Back in 08 (I think) wehn everyone was scrambling to pull out of their holdigs due to the crash or whatever it was called, I listened to my advisor and left every thing alone. That next year while it was still rebounding, I dropped my work 401 into it and it was like a shot of steroids! If you're looking at a 50 % loss due to penalities and taxes, leave it sit....IMO. 2 years from now should be a good recovery, I mean, how much damage can one liar create?
Thats the WORST thing you could do! The stock market has Never gone to zero. And of all the recessions/depression in history, none has ever lasted more than 4 years.
Unless it is in really risky stuff, leave it. And even if it is in really risky stuff, it should be traded in for something less risky, not completely pulled out and taxed. Several years ago I bought a few shares of a company that was a risk (that is why I put very little money on them) and they ended up going bankrupt. In that case I was out the money - but I knew that going in it would be boom or bust (if Coorstek had bought them as I was gambling, it would have been boom). The market has always been cyclic and people need to understand that it can't always go up. Yes, it is hard to watch everything drop, but there will be a end to the bleeding and later a recovery.
wildwest LEAVE IT! Throw it in a folder and don’t look at it! The average bear market drops 33% we are already down over 20% When clients don’t care what it costs and just want out, that causes something called capitulation, that is guaranteed to be the bottom of the market. You will never retire if you buy at the top and sell at the bottom!
This^. If you didn’t sell at the start of the downturn, forget it. Now is the time to weather the storm and let the boat follow the wind and waves. I spoke to 3 people that I hold in very high regard for financial thoughts and all unequivocally said to batten down the hatches and ride it out. Their take was that more down is coming, then recovery will begin. Sent from my iPhone using Tapatalk
You know, I was going to make a comment on that very thing last night but thought better of it. wildwest you kind of stole my thunder by posting that again!!!
Never crossed my mind when posting, took me a minute to realize the reactions and then outloud belly laughed!!
Best thing I did was fired Edward Jones… just wish I would of done it sooner. New coach made us a small tick of money last month… got a long ways to go to catch up…
Maybe I should have tipped you off? I tried being mature about the whole thing and didn't mention it.......don't think I'll try that again!
I had a presentation with my financial handlers for our pension, just this week. While it is gloomy this year and next, on a ten year average, these things tend to happen, and an IRA is a long haul investment. While I don't foresee a good 203, my investments are not based on year to year- but longer range. We are looking at getting into some new territory, such as private equity and real estate, to keep the loss down. My personal hobby account is way down, but I have lost a dime as long as I don't sell.
