Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-21-2009, 08:20 PM   #41
Recycles dryer sheets
 
Join Date: May 2007
Posts: 213
I don't post often but read a lot. Well I became 54 and in. I got a call over the summer to do some work for a company I had done work for in the past. As a favor to them I said OK. Well I am still there with no end in sight and while there were layoffs in other areas, those with my certifications are still in demand. I count myself lucky that we were well diversified with no debt. I am hoping to be able to get back out in the next few years, I just didn't feel like we could sustain ourselves for so many years with such great losses, and I would rather go back at age 54 than 64.

Our other alternative was to cut to bare bones lifestyle, but my kids don't live close and I didn't want to give up being able to visit them or do some traveling. Also, housing is a big expense but we have to live somewhere and I love my neighborhood and yard. And so it goes.

We have a friend who has his 401 of 1.2 mil in company stock and was set to retire last fall. Apparently there was some funny business going on on paper and he now has less than $200,000.

I hope people don't leave because I know that I get great strength and knowledge from reading other people's experiences.
__________________

__________________
52andout is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-21-2009, 09:46 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,683
I'm certainly no expert on bank stocks but I see BAC was up 31% today. Some stocks do recover eventually. Assuming it is not nationalized as happened with Fannie and Freddie I'd guess better days lie ahead.
__________________

__________________
Lsbcal is online now   Reply With Quote
Old 01-21-2009, 09:52 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,405
I usually do not follow BAC, but saw that it moved up today due to the news that Ken Lewis, CEO and chairman of B of A, bought 200,000 shares at the average price of $6, for a total of $1.2M . The market liked that vote of confidence.
__________________
NW-Bound is offline   Reply With Quote
Old 01-21-2009, 09:55 PM   #44
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by NW-Bound View Post
I usually do not follow BAC, but saw that it moved up today due to the news that Ken Lewis, CEO and chairman of B of A, bought 200,000 shares at the average price of $6, for a total of $1.2M . The market liked that vote of confidence.
Go ask Bob Steele over at Wachovia how those big share purchases worked out for him? OUCH

Also, not to diminish his actions, but $1.2M to Ken Lewis isn't the same as it is to you and me.
__________________
saluki9 is offline   Reply With Quote
Old 01-21-2009, 09:59 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,405
I know. Many CEOs have lost more than their shirts. Billion of dollars worth, like the chairman of Bear Stearns. $1.2M is not that big a deal to them.
__________________
NW-Bound is offline   Reply With Quote
Old 01-22-2009, 06:48 PM   #46
Thinks s/he gets paid by the post
 
Join Date: Jan 2005
Posts: 2,555
I am so very sorry to hear your story. It makes me feel a little sick to my stomach. I wish you the very best. I am another not very saavy investor. I am hoping for the market to improve. I have not even figured out how much we have lost. I really don't want to know, because it would cause me some "sleepless nights". We did not have huge sums to begin with either. I consider us lucky since I have a COLA'd pension and my DH is still working. Good luck and keep thinking about the important things in life.
__________________
Dreamer is online now   Reply With Quote
Old 01-22-2009, 09:01 PM   #47
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
If you have a CPA & 25 years of accounting experience, I don't foresee you not having options.

As for your having to leave the board because you're no longer FIRED, I say baloney. This board is really like one of those shiny car magazines that feature Ferraris reviews and weekends at the Monterrey race track. The dudes who could afford the Ferraris don't need to read a magazine to know how the latest Ferrari drives because the dealer brought it to his mansion the previous weekend for a private test drive. So treat the board as an aspirational read.
__________________
BunsGettingFirm is offline   Reply With Quote
Bank of America holders sue over Merrill purchase
Old 01-23-2009, 08:51 PM   #48
Recycles dryer sheets
nphx's Avatar
 
Join Date: May 2007
Posts: 285
Bank of America holders sue over Merrill purchase

Bank of America holders sue over Merrill purchase - BusinessWeek - any way this may reverse out some pain?
__________________
nphx is offline   Reply With Quote
Old 01-23-2009, 09:06 PM   #49
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,054
[quote=VaCollector;774732]Most here know my story but here's a quick synopsis for those who may have missed it....

November 2006 - inherited 10,000 shares BAC (approx value $550,000)

Feb-May 2007 - bought 5000 more shares for the steady dividend (25+ years with consistently raising it too!) - $250,000 in saved monies...

Total of 15,000 shares paying $36K/year++......

Today - my 15,000 shares of BAC will pay me $600/year and are worth approx. $75,000....]


VA, no reason you should leave the board (OK, that's just my opinion). From what I can tell, a bunch of us are currently experiencing weird/unpleasant stuff regarding present/future or never-to-be-arrived-at-retirement. Some of us will probably die on the job.

But, I do have one question: that $600/year worth of dividends--will you be reinvesting them or just taking the cash?
__________________
redduck is online now   Reply With Quote
Old 01-23-2009, 09:40 PM   #50
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by BunsGettingFirm View Post
As for your having to leave the board because you're no longer FIRED, I say baloney.
So treat the board as an aspirational read.
You're absolutely right, but if Va stayed around then he'd be able to read his final post as a constant reminder of his actions. And when new posters show up with single-stock portfolios, you know whose threads are going to be linked.

If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 01-23-2009, 10:47 PM   #51
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,427
Quote:
Originally Posted by Nords View Post
If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
How about staying but lurking for a long time, and only occasionally speaking up. Is that allowed?
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 01-24-2009, 04:17 AM   #52
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: New York
Posts: 898
VA - I wish you the best of luck. Please do visit from time to time, you are a class act in my book.
__________________
Money's just something you need in case you don't die tomorrow.
Maurice is offline   Reply With Quote
Old 01-24-2009, 08:34 AM   #53
Recycles dryer sheets
 
Join Date: Mar 2005
Posts: 242
I'm in a very similar leaky boat - inherited 9000 shares of a regional bank in 2000. I then proceeeded to pay off my house, my car, stash some cash away. I stopped working in 2003. On Friday, my bank stock was down to $4/share and the divided was cut to .01. I'm going back to work.
__________________
Sparky is offline   Reply With Quote
Old 01-24-2009, 08:59 AM   #54
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 291
While I hadn't retired yet, my UBS shares have pretty much guaranteed that I won't unless that situation reverses sometime. I'll tell you this, though, if UBS ever sees $20 a sh again, I'm out. Why I ever rode the price down this low I will never know. Good luck VA Coll, and check in when you can.
__________________
bubba is offline   Reply With Quote
Old 01-24-2009, 09:44 AM   #55
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
You've already beaten yourself up about not diversifying and I hope you learn from it. I am also a "proud" BAC shareholder. I bought Barnett Bank back in the early 90's. It was acquired and then the acquirer was acquired by BAC. I started with $13,000 and it grew into quite a pile by the late 90's. I gifted stock to my two oldest children and it pretty much paid for both of them through Texas A&M. My remaining 300 shares are now down to less than $2,000. It's my only individual stock and it now serves as a great reminder why I only have index mutual funds for the rest of my equities. I also used to own Enron.

Why do I tell you this? I thought about buying a bunch of BAC over a year ago because of the great dividend. I considered it almost a fixed income equivalent but in a thread I started to see what people here thought I got talked out of it -- fortunately. There but for the grace of God.......

Now, if you were a newbie and said "I have $75,000 and it's all in one stock" what kind of feedback would you expect? I truly believe that it's possible for BAC to come roaring back once the mess gets worked through. Unfortunately, it's only "possible." You get to decide now if you gamble with one beaten down stock or get diversified with the pathetic remains you are left with.


Here's something for you to consider.

Quote:
Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Bank of America Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 23, 2009 Lead Plaintiff Deadline
Font size: A | A | A

12:53 AM ET 1/24/09 | Market Wire
RELATED QUOTES 4:01 PM ET 1/23/09SymbolLast% Chg
BAC

6.249.28%Real time quote.



Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of certain investors in Bank of America Corporation ("Bank of America" or the "Company") (NYSE: BAC). The action has been brought on behalf of all Bank of America shareholders who held shares as of the record date of October 10, 2008 and were entitled to vote with respect to the acquisition of Merrill Lynch & Co., Inc. ("Merrill Lynch") by Bank of America at a December 5, 2008 special meeting of Bank of America shareholders and were damaged thereby, and on behalf of all persons who purchased or otherwise acquired the securities of Bank of America in the period from January 2, 2009 through January 20, 2009 (the "Class Period").
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 23, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period the true financial condition of Merrill Lynch, a company acquired by Bank of America. According to the complaint, beginning on January 16, 2009, after the Company revealed the true extent of the deterioration of Merrill's financial condition, as evidenced by Merrill Lynch's $15 billion fourth quarter loss, the value of Bank of America's stock declined significantly.
If you have suffered a net loss for all transactions in Bank of America Corporation securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Baltimore, Maryland 410/986-0036 Email Contact
SOURCE: Brower Piven, A Professional Corporation
Marketwire - Contact Form
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 01-24-2009, 09:52 AM   #56
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Quote:
Originally Posted by Nords View Post
If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
I understand your point but respectfully don't agree. I can think of some who left and came back with great contributions and some I wish would return.
Attached Images
File Type: jpg bunny_pancake.jpg (64.0 KB, 495 views)
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 01-24-2009, 12:14 PM   #57
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 70
Moral of the story: diversify. We mean it.
__________________
:)
Leonardo is offline   Reply With Quote
Old 04-09-2009, 02:04 PM   #58
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
9.21 today - here's hoping VACollector held tight and BofA keeps climbing back! (sez the guy who bought at 33, 25, and 23).
__________________
calmloki is offline   Reply With Quote
Old 04-09-2009, 05:07 PM   #59
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Today was a fabulous day to own bank stocks. The green was just popping of the screen
__________________
clifp is offline   Reply With Quote
Old 04-09-2009, 05:27 PM   #60
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 295
Geech, a Real Bummer! Sounds like my CPA Guy at the Firm I use..He was sitting in fat city, working just PT. these last 5 yrs and lost over 65% of his Savings..and using a Clients Investment firm Service no less! He Owned all the Big stocks..you name them from AIG to BAC, GE and GM and GMC and he was diversified! Into their Bonds as well as their stocks! LOL

I feel bad for you and eventhough Loosing about -21% of my Investment $ on paper, I still have a couple of Yrs left of Cash to pay my bills with my SS.and hopefully things will get back to 07's #'s at least by then..

FYI? My Retired CPA Uncle.. Moved from Illinois, to Nevada, After he & My aunt spent Yrs 03-06', Building Houses and selling them for a Hobby? He was asked to come in and Be the head Audit or for a Indian Res. Casino to clean it up in late 06' and it was just going to be a year or 2 Job? He like it so much, he's Still Doing it! And my Aunt is also Working for them... Moral? If you have a Good, Honest Reputation? You should have no problem getting something in your Field and maybe even More Interesting this time around.. Then banking Industry is Starving for Such People...

Best of Luck..! But, I doubt you will need it.. Odds are in a Few Yrs, you will be back on top again..You can't keep a Good, Honest and successfull man down.. Like Cream in Milk, always rises to the Top..
__________________

__________________
Dennis is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
When in dist. mode- reinvest div & int & sell shares or take div & int in cash? cashflo2u2 FIRE and Money 12 12-11-2008 04:25 PM
Ruh-roh-- Hurricanes Jova & Kenneth & Lidia & ... Nords Other topics 3 09-18-2005 05:55 PM
Charlie says Adiós charlie Other topics 62 08-29-2005 06:16 PM

 

 
All times are GMT -6. The time now is 01:25 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.