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Fi$cally Fit

  1. yitmy
    yitmy
    Well I think you really should ask an accountant/financial planner if you can afford it. Due to bankruptcy I believe you should get one anyhow to get you out of the red!!!

    I think that retirement money should be left as retirement money and you would be paying penalties and taxes on the money for early withdrawal and this may still be not enough. If due to bankruptcy they ask for the money in your 401k then you have no choice. But since you are in bankruptcy I believe they may be more lenient if you pay back on a schedule.

    I am concerned though on what will happen next time you run over? Debtors Prison does not really exist- but it does for anyone who has got debt out of control. You really should stick to a budget and avoid any further over-indulgences. Yes, once in a while you need an escape from living so frugal but you need to save for it.

    Might be a good time to take stock and find your net worth(take all your assets, subtract all your debts and come up with your net worth.) In times of crisis this would be beneficial for you to know your starting point. Then quarterly updates and see if you are improving your bottom line. If the answer is no then take a look at your outlays and save even more.

    Hope this helps!
  2. nateo
    nateo
    Just found these groups, and this one seemed to fit me.
  3. yitmy
    yitmy
    So what are we in?
    Cash(C)
    Bonds/fixed income securities/funds(B)
    stocks/mutual funds in stocks(S)
  4. nateo
    nateo
    I recently changed my balances from 75% stable returns/bonds - 25% stocks/mutuals to 20% stable returns/bonds - 80% stocks/mutuals. Hoping for a big rebound in 2009, although I am young enough to absorb a hit if we go down a little more.
  5. yitmy
    yitmy
    Currently Large cap stocks 24%, small cap 11%, International 12%, 23% fixed income, Cash 30%. I just want a diversified portfolio that will rise someday? Soon would be nice!
  6. Possum
    Possum
    Oh God...

    After working in the business for 3 years, and having millionaires shout at you cos you ONLY made them $50k that year rather than the expected $65 kinds puts an edge on finances...

    I luckily sold up last year cos i saw the storm coming. Look into companys that save people money for the next few months, and ones with little collateral.
  7. nateo
    nateo
    Loving this rally. I work for one of the top 4 banks and it is real nice to see our stock finally have a few good days in a row instead of the opposite.
  8. TBtaylor52
    TBtaylor52
    Geez, I need to follow you guys on this. I'm becoming an adult and don't know much and don't want to do anything stupid. Right now I'm just working and saving until I start college in the fall. But I've always been interested in stocks.
  9. nateo
    nateo
    The one thing I wish I had done when I was younger is start a Roth IRA sooner. I also wish I hadn't cashed out my old 401k's when I left previous jobs. I was an idiot when I was younger.
  10. yitmy
    yitmy
    401ks should not be cashed out but rolled over to an IRA. The tax consequences are devastating and you probably would lose some of the principle for sure! Especially now.

    Its a great time to establish some stock positions. Money you do not need should be used. Finanlly we have some wind in the sails and the market is in the early stages of coming back to 9000. People will be bringing money into the market on Monday. Which usually means more upside potential. Foreign markets are in rally mode too. There are so many great stocks at such low valuations, choose wisely or buy the index. The whole market went down I call it "irrational pessimism" so the whole market is so oversold it will not take much to keep this going. Yes the bears will try to say this is a dead cat bounce, and they may be right but if you invest with money you do not need now. Then its a great time to get something set up for the future...or you can leave it in the bank and get 1-2% yearly or in stocks with the ability of rising so much so fast. Choose wisely---
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