Stock Market Catastrophe...

[hotrodron]

The S&P down 7.6% again today, The Dow down almost 700 points again today, and the market is down a total of 21% in just 10 days!

Everyone says, just ride it out, it will rebound. Remember the crash in 1929? It took until 1952 for those people to break even. Can most people stick it out for 23 years to get their money back?

If you have a 401K and you're going to need it any time soon, what will you do now? How are you going to cope with your losses? Are you pulling what you have left out?

I truly feel bad for those who have lost so much lately. Its a fact that it will rebound and the market will be strong again, but some folks don't have the time left to wait it out.

On the other hand, if you aren't in the market, now is the time to get in. If you have some income to "play" with, the time is here to start investing. Citigroup is under $13, Exxon mobil is under $70, Bank of America is under $21, even FORD is down to $2.37! There are so many deals out there to be had right now. If you have some time to wait and a little to invest, you could make some big money in the long run.

 

[Bonehead]

Well, I wasn't planning on retiring for 10-15 years, but I have lost more in the last few days on my 401K then I will make in 10 or 15 years. I will probably leave it in. I am lucky to have a lot of assests besides my 401 K, but they are all dropping in value. I am not in panic mode yet. Business is really good, and I have lots of work lined up.
Besides I was broke when I came into this world, and I worked my way to where I am now. I could do it again, it only took 50 years.

 

[Willowbilly3]

I lost everything in the Katrina debacle, then bounced back for a year and a half with a good funds matching IRA only to get involved in a massive layoff due to a finacial debacle and lose all that. My small mutual fund that's left will probably suffer badly. My view (from the bottom) is that money really isn't all that. I am enjoying some quality of life with my family that we never had before. This market correction was long overdue. How long can you stimulate an economy by spending money that doesn't exist? About this long I guess and longer than I would have thought.
It can be good or bad, however you choose to percieve it. I choose good.