Wow, I just checked our retirement accounts after having not looked at them for 1 week and they dropped a total of another $3,000. So, we did what any sensible young couple would do and contributed $500 into our Roth IRAs.
I like this quote from William Bernstein, author of "The Four Pillars of Investing":
"A young person saving for retirement should get down on his knees and pray for a market crash, so that he can purchase his nest egg at fire sale prices."
I don't really want to see a market crash, but when there is blood on the streets, we're buying!
7 comments:
Every dark cloud has a silver lining... one has to make the most of the few advantages of the current market.
Sammy, I agree 100%.
-1MansMoney
Do you contribute the maximum every year to your Roth IRA? I just opened mine this year and am still trying to learn.
We contributed the max to our Roth IRAs last year ($4,000 each), but are only at the half way point for this year. We're going to bust our butts trying to get as close as possible to $5,000 (each) in contributions this year.
-1MansMoney
I am very cautious in general, and frugal, so for the last few years I've been purchasing Canada RSP Bonds (Retirement Savings Plan bonds.) Although the interest is pretty low, between 2-4% historically, I still don't pay tax on what I put in, just like any other retirement plan, and there are no fees, and best of all -- the money is guaranteed. So I haven't lost a cent, thankfully.
RetireDebtFreeHappy - retirement plans, retirement planning calculator, retirement planning, early retirement planning, retirement savings, retirement investments, financial planning for retirement, saving for retirement, retirement income, retirement funds
wow...you are investing money in stocks/investment account when you have a student loans?!? that's nuts....pay that off and get rid of it...then move on to saving for the future....
Hi Anonymous - The student loan is at a good rate and the interest is tax deductible. So, for us, it does not make sense to pay it off when, long term, we should get a better return from the stock market.
-1MansMoney
Post a Comment