Author Topic: Thinking of splurging now that retirement accounts are soaring  (Read 6062 times)


faithless

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #1 on: January 28, 2018, 04:46:01 AM »
ôStock market booms make people think they are more tolerant of risk"

Fixed that for them.

formerlydivorcedmom

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #2 on: January 30, 2018, 12:06:29 PM »
This is why I couldn't be a financial planner.  I would go crazy and yell at all my clients for doing stupid things like take $20k out of a 401k when they aren't retired so they can go on vacation.

NONONONONO!

marty998

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #3 on: January 30, 2018, 01:02:20 PM »
This is why I couldn't be a financial planner.  I would go crazy and yell at all my clients for doing stupid things like take $20k out of a 401k when they aren't retired so they can go on vacation.

NONONONONO!

Personal bias there - of course a financial planner will want the money in the 401k if they are being remunerated based on the total balance.

Obviously it's the right thing to do to keep the money in there, but there is a conflict of interest :)

Prairie Stash

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #4 on: January 30, 2018, 01:42:54 PM »
This is why I couldn't be a financial planner.  I would go crazy and yell at all my clients for doing stupid things like take $20k out of a 401k when they aren't retired so they can go on vacation.

NONONONONO!

Personal bias there - of course a financial planner will want the money in the 401k if they are being remunerated based on the total balance.

Obviously it's the right thing to do to keep the money in there, but there is a conflict of interest :)
There is no conflict on the planners part, they're being consistent. You pay the planner to manage your retirement portfolio, that's what they do and give advice accordingly. If you want to conflict with the advice that you paid someone for, the conflict of interest is on yourself.

Paying for advice, then doing the opposite, that's the irony here. People who raid their retirement portfolio in good times should listen to their advisers, imagine how much trouble they would get into if they had easier access to the money? These people can't self manage, they can't even let a professional do it for them without sabotaging the results.

slugline

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #5 on: January 30, 2018, 02:24:02 PM »
I hope those worried older people figure out that it's OK to re-balance their assets if they find the current stock market bubbly.

SciLearner357

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #6 on: February 05, 2018, 03:07:09 PM »
So now that the stock market is falling, how many people are panicking and pulling more money out?

robtown

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #7 on: February 06, 2018, 05:36:36 AM »
So now that the stock market is falling, how many people are panicking and pulling more money out?

We will find out today, and maybe through the rest of this week.   I was briefly tempted.

Just Joe

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #8 on: February 06, 2018, 08:06:52 AM »
My coworker revealed just moments ago that he pulled everything out. Put it in a safe at home. Months ago.

JAYSLOL

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #9 on: February 06, 2018, 01:22:18 PM »
My coworker revealed just moments ago that he pulled everything out. Put it in a safe at home. Months ago.

That's sad.  I doubt it's even a lot of money, like he probably had 10k or something invested and pulled it out at the first sign of trouble.  Any idea if my theory is correct?

Just Joe

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #10 on: February 06, 2018, 03:16:00 PM »
No idea. I was kind of surprised they told me this in the first place. We were just having the morning "how's it going this morn" conversation.

Personally I'd be worried about theft, fire and whatever else poses the greatest risks to things like fiat currency printed on paper stored in an insecure house (glass windows).

I might have been motivated to rent a safety deposit box if I were planning to hold my cash out of the market.

I assumed they would worry too.
« Last Edit: February 07, 2018, 09:11:03 AM by Just Joe »

JAYSLOL

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #11 on: February 06, 2018, 07:09:07 PM »
Yeah, that's just strange.  Like, why not in a savings account?  If your going to be in cash, getting 1% or whatever is at least something.  Cash in a safe is inconvenient, risky and expensive in that it earns nothing.  Is he a doomsday prepper type worried about the collapse of the financial system or banks?  Personally I love preparedness and survival, but even I only keep $500-$1000 in my safe.  Anything more will start to significantly hurt my primary financial preparedness, which would be achieving retirement/FI.

Chuck Ditallin

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #12 on: February 07, 2018, 06:23:04 AM »
I once went to the police lost/stolen property warehouse (UK) to retrieve my stolen bicycle. They had around 30 identical, small, consumer safes there. Obviously the local crooks realised there was something valuable within, but couldn't open them. There were no identifying features or ways to reunite them with their owners. The owners either hadn't been invited, or couldn't be bothered to try their combination on each of the safes until they got lucky.

I'm glad our money is in the market...

jinga nation

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #13 on: February 07, 2018, 07:30:01 AM »
Cash in a BANK is inconvenient, risky and expensive in that it earns nothing. 
Redneck sentiment in my corner of FL. Also extends to many parts of rural Central FL.

JAYSLOL

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #14 on: February 07, 2018, 08:32:59 AM »
I once went to the police lost/stolen property warehouse (UK) to retrieve my stolen bicycle. They had around 30 identical, small, consumer safes there. Obviously the local crooks realised there was something valuable within, but couldn't open them. There were no identifying features or ways to reunite them with their owners. The owners either hadn't been invited, or couldn't be bothered to try their combination on each of the safes until they got lucky.

I'm glad our money is in the market...

I guess none of those people thought to bolt them to the floor.  Big mistake

Just Joe

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #15 on: February 07, 2018, 09:12:02 AM »
Yeah, that's just strange.  Like, why not in a savings account?  If your going to be in cash, getting 1% or whatever is at least something.  Cash in a safe is inconvenient, risky and expensive in that it earns nothing.  Is he a doomsday prepper type worried about the collapse of the financial system or banks?  Personally I love preparedness and survival, but even I only keep $500-$1000 in my safe.  Anything more will start to significantly hurt my primary financial preparedness, which would be achieving retirement/FI.

Well coworker did believe Obama was coming for everyone's guns and bought alot of bullets a few years back. Maybe they don't trust banks?

If the conversation starts going in that direction I'm usually looking for reasons to bail these days b/c it can lead to the FoxNews/Sean Hannity talking points for the past 24 hours. ;)
« Last Edit: February 07, 2018, 09:13:53 AM by Just Joe »

Syonyk

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #16 on: February 07, 2018, 09:50:05 AM »
I guess none of those people thought to bolt them to the floor.  Big mistake

Or didn't bolt them properly, such that a small prybar popped them free.  The screws that come with some of the small safes are cute, but not exactly strong, and if you're screwing it into drywall or something... may as well not bother for all the removal resistance it offers.

Cut some plywood to fit against the wall, screw the plywood into the studs, then use lag bolts to secure the safe to the plywood, and you're starting to require more time and effort to remove a safe than "Pop, it's out."  Or just go for the more traditional method of having a many hundred pound safe somewhere (after ensuring your structure can support it).  Filling the bottom with scrap lead doesn't hurt either.

talltexan

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #17 on: February 27, 2018, 01:09:31 PM »
Yeah, that's just strange.  Like, why not in a savings account?  If your going to be in cash, getting 1% or whatever is at least something.  Cash in a safe is inconvenient, risky and expensive in that it earns nothing.  Is he a doomsday prepper type worried about the collapse of the financial system or banks?  Personally I love preparedness and survival, but even I only keep $500-$1000 in my safe.  Anything more will start to significantly hurt my primary financial preparedness, which would be achieving retirement/FI.

Well coworker did believe Obama was coming for everyone's guns and bought alot of bullets a few years back. Maybe they don't trust banks?

If the conversation starts going in that direction I'm usually looking for reasons to bail these days b/c it can lead to the FoxNews/Sean Hannity talking points for the past 24 hours. ;)

Now that he no longer has to spend all his time being President, Obama will finally be able to come for everyone's guns, which has been the plan all along.

The Guru

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #18 on: February 28, 2018, 04:30:36 PM »
Or would, if he hadn't moved back home to Kenya.






<sarcasm> ( in case that wasn't obvious...)

jinga nation

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Re: Thinking of splurging now that retirement accounts are soaring
« Reply #19 on: March 01, 2018, 09:08:26 AM »
Or would, if he hadn't moved back home to Kenya.






<sarcasm> ( in case that wasn't obvious...)
Meanwhile, Kenyans mad that Obama didn't do much for them. Dubya did more for Africa in general.
Thanks Obama!