Quote:
Originally Posted by Dion
As a baby boomer I lost more than half of my retirement savings in 2008. It was well diversified to cover an regional market woes, however it didn't help that we had a world wide recession. I didn't panic and left my money where it was. Today I have gained back all that I had lost and much much more. Others older than me didn't have time.
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Glad you got it back..... world wide recessions hurt everyone.
Quote:
Originally Posted by Dion
Many like myself were "forced" into the market due to interest rates that were paying squat. We had no choice but to play the market if we had any hope of a retirement. Thankfully I have someone good managing my funds. For sure it's a gamble, but not many expected a world wide recession.
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Sure but look at blue chippers..... Wal-Mart, McDonalds, etc..... you can hedge your bets with dividend in blue chippers who are somewhat recession proof..... and I'm really shocked not more Gen X (aka. people who are without 7 years of retirement) don't do this, keep 5 years worth expenses liquid. Even as someone who is decades away from retirement, I keep ~12 months worth expenses liquid..... ANYTHING can happen, and you are responsible for only yourself. Otherwise you are stuck whining on a message board how your generation has it the hardest because of the economy...... (*assuming the dollar doesn't default or anything, I don't expect people to start purchasing Swiss money to hedge their bets)
As for your last comment..... recessions happen every decade, or shorter..... I get that interest rates are low but you got to plan accordingly. If you don't know how, get ahold of Slava or MoneyGuy..... you are responsible for only yourself, whether you are Gen X or Gen Y.