Yeah, today's pretty much the worst day to do that in seven years.
The beauty of 401(k)s is that they bounce back. No, really. They're diversified, especially if you chose a lifetime fund, and are un-emotional investing, unlike investing in one company over another.
I usually only look at the quarterly statements because I have 33 years until I retire SO IT DOESN'T MATTER but it was just one of those "I wonder how bad it really is?" moments.
I lost today more than I spent on my trip to Korea.
Also? You're doing better than most with an IRA *and* a 401(k). I only have the latter, but I'm socking away about $15,000 a year in it. Or whatever the federal max is. ;)
My dad was really big on saving money from retirement so I have been saving since I was 21 and was eligible for a 401k. I tend to see money as security so I am pretty good at saving it.
You're gonna be set for life with an outlook like that. I wish I had someone like your dad, it took me till I was married for me to really get serious about it. I used to pillage my 401k all the time, now it's sacrosanct. ;)
My dad is pretty cool. He would make us figure out the compound interest of our money when we started jobs. When my siblings went into the Army he made sure each of them set up a RothIRA and had automatic payments put in the Max amount a year into it so all three of them had a good chunk of money invested by time they were 21.
Also both my parents were really open about money. We practiced math by helping balance their checkbook.
Financial loss is a relative thing. If someone has nothing, and someone has lost 10% on the market of what they had, obvy the latter is doing better right? So chin up, you're still going in the right direction.
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timeasmymeasure
no subject
Date: 2008-09-16 12:04 am (UTC)The beauty of 401(k)s is that they bounce back. No, really. They're diversified, especially if you chose a lifetime fund, and are un-emotional investing, unlike investing in one company over another.
no subject
Date: 2008-09-16 12:08 am (UTC)I lost today more than I spent on my trip to Korea.
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Date: 2008-09-16 12:12 am (UTC)no subject
Date: 2008-09-16 12:18 am (UTC)no subject
Date: 2008-09-16 12:19 am (UTC)no subject
Date: 2008-09-16 12:24 am (UTC)Also both my parents were really open about money. We practiced math by helping balance their checkbook.
no subject
Date: 2008-09-16 12:19 am (UTC)no subject
Date: 2008-09-16 12:20 am (UTC)no subject
Date: 2008-09-16 12:25 am (UTC)Dammit, I just realized my parents had to have lost a lot more! Good thing my dad has a pension when he retires in 6 years.
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Date: 2008-09-16 12:28 am (UTC)Hopefully the market will inch back up and help with those losses.
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Date: 2008-09-16 12:09 am (UTC)I agree with "YIKES"
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Date: 2008-09-16 12:30 am (UTC)no subject
Date: 2008-09-16 12:30 am (UTC)no subject
Date: 2008-09-16 04:13 am (UTC)no subject
Date: 2008-09-16 04:40 am (UTC)I'm kinda happy about that right now.
no subject
Date: 2008-09-16 04:49 am (UTC)you ARE the American Dream, Bertine!