MASSIVE Stock Collapse Friday/Monday. You Have Been Warned

[EPS]

This is what will get you in debt really quick medical bills I'm going through some b.s. right now with my insurance they don't want to pay for this

 

[EPS]

Yes - if you don't need it and the intention is to let the charge on the card ride and pay high interest on it, then you probably can't afford it.

I use my credit cards a lot - but I pay them off each billing cycle. I get free use of the money for up to 30 days and I get cash discounts on the purchases. Except for my property, I never use debt to buy anything, especially guns of which I have way more than I need and I never need to sell.

Of course, sometimes debt is necessary when a person can't make ends meet - BTDT; when I was young I was very poor and had a family to support and basic needs like shelter and transportation often required debt.

But I see a LOT of people today who use debt as a means for instant gratification - to acquire things they do not need, a new cell phone every year, a new car, new furniture, a new TV.

My TV is flaky - it is ten years old and has bars and other artifacts that flow across the screen because something is wrong with it. I don't need a new TV - it is entertainment - it is not necessary for my survival. I could easily do without it. I would not take out debt to buy a new one, but many people would who can't afford it.

I drive old cars I never have had a new car I used to have fancy cars when I was younger buy all the B.S. rims and tires bla bla bla but that all stopped when it gets stolen lol

 

[The Heretic]

This is what will get you in debt really quick medical bills I'm going through some b.s. right now with my insurance they don't want to pay for this View attachment 429543

BTDT with an insurance corp that approved something and then delayed and delayed and delayed until I complained to the insurance commissioner. The longer they delay the longer they collect interest on their funds.

When I was younger I had to take out loans to pay for necessary medical costs, now that I earn more and have no debt I just pay my share out of pocket and I have had to pay some large bills the last couple of years - my savings took a pretty good hit - but that is what the savings are for.

 

[EPS]

Medical bills got me into lots of debt years ago with my daughter took me year's to build my credit back up

 

[The Heretic]

Medical bills got me into lots of debt years ago with my daughter took me year's to build my credit back up

Yup - BTDT - still doing it even though she is an adult and married. That responsibility never ends for me. I put 30% of my income into my retirement funds, but the plan is to never touch it after I retire - it is for her retirement because she can't afford to save for retirement with their expenses and income.

 

[EPS]

This all because I went to do my DOT physical for my CDL license witch I pay cash for because we could not use insurance for that but the doctor wanted me to do some other stuff because of blood pressure and do some other things because of family medical history . so they say I have to pay for the following because it part of my DOT PHYSICAL . when it was not done at the same time family has history of kidney PROBLEMS so did some tests to check my kidneys

 

[moose]

never use debt to buy anything, especially guns

a LOT of people today who use debt as a means for instant gratification - to acquire things they do not need, a new cell phone every year, a new car, new furniture, a new TV.

Nail meets hammer on the first statement.

The government encourages the second. They are expecting everyone to run to the candy store with the extra $1.50 a week and spend it, not put it in the bank like a prudent squirrel.

 

[EPS]

Back on topic I sold all the stock's I have a year or two ago just dumped everything I didn't lose money but I didn't make a lot eather

 

[moose]

I sold the bitcoin I had before that last huge bump. No do-overs in life so no big deal.

If one does not realize a capital gain, it never happened.

 

[EPS]

I dumped what little stock I had left before the election I was thinking if she won it would have went in the toilet anyway but who knows I just wanted to get out I might get back in

 

[etrain16]

As others have noted, at a 10% drop, this is the definition of a 'correction'. They are normal, usually annual events. It's been 2 years (Jan 2016) since the last correction, and it's been long overdue. For long term investors, occasional corrections are a good thing as the corrections are a time to buy stocks at a lower price. It would take a 20% drop to get to a bear market, and we haven't seen that since the recession started in 2007.

So at the bottom of this current run, we've seen a 10% drop. My retirement account (the one I have control over) dropped 5% over that time. I'm still not concerned that there will be a return to 2007 or worse. No one is panicking, at least no one that would get me to react in panic. I've talked to a lot of people and I don't see anyone jumping out of the market. They're looking at the long term. If I was close to retirement, I would be making some changes, but I'm still a ways out, so no need to get crazy.

 

[moose]

From base camp Everest is a huge mountain. From orbit, the earth is smooth a a cue ball.

 

[Colts4me]

1950 the dow was about 3,000 and today it's 24,000. Unless they close the doors I doubt there is much to worry about for younger people. If you are old you might want to secure your investments.

 

[308]

I keep telling that to my kids and anybody else that will listen.

Glad to read you do that.
I've spoken to younger guys and some listen and some don't.

One whom I've know since he was two, started working with me and he took the advice to heart. Now he's 35 and has over $100k in his 401k

 

[The Heretic]

As others have noted, at a 10% drop, this is the definition of a 'correction'. They are normal, usually annual events. It's been 2 years (Jan 2016) since the last correction, and it's been long overdue. For long term investors, occasional corrections are a good thing as the corrections are a time to buy stocks at a lower price. It would take a 20% drop to get to a bear market, and we haven't seen that since the recession started in 2007.

So at the bottom of this current run, we've seen a 10% drop. My retirement account (the one I have control over) dropped 5% over that time. I'm still not concerned that there will be a return to 2007 or worse. No one is panicking, at least no one that would get me to react in panic. I've talked to a lot of people and I don't see anyone jumping out of the market. They're looking at the long term. If I was close to retirement, I would be making some changes, but I'm still a ways out, so no need to get crazy.

^^ This.

I am close to retirement, but I can easily survive for about ten years on SSI alone if I don't have a mortgage.

Just got in from walking thru my back acreage with a logger and he is thinking I would get enough from some of my timber to pay off my mortgage, and still have more than half my acreage in mature trees - the half my house is on. If I pay off my mortgage than that allows me to accelerate my retirement plans.

 

[The Heretic]

Glad to read you do that.
I've spoken to younger guys and some listen and some don't.

One whom I've know since he was two, started working with me and he took the advice to heart. Now he's 35 and has over $100k in his 401k

They say that the number of people who have $1M in their 401K has double in the last year or two, and that a lot more younger people have $100K in their 401K.

Age Salary savings
30 1x
35 2x
40 3x
45 4x
50 6x
55 7x
60 8x
67 10x

Of course, for many people, it is hard for them just to make ends meet much less put that much money into a 401K. I did not start until I was in my late 40s and I do not have even 4 times my salary in my retirement funds, but I do have more 10 times my yearly living expenses - much more if my mortgage goes away.

 

[The Heretic]

Just noticed my paycheck 401K contribution from last paycheck went into my 401K yesterday, meaning it bought the stock at 10% less than if it had been put in 3 weeks ago.

 

[66PonyCar]

Here's an article in Barron's on the volatility in the market and what we can expect in the near future.

Seat Belts Fastened: Volatility Ahead

 

[Member 34319]

In for the collapse.

 

[The Heretic]

In for the buying opportunity.

There - fixed it for you.