Curse

beanerman_99 · Apr 11, 2006, 08:19 PM // 20:19

Quote:

Originally Posted by cajun

For those of you who are blue collar like me, the answer to making money is
"401K". Time passes you by very quickly, and believe me, the little you put away now adds up over the long run.

This is absolutely THE best advice for young people starting out in new jobs!!
I would say contribute the MAX amount the company will let you do. Do it as soon as you can so that you won't "miss" the money coming out of your check. If the company matches your contribution then you are setting on a gold mine for when you retire. Do yourself a favor and search out investment calculators on the net and just see how much your 401K will be in jsut 10 years, let alone what it will be worth when you retire.

twicky_kid · Apr 11, 2006, 09:25 PM // 21:25

Quote:

Originally Posted by beanerman_99

This is absolutely THE best advice for young people starting out in new jobs!!
I would say contribute the MAX amount the company will let you do. Do it as soon as you can so that you won't "miss" the money coming out of your check. If the company matches your contribution then you are setting on a gold mine for when you retire. Do yourself a favor and search out investment calculators on the net and just see how much your 401K will be in jsut 10 years, let alone what it will be worth when you retire.

LOL.....um no

If you are around 20-25 401k will not be around when you retire just like SS will not be. Companies are phasing their 401k and other pension plans out as we speak.

You cannot depend on anyone else for retirement. If you do you will be burned.

Best thing you can do is long term CoDs and bonds for long term capital. Also find companies that have high dividen returns to invest in. Stock traders are after opporunity to sell and make a profit. They also lose a lot of money as well doing this. Best thing is finding that high dividen stock investing and sit back. Take the dividens from your stock and invest it elsewhere.

Gold is another way to go as well. Gold is the basis of our money system. Since inflation is on the rise you are about to see a huge jump in gold prices if the trend continues. Buy now while its low and wait.

MSecorsky · Apr 11, 2006, 09:54 PM // 21:54

401K will be there.. company matching may not though. If you have company matching, always do in your 401K at least the minimum to get maximum matching. Hey, it's free money. Don't also forget that 401K investments are pre-tax dollars, so $100 per month will lower your check by less.

It's just smart.

twicky_kid · Apr 11, 2006, 10:52 PM // 22:52

Quote:

Originally Posted by MSecorsky

401K will be there.. company matching may not though. If you have company matching, always do in your 401K at least the minimum to get maximum matching. Hey, it's free money. Don't also forget that 401K investments are pre-tax dollars, so $100 per month will lower your check by less.

It's just smart.

Without company matching 401k might as well be another savings account. Company matching is the only benifit. If you loan against it early you will get huge penality fees.

For my generation its not a very good idea. Budget your money wisely. Work out a savings plan and stick to it but leave yourself enough room to make adjustments as the econemy changes.

Anyways if you like stocks there is only 2 type I'd invest into. One is toy companies. They will always have a steady market because kids are being born everyday. Children also out number adults and very easy to make many follow the same paths through advertisements. Toys are always very expensive and dirt cheap to manufacture.

Oil is the other market. Don't look to the big brands though. Many times small brand oil companies pay higher dividens then the big guys and will make you more money. Either way you will make money. You want gas and they have it. Its the current day monopoly. Right now alternative energy is in its infancy. It will be many many years before they will have any serious competition. If the current studies that show that oils is being synthisized within the earth and is a renewable source its grasp will get even tigher.

Anyways food for thought.