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  1. I'm up this year after finishing down less than 1% last year. (Please note that this is my personal account only. My 401k, where the only good option is the S&P 500 fund, is down huge last year and down so far this year...) There are plenty of opportunities out there, but you have to be patient. Don't be afraid to go into all cash. Don't be afraid to sell something because it's down if you think it will go down further. Sometimes you're wrong, and sometimes you're right. They key to successfully investing is to cut your losses. Just protect against the downside. As long as y
  2. There's someone telling you not to bother with Ford or GM nine years ago. Great call!
  3. Yeah, he sure blew that call about the banking system being on the verge of collapse during the late Summer of 2007.
  4. Low cost index fund like the Vanguard S&P 500 fund. I understand you're risk averse, but no asset class has outperformed good quality dividend paying stocks over the long haul. You're $20K will become only $40K in 18 years at the 4% you mention. That won't get you realistically closer to retiring at a reasonable age even if you're adding to it over time. Take the time to educate yourself about the stock market. You don't have to invest in individual stocks, you can choose to invest in an index fund instead. You'll never beat the market, but you'll never lag it either.
  5. Don't forget about income taxes. It's not just 10% for the early withdrawal penalty. It's also regular taxes being taken. So it's quite a bit more than in the initial examples.
  6. I'd like someone to post stats to back up the "not true" statement.
  7. That makes sense. I was worried that someone who owes a lot was going to take a handful of cash and just blow it and still wind up owing the same amount.
  8. I actually just looked at my 401k statement for the first time in months. Wow, down 20% for the year. (S&P index fund) Don't care though...not retiring this year. The fact is that stocks have outperformed all over asset classes in any 20 year period. So the market is the way to go, and sales like the one we're in now are the best time to buy.
  9. I just increased my 401k contribution percentage. I like sales.
  10. I'd like to know why he wants to deposit those checks and then set up a monthly debit to pay what's owed. How about he deposits those checks, then writes an equal check right back to the gov't to pay back a chunk of what's owed. Is there a reason he isn't considering that?
  11. He charges to use his message board. He wants you to get out of debt by paying him a fat fee to show you how. Whatevah.
  12. I buy junk debt and I also run a credit counseling business.
  13. As a business owner I find credit cards to be one of the greatest inventions of all time. It makes it so much easier to track business expenses, and it makes it easier for my accountant as well. Just pay off the balance at the end of the month.
  14. I doubt this is a frequent happening for the most part.
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