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Old 09-29-2008, 10:29 PM
 
Location: Florida Gulf Coast
4,083 posts, read 5,496,975 times
Reputation: 6407

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I've seen this as the topic of multiple news network shows. So I anxiously tune in, awaiting some sage advice on whether to move my 401k money out of the stock market. (Half is in stocks, half is in bonds or stable-value funds.) Every single show has disappointed, including Suze Orman on Larry King tonight. No one actually gives any advice; they just tell you how bad the situation is and throw around some stuff about checking to make sure your bank is FDIC, or you're in trouble if your "retirement horizon" is coming up, etc. DUH. Suze tells you to check some website and it turns out to be some complicated mess.

I know none of them are fortune-tellers, but please: Just give it up with the "Is your money safe" stuff. I'll just have to go with my gut, which is to leave it as is and hope by the time I need the second half of the money, there will be some left.
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Old 09-29-2008, 10:35 PM
 
Location: Some place very cold
5,500 posts, read 19,506,418 times
Reputation: 4209
Quote:
Originally Posted by Avalon08 View Post
I've seen this as the topic of multiple news network shows. So I anxiously tune in, awaiting some sage advice on whether to move my 401k money out of the stock market. (Half is in stocks, half is in bonds or stable-value funds.) Every single show has disappointed, including Suze Orman on Larry King tonight. No one actually gives any advice; they just tell you how bad the situation is and throw around some stuff about checking to make sure your bank is FDIC, or you're in trouble if your "retirement horizon" is coming up, etc. DUH. Suze tells you to check some website and it turns out to be some complicated mess.

I know none of them are fortune-tellers, but please: Just give it up with the "Is your money safe" stuff. I'll just have to go with my gut, which is to leave it as is and hope by the time I need the second half of the money, there will be some left.
Put it in short term treasury bills.
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Old 09-30-2008, 12:07 AM
 
Location: Florida Gulf Coast
4,083 posts, read 5,496,975 times
Reputation: 6407
So you are saying to take all of the money in my 401k plan that is currently in some type of stock fund, and transfer it, correct? First off, I don't see "short-term treasury bills" as an option in my asset allocation. Secondly, I haven't heard anyone recommend anything this drastic; of course, as I mentioned, I haven't heard anyone really recommend anything specific. Not that I would take advice from a person on a message board, but I was just wondering if that's actually what you were recommending .... a huge sell-off of stock.
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Old 09-30-2008, 12:15 AM
 
1,651 posts, read 2,702,738 times
Reputation: 283
After I had a little word with the manager at my bank branch, I've finally decided to take all my money out and put it under the mattress.
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Old 09-30-2008, 12:22 AM
 
13,779 posts, read 23,205,335 times
Reputation: 7378
CNN seems to be the worst about the "Is your money safe" stuff...they may even have a little snippet called that!
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Old 09-30-2008, 12:23 AM
 
13,779 posts, read 23,205,335 times
Reputation: 7378
Quote:
Originally Posted by Movie Lover View Post
After I had a little word with the manager at my bank branch, I've finally decided to take all my money out and put it under the mattress.
As long as your bank is FDIC insured, you will have no problems as long as you do not have more than 100k in a single account.
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Old 09-30-2008, 12:30 AM
 
Location: San Diego
926 posts, read 2,757,544 times
Reputation: 419

YouTube - Economic System is collapsing, And Here-We-Go

this man does not beat around the bushes. i have been listening to his advice since march and he has been the most accurate on what has been going on and what's to come.

also, look into peter schiff and ron paul... smart men...
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Old 09-30-2008, 01:17 AM
 
1,651 posts, read 2,702,738 times
Reputation: 283
Will people stop talking to me like I know what an FDIC is. For ****s sake I'm a Limey. And here its 30,000, not 100,000.
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Old 09-30-2008, 01:26 AM
 
1,075 posts, read 3,188,685 times
Reputation: 1123
Most of the damage has already been done but you can be assured of more to follow, if you haven’t moved or gotten out by now you’ve possibly missed the life boat, stable value funds, have you really looked what’s in that portfolio of those, pulling your money out of stocks and going into MM, or T bills only you can answer that dependant on your cost to get out, how it will affect your taxes, later what it will cost to get back in vs. what your down so far and what analysts think were each stock may be going, are you willing to accept very low returns for more security, lots to consider, but back to the is your money safe, yea it’s getting a bit old about oh man I’m going to loose all my money, well move it about if need be, the bank deal about people pulling their money out of FDIC accounts is getting totally ridicules also, the boys on the news and those shows those are just opinions just as these on this board are mainly not really worth watching (news & shows), but one thing for sure folks are going to get a good lesson on investing during this go round, just hope the knowledge gained this time doesn’t become overshadowed by chasing returns.
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Old 09-30-2008, 06:01 AM
Status: "Finally Done With C-D BYE BYE" (set 13 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,467,425 times
Reputation: 15430
I'm riding it out. If I get out now I assure a loss of 50% plus broker fees. The window to get out has passed IMO, now it's a sit and wait possibly for a few years.
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