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09-20-2008, 08:05 AM
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#1
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Thinks s/he gets paid by the post
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,874
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The $60 Story
So my friend calls me up during the recent market freefall and complains to me that his 403B lost $60. He was real concerned and was going to talk to his planner tomorrow.
Since I am down a couple of hundred thousand, I thought it was humorous that he would be concerned by such a small loss. I guess he is pretty risk adverse.
His situation is that he is 55 and starting his retirement savings (again) and only has a few thousand in it.
Most of the people I grew up with are in a similar position when it comes to being prepared for retirement. They are not.
One thought is that there are a lot of people out there who need social security or else there will be a lot of people selling pencils on the street corner.
Free to Canoe
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09-20-2008, 09:10 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
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My daughter (age 24) came home last night muttering about the bailout and that she lost another $200 in her 401k and it is now less than 10K and she may never be able to afford a home. I listened to her for 1/2 an hour when she asked "How bad was the market to you this week Mom?." I explained the the Dow was down 33pts for the whole week and even though there were some BIG swings down that the uplift had me up 5% for the week. She laughed and took off to have fun with some friends. They decided on an at home movie night because the theatres are too expensive for them.
She understands that when the markets are down she is getting more shares for her investment and that over time it will be a good thing.
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09-20-2008, 09:20 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2003
Posts: 5,105
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 Quote:
Originally Posted by Free To Canoe
403B lost $60. He was real concerned and was going to talk to his planner tomorrow.
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There is a mistake somewhere or some missing info. from him. I'm guessing it is a larger loss. Can you let us know what happens? It should be interesting.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
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09-20-2008, 01:37 PM
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#4
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Thinks s/he gets paid by the post
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,874
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Quote:
Originally Posted by dex
There is a mistake somewhere or some missing info. from him. I'm guessing it is a larger loss. Can you let us know what happens? It should be interesting.
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Dex,
Yea, I'll keep you posted. Could be a communication thing.
Free to canoe
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09-20-2008, 03:12 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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Quote:
His situation is that he is 55 and starting his retirement savings (again) and only has a few thousand in it.
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Wow at age 55 and with that little in savings, he has a lot more to worry about than the loss/nonloss of $60 doesn't he?
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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09-20-2008, 04:14 PM
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#6
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Thinks s/he gets paid by the post
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,874
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Quote:
Originally Posted by mickeyd
Wow at age 55 and with than little in savings, he has a lot more to worry about than the loss/nonloss of $60 doesn't he?
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Yea,
Actually he has some other more pressing / immediate concerns with his mother gravely ill. Maybe the finance thing is a diversion that he is choosing to obsess on?
Free to Canoe
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