My Family's Retirement Fund

[eric_cartman]

give your money to peter schiff. he will protect it from a falling US dollar... which is what you really need to be worried about.

http://www.europac.net

he can buy you foreign stocks, gold and foreign currencies. that's the best advice that i can give to someone

 

[Matt Collins]

Interesting that you say that. Wasn't it you that was remarking how you wanted to go back to college for a second BS, but didn't have the money, in another thread?

Yes very much so. And instead of investing or saving I am trowing every available dollar I have to eliminate my debt. Once that is done I will begin to throw the amount of money I pay each month for debt, into savings and investment.

I will first build a larger emergency fund of cash on hand
Then I will buy some physical emergency / safety items (think caching, MREs, some light survival gear, ham radios, etc)
Then I will begin to save for another vehicle so I can pay cash for my next one
I will also save to put a larger downpayment on a house (+25%)
And of course I will throw a minimum of $100 a month into an investment portfolio (although I might have to get that to $50k before it can be properly invested).

 

[WRellim]

Yes very much so. And instead of investing or saving I am trowing every available dollar I have to eliminate my debt. Once that is done I will begin to throw the amount of money I pay each month for debt, into savings and investment.

I will first build a larger emergency fund of cash on hand
Then I will buy some physical emergency / safety items (think caching, MREs, some light survival gear, ham radios, etc)
Then I will begin to save for another vehicle so I can pay cash for my next one
I will also save to put a larger downpayment on a house (+25%)

And of course I will throw a minimum of $100 a month into an investment portfolio (although I might have to get that to $50k before it can be properly invested).

Wow... you should be safely past this market crash...

I mean if you're putting a whole whopping $100 a month away (I'm assuming storing it all temporarily in some type of Money Market Account that pays at least, say 3% APR interest?) and yet you're going to hold off investing it in the market until you reach $50K...

Then you should be able to buy your first stocks with that money in say... oh, about the year 2035.

Or maybe a few years sooner... like 2028 if you steadily increase that minimum monthly $100 by about 5% APR.

Of course if you manage to increase your minimum savings every month by say an annualized 10%, then you could start investing as early as around 2023 (or thereabouts) -- a scant 15 years from now.

I think even at that [significantly] more aggressive saving pattern, we'll be way past the current market pandemonium. (And so back to a "good: time to invest in the market.)

 

[Sentinelrv]

Like suggested before, I'm going to have my parents talk to someone at EuroPac, but I do have another question. Would it be suggested to read Peter Schiff's book Crash Proof before they call up the organization.

Me personally, I don't really know anything about the stock market, and most of the suggestions I've read in here, I don't even understand what they mean. If I turned on CNBC, it would all seem like gibberish to me. I don't know how much of it my parents understand either, so would getting that book clear up anything for me or my parents, or would I probably not understand anything in there because they might assume you have the basic knowledge and definitions down. When I tell you I don't know much, I don't even know what stocks are ok. I'm just trying to look out for my parents.

And if it's not in that book, would there be a place that I could learn about this stuff that assumes you know nothing about it at all?

 

[rodo1776]

My family invested in mutual funds for retirement that aren't FDIC insured, and it already lost about $46,000 because of what's been going on in the economy. They want to go talk to the bank (Wachovia) about what they should do, but I don't trust these bankers, especially after learning about the Federal Reserve.

I don't want them to lose anymore money, and I'm not an expert on these subjects, so I thought who better to ask than people who study Ron Paul's economic policies. Anyway, what would you suggest they do based on what you guys know? If they take the money out, they get a $9,000 penalty. Should they leave it in? With the way the government is taking action on our problems, (The Bailout) I only expect bad things in the future, so I don't think this is a good option, but that's why I'm asking. Or do you guys suggest something completely different? Let me know if you need more information. They operate a motorcycle business by the way, just in case it's relevant.

if your parents are invested through a normal channel in mutual funds with retirement funds thay should be insured agianst loss up to a point. Check the amount with their broker or fund manager.

Why not just sell out of stock funds (which I assume they are in if they are down 46K) and park it in a money market option which they should have?

If anyone thinks that the old "Buy and hold" strategy is going to work now well good luck.

The bottom of the market is WAY OFF and anyone invested can lose a lot more. Why chance it at this point in time?

Just IMHO. If you want to get aggressive buy puts out a few months on the s and p or any financial stock. Like MER, C, ZION, or any insurer or whatever.
This is only for people who understand how puts work. You can pretty much hit any stock on puts and be OK, IMHO.

I myself think that the shit aint anyway near hitting the fan. If you think things are going to get better then go long. If you think not then PUTS are a good way to make money. Better than gold maybe.

Good luck to all. This is a fuxxing crazy time. Live history.

 

[Sentinelrv]

Like suggested before, I'm going to have my parents talk to someone at EuroPac, but I do have another question. Would it be suggested to read Peter Schiff's book Crash Proof before they call up the organization.

Me personally, I don't really know anything about the stock market, and most of the suggestions I've read in here, I don't even understand what they mean. If I turned on CNBC, it would all seem like gibberish to me. I don't know how much of it my parents understand either, so would getting that book clear up anything for me or my parents, or would I probably not understand anything in there because they might assume you have the basic knowledge and definitions down. When I tell you I don't know much, I don't even know what stocks are ok. I'm just trying to look out for my parents.

And if it's not in that book, would there be a place that I could learn about this stuff that assumes you know nothing about it at all?

Thanks, but did you read my question above your post?