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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:05 PM
Original message
Not one fucking penny
I am getting ready to go back to work full-time. I love that first day when you fill out all of your paperwork. The ONE change I will make when I fill it out this time is that NOT ONE FUCKING PENNY will go into a 401k. Not one. I REFUSE to let the banksters play with my money anymore.

And after seeing that the government is dipping into federal pensions...well, that just solidified my position.
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Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:07 PM
Response to Original message
1. we're looking into moving the 401k to a credit union
And we're getting ready to sell the stock we were given as a bonus. We don't want to feed the beast either.
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FSogol Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:09 PM
Response to Original message
2. If your company matches your contributions, you are shooting yourself in the foot. n/t
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Mon May-16-11 12:11 PM
Response to Original message
3. Deleted sub-thread
Sub-thread removed by moderator. Click here to review the message board rules.
 
RebelOne Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:12 PM
Response to Original message
4. During the Wall Street fiasco,
I was losing so much money in my 401K that I moved it into my savings account. I know even though it was not drawing much interest, at least I wasn't losing money. Now, I am retired and am glad I did. So far, I have not had to dip into that money. Plus, having a 401K is an option and you don''t have to sign up for it.
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Recursion Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:25 PM
Response to Reply #4
9. The high point of a security price is not "your money" to lose
If you got out more than you paid in (and you almost certainly did unless you started investing in 2003 or so), you didn't "lose money" in any real sense of the word.
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taught_me_patience Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:34 PM
Response to Reply #4
12. You are losing money by being in cash
inflation is robbing your purchasing power every day.
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RebelOne Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 02:58 PM
Response to Reply #12
20. Well, I am retired now, I am also collecting social security
and with that and my savings my money is secure. I am not worried about purchasing power because I purchase very little nowadays.
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dionysus Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:16 PM
Response to Original message
5. you could have used your 401k money for cash and bond funds... no "banksters" involved.
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eridani Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 01:29 PM
Response to Reply #5
16. Very true--please reconsider
I switched everytning to a Stable Value Fund, and made a gain of 0.5% in 2008.
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:18 PM
Response to Original message
6. Yep. Never again for me either.
nt


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slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:19 PM
Response to Original message
7. I think you are making a poor financial choice, but I support your right to do so
:hi:
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NeedleCast Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:20 PM
Response to Original message
8. Its your money to throw away
Especially if your employer matches anything.

Putting your money into a 401K does not mean putting your money into the stock market. You know this, right?
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snooper2 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:26 PM
Response to Original message
10. Can I give you a name?
Sally the Horse? How about Penny! that's a wonderful horse name!!!
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Shagbark Hickory Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:26 PM
Response to Original message
11. You are making your decisions based on msnBS pundit talking points. Bad idea. Contribute ..
Edited on Mon May-16-11 12:27 PM by Shagbark Hickory
til the end of the match would be my advice.
If you want to retire pennyless on principle however, that's your choice to make.
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:34 PM
Response to Reply #11
13. Except that when I lost my money, I kept being told
"well, that's really NOT your money anyway"... :eyes:

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Shagbark Hickory Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 12:52 PM
Response to Reply #13
14. I don't know who told you that but it sounds like a misunderstanding.
As long as YOU understand, thats what matters.
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Recursion Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 01:04 PM
Response to Reply #13
15. I think the point is the *gains* aren't "your money" until you cash out
People see their portfolio valued at X and assume they "have X"; if it drops below that they view that as a loss, even if they still have more money than they put in.
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truebrit71 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 01:49 PM
Response to Original message
17. I'm sorry but that is just plain daft...especially if the company matches your contribution...
...even if you just leave it in cash you are lowering your tax burden (admittedly not by much, but hey, every little bit helps) and essentially doubling your money when the company matches yours...

You don't have to put it into any investment vehicle, or try and figure out which mutual fund to buy, just leave it as cash if you want, but shit, at least take the company's FREE money...

The banksters only get to "play with your money" if you invest it...

I strongly suggest you give this some more thought...
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dawg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 02:04 PM
Response to Original message
18. I'm not fucking Penny, either.
Hell, I barely know her. But please listen to those telling you to at least contribute to the extent of the company match. Most plans have a fixed-rate option that would not risk any of your principal.
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AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-16-11 02:07 PM
Response to Original message
19. Roth IRA
eom
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