LETSGOBROWNIES Posted March 22, 2020 Share Posted March 22, 2020 8 hours ago, winitall said: The fact legislators can openly own individual stocks is truly another level of incompetence. It’s not incompetence, it’s intentional. This isn’t a new issue, people obviously don’t care enough to vote these ball bags out of office. Quote Link to comment Share on other sites More sharing options...
Fresh Prince Posted March 22, 2020 Share Posted March 22, 2020 Just bought $1000 of Norwegian cruise line. I mean it’s only going to go up right? Quote Link to comment Share on other sites More sharing options...
naptownskinsfan Posted March 22, 2020 Share Posted March 22, 2020 I already have some investments, including a rather large account that was left to me when my uncle passed, but since my boss offers a great match on a 401k retirement plan, I had a meeting a few weeks ago to get in on it. Obviously now I'm reconsidering, but have until the end of the month to join it. If not, I wait another quarter and can join then. I didn't do it previously when he started the program because I was buying a house and needed all of the money coming in that I had. Should I wait until we've weathered this coronavirus volatility or should I go ahead and start the account? 1 Quote Link to comment Share on other sites More sharing options...
Glen Posted March 22, 2020 Share Posted March 22, 2020 22 minutes ago, Fresh Prince said: Just bought $1000 of Norwegian cruise line. I mean it’s only going to go up right? Not necessarily. Could keep going down and down. Quote Link to comment Share on other sites More sharing options...
Glen Posted March 22, 2020 Share Posted March 22, 2020 13 minutes ago, naptownskinsfan said: I already have some investments, including a rather large account that was left to me when my uncle passed, but since my boss offers a great match on a 401k retirement plan, I had a meeting a few weeks ago to get in on it. Obviously now I'm reconsidering, but have until the end of the month to join it. If not, I wait another quarter and can join then. I didn't do it previously when he started the program because I was buying a house and needed all of the money coming in that I had. Should I wait until we've weathered this coronavirus volatility or should I go ahead and start the account? For a retirement account the best time to start one is yesterday. The second best time to start one is today. The unstable market is great for the long term investments like a 401k account. But I will say I only recommend it if you're confident that your job is secure(essential) and have no worries about layoffs/the company going under within these next few months. If you cant say without certainty that's the case then I would try and keep as much cash on you as possibly until this blows over. 3 Quote Link to comment Share on other sites More sharing options...
naptownskinsfan Posted March 22, 2020 Share Posted March 22, 2020 21 minutes ago, Glen said: For a retirement account the best time to start one is yesterday. The second best time to start one is today. The unstable market is great for the long term investments like a 401k account. But I will say I only recommend it if you're confident that your job is secure(essential) and have no worries about layoffs/the company going under within these next few months. If you cant say without certainty that's the case then I would try and keep as much cash on you as possibly until this blows over. Yeah my job meets all of those requirements. My boss is currently operating the business at a loss to keep people at their hours and will continue to do so. Sure, some part-time folks who are older and younger are staying home, whether they are doing it for safety, family reasons or just to have off is up for debate. But the most someone full-time who wants to keep working has seen their hours cut by 10% only. I'm also running one of the locations so I'm not in any risk of not having hours, getting paid, etc. He will also still put in up to 4% matching with it as well. 1 Quote Link to comment Share on other sites More sharing options...
theJ Posted March 22, 2020 Share Posted March 22, 2020 10 minutes ago, naptownskinsfan said: Yeah my job meets all of those requirements. My boss is currently operating the business at a loss to keep people at their hours and will continue to do so. Sure, some part-time folks who are older and younger are staying home, whether they are doing it for safety, family reasons or just to have off is up for debate. But the most someone full-time who wants to keep working has seen their hours cut by 10% only. I'm also running one of the locations so I'm not in any risk of not having hours, getting paid, etc. He will also still put in up to 4% matching with it as well. If he's operating at a loss, then I'd wait. Owners can only do that so long, at which point everyone is in jeopardy. He may be saying otherwise, but that's just to keep people from panicking. You can always set aside the money as cash, then put it in a Roth IRA later when things settle a bit. 1 Quote Link to comment Share on other sites More sharing options...
naptownskinsfan Posted March 22, 2020 Share Posted March 22, 2020 1 minute ago, theJ said: If he's operating at a loss, then I'd wait. Owners can only do that so long, at which point everyone is in jeopardy. He may be saying otherwise, but that's just to keep people from panicking. You can always set aside the money as cash, then put it in a Roth IRA later when things settle a bit. I've worked for him for 14 years and seen the P&L's, he's going to be fine. It's also a widely popular company that he's a franchisee for. I don't mind sharing via PM if you think that would change your advice. 1 Quote Link to comment Share on other sites More sharing options...
theJ Posted March 22, 2020 Share Posted March 22, 2020 1 minute ago, naptownskinsfan said: I've worked for him for 14 years and seen the P&L's, he's going to be fine. It's also a widely popular company that he's a franchisee for. I don't mind sharing via PM if you think that would change your advice. No that's fine. I'm not a advisor, I'm just in general cautioning people to jump in because it appears the market is ripe for the taking. The thing is that while the potential returns are enticing, the quick gains are basically rendered noise by long term compound interest. In other words you'll not notice any sort of appreciable growth special from this time 25 years from now. Short term stability in a rapidly worsening market is more important, IMO, then trying to eke out an extra 20% on a few contributions. Your individual milage (situation) may vary. 2 Quote Link to comment Share on other sites More sharing options...
theJ Posted March 22, 2020 Share Posted March 22, 2020 I'll throw in my personal situation for comparison: My company is doing layoffs next week. My manager is laying himself off, leaving me as the only manager for my department. I've also been told in the past by several shareholders that they can see me becoming a shareholder in the future. I'm about as bulletproof as one can be. However, the seas are worsening. The ship is taking on water. So I'm holding onto a life vest (hoarding cash) as long as the storm is heaving. It's just prudent. 2 Quote Link to comment Share on other sites More sharing options...
theJ Posted March 22, 2020 Share Posted March 22, 2020 9 minutes ago, naptownskinsfan said: I've worked for him for 14 years and seen the P&L's, he's going to be fine. It's also a widely popular company that he's a franchisee for. I don't mind sharing via PM if you think that would change your advice. Actually one more question. You have until the end of the month. When is the next time you can get in? Is it quarterly? Quote Link to comment Share on other sites More sharing options...
naptownskinsfan Posted March 22, 2020 Share Posted March 22, 2020 3 minutes ago, theJ said: Actually one more question. You have until the end of the month. When is the next time you can get in? Is it quarterly? Yes, it's quarterly. Quote Link to comment Share on other sites More sharing options...
Fresh Prince Posted March 22, 2020 Share Posted March 22, 2020 1 hour ago, Glen said: Not necessarily. Could keep going down and down. True, but once this virus thing is over. It should slowly level out to what it once was. Went from $50 last month to $8 now. Worth the gamble Quote Link to comment Share on other sites More sharing options...
Glen Posted March 22, 2020 Share Posted March 22, 2020 Just now, Fresh Prince said: True, but once this virus thing is over. It should slowly level out to what it once was. Went from $50 last month to $8 now. Worth the gamble Agreed. Long term investment its not the smartest move to buy right now given the uncertainty of the economy & virus. But if you can comfortably throw $1000 away right now and not worry then its not the worst investment. But the market could take years to recover. This wont be a "virus is gone and everything returns to normal" kinda situation. Personally I was in the same boat as you. But had been advised to hoard my cash as a safety net first, and then as things are looking to get better put what I have into the sunken market. Quote Link to comment Share on other sites More sharing options...
MacReady Posted March 22, 2020 Share Posted March 22, 2020 1 minute ago, Fresh Prince said: True, but once this virus thing is over. It should slowly level out to what it once was. Went from $50 last month to $8 now. Worth the gamble I’m no expert, but I think it was not worth the gamble. Lots of stocks took a hit from this, and lots of stocks are going to match or exceed what they were at when this all started, but working in hospitality... This is going to change travel for a long time. Especially leisure travel. I would personally go for stocks that won’t be impacted by fears of another pandemic. Same mentality of going for things that wouldn’t be effected by terrorism after 9/11. I’m planning on doing some intermittent buying with all this, but nowhere near 1,000 at a time, and certainly not all in one stock. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.