Wednesday, October 8, 2008

It's so bad that all I can do is laugh

As of this morning, my 401k has lost 23% of it's value. I've decided not to be upset over this. I'm just going to laugh as my money disappears. Luckily, I've only been contributing to my 401k for a couple years now, so I don't have a huge amount of money in it.

Long-time readers will remember that I freaked out earlier this year when I predicted an impending global financial meltdown. I'm not going to outline the whole argument, but I'll just say that if you don't think this crisis is related to what I was saying, you're kidding yourself. However, I'm not really panicked about things now. Maybe I'm just in a better place now, which is allowing me to better cope with all of this. Whatever the case, I'm more amused than anything.

I never really planned on retiring anyway. I always kind of figured by the time I reached retirement age, retirement will be a long forgotten concept to the average worker. Therefore, while I do contribute to a retirement account, I make sure to contribute to my regular savings account as much as possible. I'm incredibly grateful to have a job that allows me to do this... I just hope I'm able to keep this job for a long time.

3 comments:

Anonymous said...

I don't think you have anything to worry about, being so young. If you do retire, it's not going to be for another 30-40 years. Investing should be for the long-term! I feel bad for the baby-boomers that were going to retire in the next couple years and now can't.
I personally am buying stocks on the cheap now. When everyone says to get out, it's time to get in! (Especially when crazy Jim Cramer says it)

6thPharmacyStudent said...

I hope I can get a job after graduating this year :(

Anonymous said...

I'm one of the younger boomers, and while I'm not so amused, nor much disillusioned or disgusted, I certainly feel better positioned --to continue working at a necessary and halfway decent job. And however my pay is changed, at least my husband and I had no bills outstanding and the house paid for. I have to laugh inwardly, if not wryly that the investment advisor at the bank advised us in opposition of my foreign-born husband's cultural influence of continuing his nest egg of savings, to roll it all into mutual funds, as the interest rate was less than that accrued in speculations, but he just couldn't buck his heritage, and I'm glad it provided a little diversity, which is apparently has been the watchword for some time.