economy = suck
 

Doom and gloom reports.

Posting several links about it would be easy but I’m sure you’ve already read it, seen it on the news, heard it from a coworker/classmate.

Does the purported downward economic spiral keep you from spending money on your cars/hobbies?

i just got a raise at work. I'm ordering a Begi-S1 kit.

Apparently: NO.

Im thinking about opening up a roth IRA but im not so sure anymore.

Doom and gloom reports = BS

The other day I heard an employment number report. Instead of saying that unemployment dropped 100,000 they actually said that 100,000 people had given up looking for jobs. I couldn't believe it! The media pushes the hysteria for some reason. I don't know if it is political or not, but it is BS.

A few days ago I was listening to Dave Ramsey on the way to work and he said (not sure which mag/paper) had just reported that if you removed the top 10 big housing growth markets (cities where the cost of housing had risen 100% instead of 20% like everywhere else) the foreclosure rates were indeed at the normal rates. Of course, if you got a 125% mortgage on a house that was $200K overpriced it is much easier to just walk away from it. There is no crisis out there.

You didn't want to include any links but I will. Just an interesting clip:
http://reason.tv/video/show/61.html

Anyway, to answer your question, I never spent much money before all the BS and I am doing about the same now. I put all my money into paying off my house. I'll have my house paid off in the next 2 years (when I am 43) and after that will put every penny I can into the market.

JDMAflac - Do some research and you will see that if you put 10% of your money into investments over the long term (much easier than you think) you will be a very wealthy man when you retire. A ROTH is one of the best investment tools that you can get in to. My advice - put your money into the S&P (or even something that does double the S&P, ask me and I will give you details) and sit on it for the next 30 years. It seems like a long time but the benefits are incredible.

opening it and contributing at least 2k a year is about the smartest thing you can do.

I work for FEMA, we don't really care about the stock market until the government fails. My Roth IRA cares, but as long as whichever bank is holding it does get bear-stearn'd, I'll be fine.

in just 2008 I have made over 12K in Gold investments. Thanks spiraling economy!

Im dont know enough to say whether or not the Ecomony sucks, but I do know that gas today is the most it has ever been(here anyway, 3.80 for premium) and if I wanted to sell my house It would take a very long time and I would probably take a really big hit as compared to 2 years ago.
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rmcelwee there are so many things wrong with what you said its sickening. I can tell you that the CEO of Bear Sterns didnt just walk about from 28 million dollars in stock cause of the media.

No chance ill be able to sell my condo today for more than i paid for it a year ago, doesn't mean I'm not dumping in about 5k to update the kitchen this summer.

Touche, I just pulled 70k in equity to update and expand my house. If I cant sell it im gonna make it the way I want.
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Im just glad Im trying to buy in this market! Its awesome. Just low ball everyone.

Because blowing money on Miata parts is a good investment? ;)

Frank

mother fucking plus ONE.

interest rates are dropping to reasonable levels, home prices are falling, and the jumbo and FHA limits have been raised. PMI and points are now tax deductible too. if you're not selling a house right now and even close to being in the market to buy, now is the time.

and you can make the seller pay all the closing costs and some points to lower your rate. w00t.

Rumor is interest rates are gonna go down AGAIN in a week or so.
I'm currently at 6% fixed 30yr on $370k. I've paid off about $5k in the last 2yrs... refinance here I come!!!

And I'm getting a big raise in June when I roll over 8ys served.

I have a lot of buddies who live in SanDiego... one of them lives in a place he bought about 6yrs ago during the heyday of ARM's and interest-only loans (he had a huge downpayment and was able to refinanace and still come out plenty ahead)... and he says that so many people have defaulted on loans, there are entire streets of empty houses. It's so bad that the demand for apartments has gone up and therefore rental prices for apartements are way up... people can't afford a house and they're almost not able to afford a little shit-ass apartment.

Made about half that in Freeport McMoran FCX (Copper and Gold).
In 2 months...

However, I regret that it was on that stupid online stocks game...
stocksquest.com

It was still fun to know that had I invested the money I would have all sorts of turbo goodies and whatnot. :bang:

Actually, I plan on buying a lot more car parts now. Since the $ is down and the € is up, it is Christmas eve all days of the year at the American shops.

just remember that the 30 yr fixed rates aren't based on the (short term lending) prime rate--a lowering of the prime today will not lower the mortgage rate. the 30 yr fixed is based on the 10 yr treasury bill (long term rate).

In fact you may see the mortgage rates INcrease as a result of the lowering of the prime since mortgage rates reflect lenders fear of inflation rather than cost of borrowing money today.

that said, I've heard rumors that they're dropping between now and may as well. though you may not realize any benefit if it's not greater than 1% because the settlement costs will ream you.

I think today's mortgage rate is about 5.8ish.

My investment/retirement plan is based loosely on my zombie survival plan. All my money is in ammunition and whiskey.

Paying someone else to play with your money that you wont see till the age of 59 1/2 is fantastic :rolleyes:

If you really want to be smart go replicate someone elses portfolio or throw your money into an ETF that you can pull out at any time.

In todays market its good to remain liquid. At leasts thats what I believe.

I wanted to max out my Roth for the previous tax year and then this one, I have the money but then took a look at the financial statements of all these funds and nothing looks remotely reliable or that appealing. Then I thought if I need to buy a house in a year or two the earliest I can take that money from the Roth is 5 years. Everything is down. I look at my company matched 401k everytime I need a good laugh.

If you must get a roth then look into the Fidelity and Vangaurd auto balanced retirements funds.

Bottom line is, Roth, IRA, CD. All these financial instruments were designed by the government to help stupid people save money for retirement so they dont drain the government when they are out of work.

Thats my .02 cents.

My portfolio is bombing everyday and I am holding long positions, right now my faith is low in the market.