That poor fool.
I keep wondering if the incoming tech oligarchy administration will boost stock prices (because that’s how they compound the billions) and that will be enough to keep us in this rut longer than we would be otherwise.
The US stock market always performs well during Democratic presidents terms and does not do well during republicans
Don’t worry, the 401(k) will be rug pulled as well even if the future exists.
Lol … I’m indigenous Canadian and I thought the headline said ‘Native Man’
Me too! I mean the reading the headline part, I’m not indigenous Canadian haha
RDRR.
But seriously, invest for retirement. It’s all on you.
I’m “investing” by learning self sustainability.
I wanted to be more proactive, but school systems don’t like hearing about kids who worry about climate change.
Money helps a lot with resiliency. Like a lot.
That assumes the banks survive. Cash would probably still be useful, but that assumes Trump wont go full Nazi Germany and just print more money eventually to the point of hyperinflation.
if banks fail you might as well eat a bullet you aint sustaining shit
if you’re trying to prepare for nazi america, then invest in beans rice smokes and bullets, then you’ll at least have that bullet
Cash won’t hold its value. Investments, on balance, will. Retirement right before the start of World War I would suck. It would suck more to have no broad based investments.
The only reason cash mighty retain value would be because people would still think it does. Really, I have no idea how long that would last. Investments require trust and a working internet in the modern context.
In that scenario there is nothing to buy.
May want to save and invest in case things mostly continue.
Also, get healthier.
This is why one of my “divestments” is non-cash valuable currency, items such as weapons / tool stockpiles, and training / knowledge. Seriously on that last one is so important if you have a day off learn how to use basic hand and power tools. Learn to cook something. Learn how basic gardening works. Take a CPR and Stop the bleed course, how to do basic electrical work, etc. You don’t have to be professional at them but learn how to do them.
Best case scenario, you can be cheaper and look sexy knowing how to cook clean and repair. Worst case scenario, those are going to be worth more than Benjamins in a true SHTF scenario.
I’m always amused at the people that think they can make it through a collapse
first good infection you’re dead
You need to invest money. My recommendation is get a job and start investing.
Wouldn’t investing at this point basically means betting for even larger tesla & nvidia? Since these companies comprises huge part of nasdaq.
That’s what I would call a bubble. The same has been said for FAANG stocks because they are success stories, and I do think that TSLA and NVDA are large enough with enough assets that they aren’t going belly under overnight.
That said, there were stock advisers, people with degrees and decades of work in early 2001 saying “Buy Enron!” Same goes for dot com stocks, same goes for cypto bros. I’ve made some pocket change off those two companies “mooning” their share values so I am definitely not complaining, but don’t rely solely on those two to go “line go up” forever. When they did my decision was not to buy more, my decision was to very smartly sell off a small portion to “make my money back” per se, and now the rest is house money basically :)
Some years ago someone would have said the same about Apple. Years before that, Wintel. Before that, IBM. To the start of time.
423.30 ppm and rising.
How this is going to play out is that life is going to get expensive (you ain’t seen nothing yet). Money will help a shit ton. This is also going to be a situation where it’s expensive to be poor, see rent and how interest works.
It’s not. I’ll probably die, but most of us will. I never really bought into the promise of infinite growth in a finite system that I was raised to believe in. Everyone narrowly focuses on their own issues, but the larger system is breaking down.
Yeah and the question is what can you do and how can you survive. Vote for Dems, and gather your nestegg by living below your means and investing.
What an idiot.
I learned the hard way that 401k is a scam.
Just put money in a savings account, people.Ah yes, love me some 0.01% interest. Surely my savings will grow.
losing 5-8% buying power every year sounds great!
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What part of a 401k do you think is a scam lmao
The part where it’s defined-contribution instead of defined-benefit.
To be perfectly honest, I personally am better served with a 401(k): I’m in an above-average earning career (engineering), have lived well below my means, and am financially literate.
But most people are not like me. Frankly, the average worker in the US is either not competent or not disciplined enough to both actually contribute enough and invest it properly, and so as a nation we’re careening towards a disaster of geriatric poverty the likes of which hasn’t been seen since before Social Security was invented.
So yeah, the American working class was definitely scammed when pensions were replaced with 401(k)s. But hell, even if you don’t understand the actual differences and implications, you could also tell it’s fishy even just by the fact that the execs were so eager to switch over!
guessing vestment
Definitely some form of financial illiteracy which is certainly unfortunate but not to the detriment of all 401ks
it kinda is in that 401ks should not allow that pro job / anti worker bullshit
it’s crazy how we as a society allow all that obvious gatcha type rules just to help rich fucks get richer
Sure, but be mad at vestment, not all 401ks have that.
oh for sure I agree with you and it is likely his own fault but I do sympathize with his frustration
How is adding money every paycheck to an account with the promise of it being there later my fault?
The assumption that you’re going to live to a ripe old age and still remember your own name.
“Don’t plan for tomorrow because you might not live through today” is a great way to die horribly tomorrow.
That’s cute but guaranteed if you’re under 30. If you’re under 40, you’re going to lose any and everything you save.
I’m excited to hear you clean up on Short bets with that crystal ball of yours
Bruh, it’s pretax dollars in an account that 9 times out of 10 out performs interest rates. Even in huge downturns, it will bounce back thanks to stock market goes brrrrrrrrr
I must have hit that 1 out of 10 shot. Bro.
If you tried to use it in like 2009 then ya. But if you kept it until now it would be doing great.
Obviously it’s doing “great”. That’s why I’m saying what im saying… Seriously? 2009?
If you’re saying you’re that 1 out of 10, then you made it sound like you lost money. Now you say your 401k is doing great? I’m sorry, I don’t understand the point you’re trying to make.
And yes, 09 was a shit show for 401ks/market value.
What are you talking about? I never said it was doing great. I airqouted it, man. I’m done with all of this.
At minimum throw it into SNP500. Return on that over 10 years will always go up.
Story time!
There’s nothing in the account.
Fun storyDid you not add money? Invest in a single stock that went bankrupt? Get scammed?
Added money every paycheck.
Ya you were scammed or we’re not getting the full story. If it was a real 401k it’s composed of diverse stocks and bonds and stuff and if it hit 0 the US wouldn’t really exist. Unless you were self managing and put it all into a company that stopped existing or something.
Every job for 34+ years, put money in every paycheck. Become disabled. Look in 401k, there’s not enough for even one months rent.
I call that bullshit. I don’t care what everyone here thinks. You’re all smart asses until you find out.
You might get two months rent after 65 years! Whoooo
You’re math here isn’t working out. Were you putting less than a dollar a paycheck? Did you have one employer the entire time.
Assuming you did not, when you changed job did you roll over the previous 401k into a Ira or spend it? Even if you ignored the paperwork, the money should still be out there somewhere.
