do with anything!

You can use the DOW, S&P, Nasdaq, Russell... They all point the same direction over the last 5 years.



Sent from my SM-G920V using Tapatalk

For example, DOW on 1/4/13 was 13,435. On 12/30/16 it was at 19,762. That's a 47% increase over the 4 years.

But you digging that hole for yourself.

Sent from my SM-G920V using Tapatalk

I must  have struck a nerve.  You're spending an awful lot of time attacking me and trying to rationalize your comments.

   

 

I must  have struck a nerve.  You're spending an awful lot of time attacking me and trying to rationalize your comments.

   

 

I was going to let you walk away with your tail between your legs but you decided to bring me back in with your last comment.

So I responded.

Sorry you didn't make any money in the last bull market. Buy a mirror so you can direct that anger properly.

Sent from my SM-G920V using Tapatalk

Dow closed down ever so slightly yesterday. As I write this it is down 2.25% -$558.90.

We are getting close to an actual correction. It is still up from a year ago.

BTW, I sold everything (I didn't have much skin in the game any way) and I am currently out of the market. I took my gains and I may or may not jump back in.

Like I said before it could spike and drop again, but the largest daily drop in history is nothing to sniff at. The point is that volatility is through the roof and instead of a speedball-fueled hockey stick of FREE MONEY we now have a bumpy plateau of uncertainty and fear. It will probably take a few months to see if this is just a rough patch in the unpleasant wilderness of sober correction or an economic freight train of fantasy colliding with the solid granite slopes of Reality Mountain.

so, what do you invest in?

Training, tools, and hopefully some land as soon as the real estate bubble pops.

House next door sold for almost half a million and it's a run down little shack with a bad roof and sliding foundation. The flippers were hoping to put some lipstick on the pig and make a quick 200k. Feel kinda bad for them but the fact that it's been sitting there for months gives me some hope that sanity might prevail after all.

Training, tools, and hopefully some land as soon as the real estate bubble pops.

House next door sold for almost half a million and it's a run down little shack with a bad roof and sliding foundation. The flippers were hoping to put some lipstick on the pig and make a quick 200k. Feel kinda bad for them but the fact that it's been sitting there for months gives me some hope that sanity might prevail after all.

What are you currently invested in?
If its in cash your opportunity costs are high. Sanity does prevail in the current market. Not everything sells. I was looking at a property that was in bad shape but the seller overestimated the demand of the market. There is strong demand but no ones going to pay for a piece of shit.

Opportunity costs definitely can be frustrating. By the time I'd paid off my debts the markets were getting all weird. Could have made a nice chunk of change in a fairly short time but decided to invest in a business instead. Now I'm saving as much as I can to get a down payment, or at least get that rainy day fund built up so I'll have options if the work dries up like in 2009.

BTW, I sold everything (I didn't have much skin in the game any way) and I am currently out of the market. I took my gains and I may or may not jump back in.

Woohoo!!! Cash for strippers and beers!!! Or maybe just beers!!!

Or maybe guns?