Hello all,
This is my first post and I was hoping to get a little insight into a dilemma. I know MMM and this community are a huge proponents of maxing out our 401(k)s whenever possible. I am as well, currently plunking 20% into mine and looking to bump it up to 30% next year. However, tucked into the Omnibus spending bill of 2014 there’s a neat little line that repeals part of the Dodd-Frank Act. The Dodd-Frank act barred banks from gambling in derivatives markets with commercial deposits backed by federal deposit insurance. Essentially, this particular bit of the bill allows banks to do exactly that--gamble with our money and potentially recreate the 2008 disaster and trash the market again. I was hoping to get your opinion on this and how it relates to trusting our 401(k)s (as well as other investing).
For some background, I am 27 and working towards early retirement, currently making roughly $41,000 a year gross.
Thanks for the feedback!
