Maybe Warren Buffett Is Warning Us About Something
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Maybe Warren Buffett Is Warning Us About Something
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Re: Maybe Warren Buffett Is Warning Us About Something
#2I have no idea how money works.
I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that.
And I am terrified of how little I know about how it exists or survives.
I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash.
And then I keep reading, "don't touch it" when I go to read about what I should do.
So I sit here, not doing anything at all about it, crippled with dread.
What's the best strategy for someone like me, who has absolutely no idea how their retirement account exists?
Re: Maybe Warren Buffett Is Warning Us About Something
#3I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
I believe the general advice for people who don't want to care about their money all the time is to invest it in a diversified portfolio and then slowly turn that portfolio into things with low volatility as the time where you want to start selling approaches.
Re: Maybe Warren Buffett Is Warning Us About Something
#4I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
Sorry I don't feel bad for you since I have no retirement and very little savings.
My understanding is that generally you do not want to touch your 401k. If you do then usually it's because you screwed up.
You are (obviously I thought) supposed to be saving and investing in addition to the 401k. 401k is supposed to be low risk. The backup to that is something entirely different.
Re: Maybe Warren Buffett Is Warning Us About Something
#5I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
Don’t touch it.
There’s nothing wrong with playing with a portion (up to you 20%) of your nest egg but only if you enjoy it. If your reptilian brain is steering the ship and you’re reacting based off of fear or greed you find yourself on the wrong side of trades.
Re: Maybe Warren Buffett Is Warning Us About Something
#6I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
Not an expert, but my opinion: Your money is probably safer where it is. Economic turmoil comes and goes, and as long as you don't need the cash right now, you're somewhat able to absorb that risk over a long period of time.
Re: Maybe Warren Buffett Is Warning Us About Something
#7I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
Educate yourself. You don't need to know the intricacies of how markets operate, but a little financial understanding is, I believe, a must for everyone.
Also, be aware that even when you do educate yourself and you do everything you think is in your power to 'safe guard' your nest egg, that there are are still a billion and one ways that it can all be wiped out tomorrow.
Micro managing you're finances if you don't know what you're doing is a fantastic way to wipe it out. As the good old saying goes, “The market can stay irrational longer than you can stay solvent.”
Re: Maybe Warren Buffett Is Warning Us About Something
#8I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
Articles like this are just peddling cortisol. The best strategy is to avoid reading stories like this.
Re: Maybe Warren Buffett Is Warning Us About Something
#9I have no idea how money works. I have a 401k, it's got more in it than the median 60 year old in the united states, and I'm 20 years from that. And I am terrified of how little I know about how it exists or survives. I read these articles and get a sense of overwhelming urgency that, without any explicit indication, I should do something with my nest egg to make it safer to survive a crash. And then I keep reading,…
While sitting on cash isn't necessarily a bad idea -- when the market crashes you then buy a bunch of index funds, having a 401k is a very safe investment. Think of it this way, the only way you're losing that money is if the market crashes, permanently, and if it crashes permanently, then that money isn't worth shit anyway.
Re: Maybe Warren Buffett Is Warning Us About Something
#10Maybe somebody should tell Warren Buffet his BFF Bill Gates took 80% of his money by convincing him
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
Warren is advocating to anybody willing to listen that they too should fork over all there monies like someone severely traumatized by Stockholm syndrome.
Number 1 convinced number 2 he was way better in controlling the goods. This is a trick we did before we could talk. Biggest heist ever.