Skip to Content.
Sympa Menu

homestead - Re: [Homestead] Take cash from bank / Roubini

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Take cash from bank / Roubini
  • Date: Mon, 15 Sep 2008 18:16:25 -0700 (PDT)

Rob;  Do not make a financial major financial decision based on what you read
on this or any other list.  Talk to a fee based, well recommended local
financial advisor, first.  My only suggestion would be to remember than you
will pay a lot of additional  taxes and penalties by cashing out early from
your 401K.   You could end up losing up to Half.   Plus, if you are invested
in any of the markets through your plan, right now would be a pretty bad time
to sell.
 
None of us, or no one else, for that matter, can tell you how far the market
will drop or for how long.  And , precious metals can be tricky.  People buy
gold and silver for protection against inflation.  But, defation can make
them lose value also.  In stagflation, you have deflation of core asset value
at the same time of  price inflation.  Gold has dropped about 25% since the
first of the year, and silver has dropped by over 40 % since March.  It never
hurts to have some physical presence of precious metals in case of a worse
case scenario, but they make for notoriously bad investment vehicles.
 
Personally, I would not do anything drastic; But do nothing based on what you
read from people like me.  I might be well meaning, but I could also be an 18
year , pot smoking, metal head, who likes chatting with older people.  You
don't really know us well enough to trust with your savings .  ,  Besides, it
sounds like you've been pretty smart, on your own, so far. ....bobford





----- Original Message ----
From: Robert Walton <waltonrp AT gmail.com>
To: homestead AT lists.ibiblio.org
Sent: Monday, September 15, 2008 5:42:48 PM
Subject: Re: [Homestead] Take cash from bank / Roubini

I have a question. Most of you have a better understanding of money than me.

I don't have a lot of savings. Most everything went into this
homestead. I work off the place to pay for what I need and to save for
when I need it (when I can't work anymore). I have a small 401k that I
could not roll over to the state job I have. I kept it with the
previous employers fund and it's invested pretty conservatively.

What happens to that in this mess?

I've thought about cashing it in, paying the penalty and putting it in
something other than cash. Gold?

I'd take a big hit to cash it in, but if this turns out to be really
bad, I assume it could be lost.

Rob - Va
_______________________________________________
Homestead list and subscription:
http://lists.ibiblio.org/mailman/listinfo/homestead
Change your homestead list member options:
http://lists.ibiblio.org/mailman/options/homestead/bobford79%40yahoo.com
View the archives at:
https://lists.ibiblio.org/sympa/arc/homestead







Archive powered by MHonArc 2.6.24.

Top of Page