ha whats a 401K

 

I was amazed at the spectrum of responses to this thread. Everything from "tough love" to compassion. We don't know if the guy is 35, 55 or 65 and how long he has to adapt to the new situation before he wants to, or has to, retire. Replanning and rebuilding may be an option, or it may not. Owning a bike is a luxury, but not a huge one. How long is the price of a used bike going to last a family?

I'd like to hope that his company is cutting back to stay in business and preserve jobs, and when business gets better the employees will share in the "wealth". But we all know there are ruthless employers with healthy businesses who would take advantage of the high unemployment rate to just raise their bottom line at the expense of their emplpoyees. We don't have enough info here to know what is the truth.

This guy could have been highly disciplined in saving and investing for the future through his 401K and other vehicles, and then just seen most wiped out due to the stock market and real estate fall (I am not going to even look at my portfolio until I have to to do my taxes, it is absolutely gut wrenching). Or he could have been spending everything on beer and chrome parts for the bike. We don't know.

What is certain is that any large change like this is a shock. Especially if he is over 50, because choices and options narrow a lot by then. Should he suck it up and move forward? Of course...and it sounds like he will. Could we be a little sympathetic as he deals with the changes? Yeah.

I wish him the best and that he can spend the holidays with family and friends. OK now, who wants to hold hands and sing Cumbiyah (or however you spell it)?

 

+1

All of this chaos may be tough initially, but in the end it may be good for us as a country to re-establish our priorities.

 

EGK Sorry to hear that. Back in 92 I got laid off just in time for Thanksgiving and Christimas. Have been self employed ever since. That is why I have very little empathy for the big three. I am in the steel industry and they made us go into bankruptcy for our restructuring.

Look at the bright side you still have a check comming and some money in the 401K. What I would do though, what ever you have in there just be sure it is diversified into something other that the companies stock( I still remeber the poor people from Enron, MCI).

As dumb as this sounds but change is good no matter what just hang in there. And if you have family keep together

 

+1 on the above

 

It is an odd feeling....buddies who are on hard times. Other buddies who are able to "take advantage" of lowe prices on many things, and still have money to buy stuff.

Some folks feel guilty because the downturn is not hitting them as hard as others.

Other folks feel bitter because they are feeling it much more than some.

I sometimes get upset at folks who "put down" other folks who have not be hit so hard.

Imagine a high school dropout, who ran away from home. Ended up in the Army. That's as low a start as possible in my book.

If that person now makes $100K a year, I say more power to him. He made something out of his life. He should'nt be made to feel guilty because he is successful.

 

+1 - I agree entirely. I have always been very disciplined, saving for the future before I spend on the present. My bike is the only "splurge" in my lifestyle, and it's purchase was planned and delayed for quite a while until it was right to do it. My retirement accounts are sickening to see, but I'm taking the long-term view and trying to stay positive.

As for the comments on this board, there are people who are essentially good and then I guess there are those who are essentially rotten. Hopefully paybacks will be forthcoming for each.

 

.....

I'm just playin witcha...

 

Well said 1+

Funny no matter how bad or how many jobs my Mom and Dad had to take to keep all five of us kids in school and fed, they never bitched, ever.

I still remember my Dad running out the door to his second job with that bologny sandwich in his hand. Could not eat with us or he would be late.

He was a great guy and thank I had him in my life.

Texas we will be better because I hope this country remembers how are parents took care of business, honest, saving and working hard.

Guys lets count our blessing too.

 

It sounds like you still have a 401k just no more matching, maybe time to tighten the belt and put more of your own money in it, it's a bummer but it looks like more than ever everyone needs to plan for their own retirement and not count on anyone, not even Social Security.