What a joke

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theo
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Post by theo » Mon. Mar. 01, 2021 2:57 pm

The stock market is one big joke, Their playing the people like a piano. The only ones getting rich are the richer! This post will more then likley be locked but sorry Richard i just had to vent Theo :clap: Feel better now :D

 
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Post by freetown fred » Mon. Mar. 01, 2021 3:34 pm

Kinda tough to lock the truth T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 
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Post by KingCoal » Mon. Mar. 01, 2021 4:20 pm

yes it's true. many of those market people are just as dirty as our politicians. it's the 8th wonder of the world that any of us average honest people have done as well as we have.

kind of reminds me of trying to swim underwater in a fast irrigation ditch with your eyes open

 
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Post by Hambden Bob » Mon. Mar. 01, 2021 5:56 pm

Theo,alot of people have left the market and it's ways. Investing in other areas away from the big money boys,they're trying different ideas on how to make a go of it. Risk is Risk,but they haven't called it the "Wall Street Casino" for nothing!


 
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Post by cabinover » Mon. Mar. 01, 2021 7:36 pm

theo wrote:
Mon. Mar. 01, 2021 2:57 pm
The stock market is one big joke, Their playing the people like a piano. The only ones getting rich are the richer! This post will more then likley be locked but sorry Richard i just had to vent Theo :clap: Feel better now :D
Is it a risk? Absolutely, but it's the only game in town. We are by no means set but it certainly has added handsomely to what savings we've been able to accomplish. The alternative would be sticking it in the bank where you will earn nothing for letting them loan it out to others at 3-15% interest.

 
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theo
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Post by theo » Tue. Mar. 02, 2021 7:47 am

Do you have a 401K ? If you do its the same as sticking it in a bank and letting them loan it out to others at 3-5% intrest while you only get a small chunk, its a joke also.

 
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Post by LouSee » Tue. Mar. 02, 2021 12:48 pm

401k ((or similar) is just the envelope for the investments that are in it. It can be a savings account or annuities or gold or stocks or bonds or real estate or most any other investment.

There are some things you can't because they're considered too shady or risky: life insurance, derivatives (essentially any option that could lose more than the investment itself), collectible things like stamps, dolls, model trains. There are probably more...

 
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theo
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Post by theo » Tue. Mar. 02, 2021 2:32 pm

Would the company that you work for and have the 401K plan you are in make any money from it?


 
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Post by LouSee » Tue. Mar. 02, 2021 5:11 pm

Pretty much only if you have the company named as a beneficiary of the account when you die.

but otherwise, no. a 401k is in your name. a 401k (or 403b) "through a company" is just the company facilitating the creation and management (sometimes) of the account. Some companies will have a limit to the choice of what you can invest the account in, but the majority now sub that out to someone like Fidelity or Vanguard and let you pick what funds or buckets you want yourself. Some companies will match your contributions up to a certain amount and those typically have a little more control/discretion where you stick it.

 
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Post by theo » Tue. Mar. 02, 2021 7:07 pm

The company i worked for before i retired had the principles you talk about but somehow, someway i know their making money on your money. Their not during it for your benenfit, We use to have a pension then they took that and forced this 401k on us, we didnt want it but it didnt matter to them. Also a lot of fellows dont know it but when the time comes u can take your money out you have to pay tax on it.

 
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Post by LouSee » Tue. Mar. 02, 2021 9:26 pm

withdrawals being taxable is how a 401k (traditional ira) works. you put the money in pre-tax (so that it lowers your taxable income in the current year, like any other deduction) and it grows tax-free but uncle sugar wants his money eventually - which is why these are called tax-deferred plans. And also why there are mandatory withdrawals. Distributions from a plan are considered taxable income but that doesn't mean you have to pay taxes, you can structure your distribution so that you stay under the threshold needed to pay income taxes on it. And most people should be withdrawing from a 401k/traditional IRA/other tax-deferred vehicle as much as you can untaxed and roll it over into a Roth IRA.

Many companies switched from pensions to 401k plans because pensions are "defined benefits" and 401k are "defined contributions". There were a lot of factors that came together for this: companies not being able to fund pensions, fraud and abuse of the pension liabilities, people wanting more control over their money, people wanting flexibility in moving jobs and keeping their money, etc...

 
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Post by theo » Wed. Mar. 03, 2021 7:58 am

Thank You for your replies LouSee, you seem to know some about these matters. I'am old school and i surley dont believe in 401 K's. Anytime you have money somewhere like that there are many looking to get ahold of it. OK lets get back to the stock market, whats your thoughts about how it's going up and down the way it is?

 
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Post by LouSee » Wed. Mar. 03, 2021 4:07 pm

People wanting to get hands on money and take their slice has nothing to do with 401k per se, it happens with any and all kinds of retirement plans and investment plans, etc.. People are fallible, otherwise we wouldn't need laws.

Stock market? It goes up, it goes down. If I knew why, I'd have bought Bora Bora by now and be living there. :) I do know the stock market likes certainty or, another way to put it, consistency of expected conditions/rules/laws...

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