I am not a financial expert, but...
I believe that an economic downturn is the time to put money away, not take it out. And I invested some today. Not a lot, mind you, but some.
Unless you need the cash soon, this is definitely the time to be maximizing your 401(k) or IRA contribution, especially if your employer matches. I can't believe how many people don't even know if their employers match their retirement savings contributions. This is FREE MONEY, people, and I mean that LITERALLY. Even if your employer matches only 3% or 5%, that's an additional 3-5% of your salary, straight to your retirement savings, for FREE! And right now, while prices are low, is the time to be buying. (Even if the money you save somehow earns nothing by the time you retire, you really must take advantage of the FREE contributions by your employer, if you're lucky enough to have that.)
Buy low, sell high, remember? That doesn't just apply to individual stocks. The only trick right now is putting your money somewhere that your investment won't go to zero. If nothing else, your mattress is not the place to keep your dough. You can open a savings account online and earn at least 3% (my HSBC online account yields 3.25%), and that money is insured up to $250,000. That's just easy.
Watching news of "the crisis" on television is a bit scary, and it strikes me as "real" enough that sometimes I get a little choked up thinking about, bear with me, hard-working Americans and how they strive to earn and save money for themselves and their families. People are worried and they feel that they completely lack control.
But the stock market is just an indicator of confidence. Stock prices don't move on their own. Stock prices move up when people buy, and down when people sell. I'm doing my part to help this indicator of confidence by not selling. Unfortunately, my meager investments are not enough to move markets, but at least I'm keeping my chin up, and am encouraging others to do the same.
I watch CNBC while I work out, and was just treated to 45 minutes of "CASCADING CRASH" commentary while I was on the stairmaster. I just had to say something about it.
Unless you need the cash soon, this is definitely the time to be maximizing your 401(k) or IRA contribution, especially if your employer matches. I can't believe how many people don't even know if their employers match their retirement savings contributions. This is FREE MONEY, people, and I mean that LITERALLY. Even if your employer matches only 3% or 5%, that's an additional 3-5% of your salary, straight to your retirement savings, for FREE! And right now, while prices are low, is the time to be buying. (Even if the money you save somehow earns nothing by the time you retire, you really must take advantage of the FREE contributions by your employer, if you're lucky enough to have that.)
Buy low, sell high, remember? That doesn't just apply to individual stocks. The only trick right now is putting your money somewhere that your investment won't go to zero. If nothing else, your mattress is not the place to keep your dough. You can open a savings account online and earn at least 3% (my HSBC online account yields 3.25%), and that money is insured up to $250,000. That's just easy.
Watching news of "the crisis" on television is a bit scary, and it strikes me as "real" enough that sometimes I get a little choked up thinking about, bear with me, hard-working Americans and how they strive to earn and save money for themselves and their families. People are worried and they feel that they completely lack control.
But the stock market is just an indicator of confidence. Stock prices don't move on their own. Stock prices move up when people buy, and down when people sell. I'm doing my part to help this indicator of confidence by not selling. Unfortunately, my meager investments are not enough to move markets, but at least I'm keeping my chin up, and am encouraging others to do the same.
I watch CNBC while I work out, and was just treated to 45 minutes of "CASCADING CRASH" commentary while I was on the stairmaster. I just had to say something about it.
posted by Jen S. at
6:12 PM
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