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1   FortWayne   ignore (2)   2018 Jul 2, 11:51am   ↑ like (4)   ↓ dislike (0)   quote   flag        

Bloomberg cares so much about us all... bullshit
2   Tenpoundbass   ignore (11)   2018 Jul 2, 11:55am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Good!

The 401K scam is how they fucked the middle class over in the first place.
When we had the money in the bank they had to borrow money from us to grow their business.
Now with 401K's we just directly give them money to squander on bonuses and intentional grow until you bust cycles.
To keep all of the little guy share holders starting from scratch.

One more time ought to do IT!
3   TwoScoopsOfSpaceForce   ignore (4)   2018 Jul 2, 1:00pm   ↑ like (4)   ↓ dislike (0)   quote   flag        

LOL.

The Trade War is going to help people fund 401k accounts.

$9/hr warehouse jobs with no benefits = no retirement fund.
$15/hr manufacturing jobs with benefits = retirement funds possible.

Lefties act like everybody is from some Girls Coding Power! LLC Startup making $75k/year as a "Outreach Superhero"
In reality, 50% of Americans work unskilled jobs.
4   MrBark   ignore (0)   2018 Jul 2, 1:06pm   ↑ like (4)   ↓ dislike (1)   quote   flag        

$9/hr warehouse jobs with no benefits = no retirement fund.
$15/hr manufacturing jobs with benefits = retirement funds possible.




How much should someone making $15/hour contribute into a 401k? Talk about living in an alternative reality.
5   APOCALYPSEFUCKisShostikovitch   ignore (33)   2018 Jul 2, 4:19pm   ↑ like (3)   ↓ dislike (1)   quote   flag        

401ks were invented to create a 'retirement' account that could easily be looted by employers.

You might as well shoot yourself in the face.
6   someone else   ignore (0)   2018 Jul 2, 5:46pm   ↑ like (6)   ↓ dislike (0)   quote   flag        

While there is a scam involved in 401k's (your choices are usually limited to options that allow financial firms to skim billions, or that allow employers to charge those firms kickbacks) overall they are a good thing for anyone with the discipline to put the money in. Of course as soon as you leave any employer, you should roll over the entire thing into a self-directed IRA so that you can stop the bleeding by choosing equities that don't skim much, like index funds or plain old stocks.

As for Trump harming 401k's, that is so far detached from reality as to be comically blatant propaganda. Trump has been the absolute best thing ever for my 401k. Gained the equivalent of two years of my untaxed salary since he was elected. Even the declines this year are insignificant by comparison.

So my verdict is that TDS has infected Bloomberg as well, prompting them to try more fear-mongering. I don't think the public is buying it though. They know damn well that Trump has been the best thing to happen to the US economy in generations.
7   Ceffer   ignore (1)   2018 Jul 2, 6:07pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

rando says
So my verdict is that TDS has infected Bloomberg as well, prompting them to try more fear-mongering. I don't think the public is buying it though. They know damn well that Trump has been the best thing to happen to the US economy in generations.


Heh, Heh, how else can you turn '20 percent increase in S&P over a year' into 'Another Trump Disaster Waiting To Happen'?
8   mell   ignore (2)   2018 Jul 2, 6:46pm   ↑ like (4)   ↓ dislike (0)   quote   flag        

All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.
9   FortWayne   ignore (2)   2018 Jul 2, 6:48pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

mell says
All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.


You are basically paying interest back to yourself right?
10   Aphroman   ignore (7)   2018 Jul 2, 7:15pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

someone else says
While there is a scam involved in 401k's (your choices are usually limited to options that allow financial firms to skim billions, or that allow employers to charge those firms kickbacks) overall they are a good thing for anyone with the discipline to put the money in. Of course as soon as you leave any employer, you should roll over the entire thing into a self-directed IRA so that you can stop the bleeding by choosing equities that don't skim much, like index funds or plain old stocks.

As for Trump harming 401k's, that is so far detached from reality as to be comically blatant propaganda. Trump has been the absolute best thing ever for my 401k. Gained the equivalent of two years of my untaxed salary since he was elected. Even the declines this year are insignificant by comparison.

So my verdict is that TDS has infected Bloomberg as well, prompting them to try more fear-mongering. I don't think the public is buying it though. They know damn well that Trump has bee...


Trump has been the best thing to happen to the economy in generations? How do you figure?

I thought he was supposed to be the great creator of jobs for the discarded folk in the rust belt. How did they benefit from the stock market continuing to rise like it has for the last ~ ten years?

Housing and Health care costs have continued to keep making everyone poorer, and gas at the pump and home heating oil are up bigly, not to mention the yuge increase in borrowing costs.
11   BlueSardine   ignore (2)   2018 Jul 2, 7:17pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

A programming bug?

Ceffer says
rando says
So my verdict is that TDS has infected Bloomberg as well, prompting them to try more fear-mongering. I don't think the public is buying it though. They know damn well that Trump has been the best thing to happen to the US economy in generations.
12   Strategist   ignore (1)   2018 Jul 2, 7:48pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

someone else says
While there is a scam involved in 401k's (your choices are usually limited to options that allow financial firms to skim billions, or that allow employers to charge those firms kickbacks) overall they are a good thing for anyone with the discipline to put the money in. Of course as soon as you leave any employer, you should roll over the entire thing into a self-directed IRA so that you can stop the bleeding by choosing equities that don't skim much, like index funds or plain old stocks.

As for Trump harming 401k's, that is so far detached from reality as to be comically blatant propaganda. Trump has been the absolute best thing ever for my 401k. Gained the equivalent of two years of my untaxed salary since he was elected. Even the declines this year are insignificant by comparison.


Yes, choices for 401K plans are very limited. My wife works for a major employer that offered plans through T Rowe Price. They had the S&P index fund as one of their options with hardly any cost. I put everything she has in there.
13   MrMagic   ignore (11)   2018 Jul 2, 8:08pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Strategist says
Yes, choices for 401K plans are very limited. My wife works for a major employer that offered plans through T Rowe Price. They had the S&P index fund as one of their options with hardly any cost. I put everything she has in there.


So once a year, you sweep all the money in the 401K over to a Rollover IRA, then you'll have all the options and funds that you want to invest into.
14   mell   ignore (2)   2018 Jul 2, 8:09pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

FortWayne says
mell says
All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.


You are basically paying interest back to yourself right?


Yes. Of course you can't go over the yearly limit of contributions. And it's a win for them too since they get a percent or so in mgmt fees of the total value of your 401K. I am on my 2nd loan after paying one off in a year, payments get automatically deducted from your paycheck so you cant miss them and I used the addtl leverage for a 4x return on a stock I had heavily researched and was super bullish on.
15   Tim Aurora   ignore (0)   2018 Jul 2, 8:11pm   ↑ like (1)   ↓ dislike (1)   quote   flag        

Tenpoundbass says
Good!

The 401K scam is how they fucked the middle class over in the first place.
When we had the money in the bank they had to borrow money from us to grow their business.
Now with 401K's we just directly give them money to squander on bonuses and intentional grow until you bust cycles.
To keep all of the little guy share holders starting from scratch.


Right wing - Stock market goes up - Heil Trump
Stock market goes down - Thank you Trump for standing up for the small guy

It is beyond spin
16   Ceffer   ignore (1)   2018 Jul 2, 8:21pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

My wife's 401k had no administrator fees, and she could choose her fund: Vanguard, of course. Even working 20 hours a week, putting away 50 percent tax free while living on what I made earned her a very tidy nest egg.
17   Strategist   ignore (1)   2018 Jul 2, 8:28pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Sniper says
Strategist says
Yes, choices for 401K plans are very limited. My wife works for a major employer that offered plans through T Rowe Price. They had the S&P index fund as one of their options with hardly any cost. I put everything she has in there.


So once a year, you sweep all the money in the 401K over to a Rollover IRA, then you'll have all the options and funds that you want to invest into.


The option of investing in the S&P 500 index is offered on the 401K plans by my wife's company. Her company used T Rowe Price. They had lots of other options, at a much higher cost.
High cost funds are usually actively managed funds, and not worth it. Passive funds like the S&P 500 index are the way to go. Fund managers the them because they can't make money from them.
To answer your question.....no sweep required in her case. Carefully look into the investment options that are offered by your current 401K plan. If they are not good, sweep as much as possible into another one. Vanguard, Charles Schwab, Fidelity, all offer these index funds that cost almost nothing.
18   Strategist   ignore (1)   2018 Jul 2, 8:42pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Ceffer says
My wife's 401k had no administrator fees, and she could choose her fund: Vanguard, of course. Even working 20 hours a week, putting away 50 percent tax free while living on what I made earned her a very tidy nest egg.


Way to go. My wife works 28 hours, just for the health benefits. I am self employed. Her 401K contributions are maximized. She just turned 51, and after 50 you can put in $24,000 into a retirement fund.
Maximizing what you can put into a 401K is the greatest investment of all. Never bother with commissioned salesmen who say otherwise.
19   MrMagic   ignore (11)   2018 Jul 2, 9:00pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
The option of investing in the S&P 500 index is offered on the 401K plans by my wife's company. Her company used T Rowe Price. They had lots of other options, at a much higher cost.


Yeah, but you just can't look at JUST the "cost" but have to consider overall returns. Sometimes paying a little bit more, but getting a multi-point higher return is worth it in the big picture, with an outside fund.

Strategist says
Passive funds like the S&P 500 index are the way to go.


Not this year so far....

Strategist says
Carefully look into the investment options that are offered by your current 401K plan.


I have, they suck. They basically offer a tidbit in most general areas, but nothing decent for long term.

Strategist says
She just turned 51, and after 50 you can put in $24,000 into a retirement fund.


That's just Pre-Tax. Actually, it's $55,000 this year, including any employer match and AFTER tax. Don't forget to contribute After Tax that can be swept into a ROTH come next year. We pack away a ton on in the Roth every year.

Plus, I hope she has a separate IRA and you have a Roth too.

Strategist says
Maximizing what you can put into a 401K is the greatest investment of all.


Absolutely!!!

What the majority of people STILL haven't realized.... It's NOT what you make, it's what you SAVE!

Strategist says
My wife works 28 hours, just for the health benefits.


Sounds familiar, I keep telling my wife to punch out for the final time, but it's the health benefits she stays for...
20   Patrick   ignore (0)   2018 Jul 2, 9:04pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

FortWayne says
You are basically paying interest back to yourself right?


I haven't done it, but have heard that when you borrow from your 401k, the banks who arrange it make damn sure they get their cut. Apparently you cannot do it without paying them.
21   DASKAA   ignore (3)   2018 Jul 2, 9:23pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
FortWayne says
You are basically paying interest back to yourself right?


I haven't done it, but have heard that when you borrow from your 401k, the banks who arrange it make damn sure they get their cut. Apparently you cannot do it without paying them.


There is a small processing fee, that's all. The interest goes back to your account.
22   DASKAA   ignore (3)   2018 Jul 2, 9:27pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

mell says
FortWayne says
mell says
All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.


You are basically paying interest back to yourself right?


Yes. Of course you can't go over the yearly limit of contributions. And it's a win for them too since they get a percent or so in mgmt fees of the total value of your 401K. I am on my 2nd loan after paying one off in a year, payments get automatically deducted from your paycheck so you cant miss them and I used the addtl leverage for a 4x return on a stock I had heavily researched and was super bullish on.


You don't have a "brokerage link" option in your 401k? It's much better way to invest into individual stocks than borrowing from 401k and then investing via taxable account, IMO.
23   Patrick   ignore (0)   2018 Jul 2, 9:29pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Hassan_Rouhani says
There is a small processing fee, that's all.


How small though? Got numbers?
24   Strategist   ignore (1)   2018 Jul 2, 9:51pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Sniper says
Strategist says
The option of investing in the S&P 500 index is offered on the 401K plans by my wife's company. Her company used T Rowe Price. They had lots of other options, at a much higher cost.


Yeah, but you just can't look at JUST the "cost" but have to consider overall returns. Sometimes paying a little bit more, but getting a multi-point higher return is worth it in the big picture, with an outside fund.

Strategist says
Passive funds like the S&P 500 index are the way to go.


Not this year so far....


95% of the funds cannot consistently beat the S&P 500. The number reason is their costs. Over the long run, betting on the overall market is the best bet.
If you have confidence on certain industries and funds, that's fine, otherwise the S&P index is the best way to go.
I am merely pointing out statistical facts.
25   ThreeBays   ignore (0)   2018 Jul 2, 10:54pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

mell says
All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.


It's not usually advisable to use this kind of loan, as if you lose your job it becomes due for payback in a short time and anything you don't pay becomes taxable, plus a penalty. You're also removing money that would otherwise grow if left alone.
26   TwoScoopsOfSpaceForce   ignore (4)   2018 Jul 3, 1:33am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Tim Aurora says
Right wing - Stock market goes up - Heil Trump
Stock market goes down - Thank you Trump for standing up for the small guy


It's almost as if unemployment isn't at a record low and real wage gains for all workers aren't happening.

Oh wait.
27   DASKAA   ignore (3)   2018 Jul 5, 11:35am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
Hassan_Rouhani says
There is a small processing fee, that's all.


How small though? Got numbers?


Had to double-check. At ML the number is zero for sure. No fee, only interest which goes to back to me. At Fidelity the fucking thing is failing when I'm trying to model a loan, but they do say there is a fee. I don't remember what it was when I borrowed from it several years ago, but I do remember there was a fee under $200 for $30K+ loan.

BTW, both now allow to take out so-called "residential loan" which makes the interest deductible.
28   komputodo   ignore (0)   2018 Jul 5, 11:46am   ↑ like (2)   ↓ dislike (0)   quote   flag        

tovarichpeter says
Trade war threatens 401k accounts


Yeah, the zero interest rate policy was nowhere near as damaging as a potential trade war.
29   HeadSet   ignore (1)   2018 Jul 5, 12:49pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

BTW, both now allow to take out so-called "residential loan" which makes the interest deductible.

Interest paid to yourself is deductible? I presume you are still talking about the 401k.
30   DASKAA   ignore (3)   2018 Jul 5, 1:56pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

HeadSet says
BTW, both now allow to take out so-called "residential loan" which makes the interest deductible.

Interest paid to yourself is deductible? I presume you are still talking about the 401k.


Yes.
31   mell   ignore (2)   2018 Jul 5, 7:54pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Hassan_Rouhani says
mell says
FortWayne says
mell says
All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.


You are basically paying interest back to yourself right?


Yes. Of course you can't go over the yearly limit of contributions. And it's a win for them too since they get a percent or so in mgmt fees of the total value of your 401K. I am on my 2nd loan after paying one off in a year, payments get automatically deducted from your paycheck so you cant miss them and I used the addtl leverage for a 4x return on a stock I had heavily researched and was super bullish on.

I trade as my 2nd job. The brokerage is already completely leveraged so the 401k loan goes in there. Note that the leverage is still less generally than with helocs or flipping. I needed that extra dough when the stock was low.

ThreeBays says
mell says
All good comments but for sake of diversity I'd like to point out one great feature. Some allow you to borrow from your 401k decent amounts at low apr where all the interest goes back into your equities. Beats a bank loan mile high.


It's not usually advisable to use this kind of loan, as if you lose your job it becomes due for payback in a short time and anything you don't pay becomes taxable, plus a penalty. You're also removing money that would otherwise grow if left alone.


It's not advisable if you don't have any assets to pay back the loan. The loans are maybe 10% of my net assets. Also you pay back with interest so more money in the 401k. All depends on the timing if you think you can make more trading than your 401k funds then it's worth it. For me the 10k turned into 50k in a very short time. Of course there's risk so don't do this without any experience.
32   Goran_K   ignore (1)   2018 Jul 5, 8:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

komputodo says
tovarichpeter says
Trade war threatens 401k accounts


Yeah, the zero interest rate policy was nowhere near as damaging as a potential trade war.


Right? I swear Democrats only have fear mongering as a policy, that’s it.
33   mell   ignore (2)   2018 Jul 5, 8:19pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Goran_K says
komputodo says
tovarichpeter says
Trade war threatens 401k accounts


Yeah, the zero interest rate policy was nowhere near as damaging as a potential trade war.


Right? I swear Democrats only have fear mongering as a policy, that’s it.


Well... it depends! If Trump were to reverse backing out and going full NAFTA and TPP steam ahead Democrats would scream that Trump's championing of "free" trade is threatening 401k accounts! Super cereal! Manbearpig!

#TDS
34   TrumpingTits   ignore (0)   2018 Jul 5, 9:08pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrBark says
How much should someone making $15/hour contribute into a 401k? Talk about living in an alternative reality.


My wife contributes a lot.

Care to keep on stereotyping about others you pretend to 'care' about?
35   Goran_K   ignore (1)   2018 Jul 6, 8:29am   ↑ like (1)   ↓ dislike (0)   quote   flag        

mell says
Super cereal! Manbearpig!


Manbearpig
36   steverbeaver   ignore (1)   2018 Jul 6, 9:19am   ↑ like (0)   ↓ dislike (0)   quote   flag        

The stock market seems to be doing well today!
37   Quigley   ignore (0)   2018 Jul 6, 9:25am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Stock prices went nuts for a bit after Trump was elected. They’re currently working to find their true value... which is trending up thanks to Trumpian policies!
38   HEYYOU   ignore (16)   2018 Jul 6, 7:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Trump's tariffs are genius!
Business owners that are not or only slightly affected can raise prices saying that China tariffs have forced his prices to increase.
Dumb ass Republican will pay more for no reason.
More profit for the owner from the gullible.
39   komputodo   ignore (0)   2018 Jul 6, 9:04pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

HEYYOU says
Business owners that are not or only slightly affected can raise prices saying that China tariffs have forced his prices to increase.


Prices will only rise as long as there are people willing to pay the higher price. If you are willing to pay $15 for a hamburger, in my mind, you are an idiot.




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