At 51---no retirement plan but could retire in 4 years

[foxfirev5]

Quote:

Originally Posted by Lily Byron Dear ShortInSeattle, .... "Correct me if I'm wrong, but I am under the impression that a 401K is a diversified stock portfolio. Is the stock market beast somehow tamer than the forex beast? No, they are both beasts. I realize that 401Ks are managed by professionals, but the bottom line is that the results of these "professionals' " handiwork have ranged from poor to disastrous in past years. While they can reasonably predict no more than 10% a YEAR, my husband can reasonably predict 5% a MONTH. Many people have lost most, if not all, of their savings through investing in 401Ks. The real tragedy is that the 401K companies are touting their service as a reliable way to "save for retirement" when it is really nothing more than a calculated risk."

OK I'll bite - your wrong.

[PennStateCLJ]

A 401k is a container of investments, nothing more. Just like an IRA is a container or a taxable account is a container. You have control over the 401k as far as you can control risk through the stock and bond funds offered.

There is no magic bullet to turn you into millionaires overnight. I suspect you'll find this out the hard way on your gamble. As others mentioned, taxes and trading costs will no doubt erase any of your exemplary gains.

If you're set to do this trading at least do it within the confines of an IRA where tax ramifications will be nill.

[rescueme]

Quote:

Originally Posted by MichaelB At 5% a month you could become the wealthiest people in the world without anyone's help. Why share this with us?

Book (I.E. "Rich Dad, Poor Dad") to follow? ...

Call me suspicious, but the OP's story does not pass the sniff test. $10K is fairly easy to get (even if it's a CC $$ withdrawl).

If it's that great a "system", there would be many folks beating a path to the OP's door willing to advance them the $$$ it would take to launch such an effort.

[REWahoo]

Interesting that the OP lacks the understanding of what a 401k is yet expects us to believe she has a "can't lose" Forex trading system.

[bbbamI]

Looks like I'm the only one that did not recognize the term 'Forex System'. I had to look it up.

Carry on...

[braumeister]

Quote:

Originally Posted by Lily Byron Correct me if I'm wrong, but I am under the impression that a 401K is a diversified stock portfolio.

Correct me if I'm wrong, but I am under the impression that you are taking us for that special breed of people, only one of whom is born in any given minute.

[Brdofpray]

Quote:

Originally Posted by bbbamI Looks like I'm the only one that did not recognize the term 'Forex System'. I had to look it up. Carry on...

Your not alone, I looked it up as well.

[KMyer]

I had to look it up too. However a five percent monthly return may not be sufficient. Check out the link to see if, in a Forex System, a 10% return per month is good enough. Unbelievable....

In FOREX, is 10% return per month good enough? @ Forex Factory

[RunningBum]

Let me guess, you can't get a traditional bank loan or credit cards because you're either maxed out or have previously declared bankruptcy from your husband's previous "can't-miss" scheme.

[rbmrtn]

Correct me if I'm wrong, but I am under the impression that a 401K is a diversified stock portfolio.

No, 401k is a retirement savings account.

Is the stock market beast somehow tamer than the forex beast?

Yes, forex is more akin to betting on the roulette wheel than investing.

I realize that 401Ks are managed by professionals

No, the individual selects investment for their 401k.

Many people have lost most, if not all, of their savings through investing in 401Ks.

Have not seen anyone with those results

The real tragedy is that the 401K companies are touting their service as a reliable way to "save for retirement" when it is really nothing more than a calculated risk.

Everything in life is a calculated risk to some degree.

[ShortInSeattle]

Ah. I'm glad you found my post to be respectful, since it is my intent to be so.

No one is going to give you money here, or if they do, they are being foolish. There are no grants available for speculation either.

Perhaps since your intent from the beginning was to try and get money from others, I was foolish to reply in good faith.

I thought my peers were being a bit harsh, but perhaps they've just seen this before?

If you are sincere in your interest to learn about finances, there are excellent books available. If you're looking to prime your Forex scheme with other people's money, I can't even wish you luck.

So I'll say Happy Holidays instead.

SIS

[REWahoo]

Quote:

Originally Posted by ShortInSeattle I thought my peers were being a bit harsh, but perhaps they've just seen this before?

+1

[Bestwifeever]

Quote:

Originally Posted by bbbamI Looks like I'm the only one that did not recognize the term 'Forex System'. I had to look it up. Carry on...

I should have looked it up--here I thought Mr. Lily had some sort of Botox system he had perfected.

[REWahoo]

Quote:

Originally Posted by Bestwifeever I should have looked it up--here I thought Mr. Lily had some sort of Botox system he had perfected.

+1

Forex sounds like a brand name for condoms.

[rescueme]

Quote:

Originally Posted by Bestwifeever I should have looked it up--here I thought Mr. Lily had some sort of Botox system he had perfected.

Even if it was, I don't want it and you don't need it ...

[Lily Byron]

Hello everyone,


Here's something you may not have considered: my situation is real.



If you don't believe me, what would it hurt to play along? Again, my situation is real and exactly as I have stated. Please post something that I can actually use. You can see what your own reaction to it has brought to me, so you can imagine what my relatives or friends might say.



It is obvious there are intelligent people on this website, but I need REAL advice. To us, $10,000 dollars is a gold mine in and of itself. It is not a matter of simply not touching the money; it is a matter of raising that much money. OF COURSE, I am looking for funding but not from anyone on this website. The very definition of funding is using someone else's or some organization's money. We are looking for either a loan or a grant. We are willing to pay off a loan from our profit, but we have poor credit and would not qualify through traditional means. We have a year's proof of our profits, but, as you know, that is something that can be faked. As you can see, by your own comments, it is obviously NOT something we can sell.


If you don't believe me, then think of it as an intellectual puzzle. I know that people on this website are savvy concerning finances. Obviously, we are not, and that is why we've come to you. I don't have your credit card information and I don't want it. We simply are seeking advice in order to acquire funding.


Lily Byron

[REWahoo]

Quote:

Originally Posted by Lily Byron If you don't believe me, then think of it as an intellectual puzzle. I know that people on this website are savvy concerning finances. Obviously, we are not, and that is why we've come to you. I don't have your credit card information and I don't want it. We simply are seeking advice in order to acquire funding.

Why would we want to participate in an intellectual puzzle to aid someone in getting 'free' money to gamble away on a can't fail Forex trading system? That's like asking us to help you get money to buy lottery tickets or try your luck in Vegas.

You don't need to be very 'savvy concerning finances' to know this isn't worth pursuing.

[braumeister]

Quote:

Originally Posted by Lily Byron The very definition of funding is using someone else's or some organization's money.

Yeah, that's the ticket, isn't it? Or as Margaret Thatcher once said, "The problem with socialism is that you eventually run out of someone else’s money"

Quote:

we have poor credit and would not qualify through traditional means.

But you, your husband, and your eight kids "live VERY frugally in order to get by" so where did all that debt come from?

Quote:

We have a year's proof of our profits, but, as you know, that is something that can be faked.

Au contraire. Every yahoo that comes down the pike can show you how his system has been "comprehensively backtested" so it obviously can't fail.

Your posts are entertaining and amusing, but only because they're so transparent.

[bondi688]

Lily Byron
There is no government or foundation grant for personal use . You or your husband can get extra work, live frugally like you say, and grow the nest egg to invest. But like I said before, I would not bet the bank on a " no fail " system nor think of it as a retirement plan. If a " no fail " system exists, those math whiz from MIT and Caltech and biz schools like Wharton, U of C would already be familiar with it and had implemented it.
Good luck. You'll need it.

[rbmrtn]

PEER to PEER lending ( where is CFB )

Personal Loans & Investing with Peer Lending - Lending Club

Pawn some of your assets

2nd mortage or HELOC

Loan shark