The Golden Nugget.
- Economic and earnings resiliency: With the S&P 500 on the edge of a bear market, the current decline implies a high probability of a recession. If economic data holds up in the coming months, consistent with a slowing but still growing economy, attention will likely shift back to focusing on opportunities instead of risks.
Thank you very much for sharing that info.What I got was do not sale out to buy bitcoin & gold!
We will make you money in the loooooooooooooooooooooooooooooooog run, just trust us.
The Golden Nugget.
Keep your cannons loaded. Mine are.
I have confessed to being 'a bottom-feeder' before. (2008-2014) And I am not above doing it again.
If/when the economy goes into the crapper, you can lift the lid, look down thru the hole, and see me down there shoveling the <sorry, no @Pearl approved emoji available >.
Edit: Old quote I heard years ago: "Every time somebody loses 'everything', somebody else finds it."
Me too.Thank you very much for sharing that info.
It is consistent with where we are thinking.
That is a tough decision that only you can make.Here's the bills I am planning for: Power (based on high month), water, car insurance, life/house insurance, property taxes, phone, car-gas, some medical, food, and property taxes. Am I missing something?
By sacrificing my 401K, I can see a pathway to having everything paid off by next year or sooner and just walking away from this, but I keep feeling like I am missing something.
@Supervisor42 and @Amish Heart said part I was thinking. I will just list what comes to mind.Okay, I'm going to show my full hand: (something I don't normally do). I am just turning 65 and am still carrying a Mortgage and a student loan. I have some money in a 401K and I was planning to retire in 5 years. My plan was to pay off the house over that 5 years and get completely out of debt. With COVID I was able to work remotely but now that they aren't tracking in the news we are being pushed to go back into the office. But the wife is very ill (End State Congestive Heart Failure) and she may not be able to remain at home if I go back into the office. The other issue I am seeing is that some of the people who are going back into the office are coming down with the Vid, 4 people went to conferences last month, 4 people came back with Covid, does not make me feel all warm a fuzzy.
I figure if I pay off all my debts using my 401K, I would still need about $3,000 per month to make ends meet. My wife is at full retirement age and if I retire she could SSA claim off my earnings which is about twice what she gets now. When I look at it with both of us in the house we could just make it, but if she passes I will be coming up short by about $100 per month.
Here's the bills I am planning for: Power (based on high month), water, car insurance, life/house insurance, property taxes, phone, car-gas, some medical, food, and property taxes. Am I missing something?
By sacrificing my 401K, I can see a pathway to having everything paid off by next year or sooner and just walking away from this, but I keep feeling like I am missing something.
Yep.The thing that consistently bites my budget in the ass is the "expected unexpected" stuff. Leaking power steering pump, brakes, washer died, roof leaking, etc etc etc. Hard to plan and budget for
The thing that consistently bites my budget in the ass is the "expected unexpected" stuff. Leaking power steering pump, brakes, washer died, roof leaking, etc etc etc. Hard to plan and budget for
By sacrificing my 401K, I can see a pathway to having everything paid off by next year or sooner and just walking away from this, but I keep feeling like I am missing something.
ate in a cafeteria with about 400 people each day and rode a commuter train with the best of society for an hour each way...
I certainly didn't plan on having to evict a raccoon from my attic, but there you go.
Ah, the "expected unexpected". I looked back thru 5 years of my finances before I retired and they were scattered thru all of them.I am in very much the same boat. One thing that should be factored in I would call Maintenance. I don't know how much to add to the budget, but you know things are going to break and they are going to wear out. Cars need tires, and brakes and batteries and oil changes. God forbid they have a serious issue. Houses always need something. How old is the roof or the furnace or the driveway or the other major appliances. I'm sure we all have horror stories about home repairs that were totally unexpected and very expensive. I certainly didn't plan on having to evict a raccoon from my attic, but there you go.
I don't know how you budget for it or how much, but you know it is going to happen.
Yep, and I was looking at my power bill today and noticed that in September the rate will go up 2 cents per KWH not a lot but on hot high load days it can add $1.60 per day, over $50 per month more. It sure makes you reconsider what you should be planning for when estimating your future costs.I'm trying to plan for the unexpected; I hope to set up a small emergency fund that I can leave alone to earn a bit of interest until the refrigerator quits or the massive computer brains in my truck collectively go insane. I'm also looking at the possibilities to maybe forestall some of it by replacing the hot water heater, pressure tank and even the furnace now. I'm going to see if I can get quotes for installing a heat pump. Something has to be done about the propane. Heating this house is like having a second mortgage payment.
I moved my 401k into cash (non-investment) beginning of Feb. I think it was. At least I'm not loosing $ in addition to the inflation rate.The S&P is down 20.6% year to date, that will help everyone's 401K.
I have been very blessed I took out some money to pay down some bills, just happened to take it out during a positive spell so my 20% loss was in the form of taxes!
Some how I am still positive for the year. I have come to believe that being lucky can be better than being good.
Yes. My main point is, invest in something before you retire.The S&P is down 20.6% year to date, that will help everyone's 401K.
I have been very blessed I took out some money to pay down some bills, just happened to take it out during a positive spell so my 20% loss was in the form of taxes!
Some how I am still positive for the year. I have come to believe that being lucky can be better than being good.
I currently have a call in to our CPA to find out how much we can pull from retirement either by Roth conversion or just out without changing the big picture on our taxes. It's maddening since we are still contributing and would like to retire some day.Yes. My main point is, invest in something before you retire.
Market up or down doesn't make much difference in the long run *.
Doing nothing however, will guarantee that it is what you'll have.
And buying the latest&greatest skiboat will not help you much after you retire.
Sometimes paying off bills is the best investment because it vaporizes them from being income you will need in retirement years...forever.
*Unless people are 5 years from retirement and the country plunges into a recession.
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