Community Chat

[Reever]

Brother in law just stated to sister that wealth has declined by 25 percent and they will not be able to retire as planned in 2023.  Sad that so many good hard working people are now in a state of despair. I heard that unemployment may reach 20 percent, worse than the Great Depression in the 1930s.  Truly a scary time to be alive right now.  

[Kachina624]

And most of this devastation occured in a 2-3 week period.  Didn't take long did it?

[Tinkrbl44]

@Reever 

Perhaps others are different, but I know very few people who haven't had to deal, one way or another, with financial loss.  Housing prices can drop, stocks can drop, earthquakes, hurricanes and tornados ruin property, etc. 

You simply cannot anticipate some things.   Who saw 9/11 coming & prepared for it?   Who saw a coronavirus pandemic coming?

Your BIL still has 75% and can put it in CDs if he's afraid stocks will drop more.  Stocks can go back up in the next 3 years ....  they aren't permanently down!   Or, they can re-strategize how they want their retirement to be.   

If no one's dead, you can still always make new choices and adapt.   Nobody has a crystal ball.

[FloridaGold]

Same boat here.

Me next April

DH 2024

Not happening now.

Not freaking thought..we have real estate 

[Reever]

Glad I never played the stock market.  If you bank on it and it crashes it will devestate you. Good hard working people who planned for 40 years deserve better. Where is the bailout for the midde class ?

[deepwaterdotter]

I'm down about 15%, and that's with a conservative portfolio.  It does sting.

[I am still oxox]

We moved all of our money out of the market funds when the Ebola scare hit, unfortunately we took a large hit before we moved it 

[jannabelle1]

I'm trying to keep myself from getting into a big ole gloomy state. Yes, I've also lost a good bit of funds in my IRA, but I also believe that they will get control of this blasted virus. I also believe that our economy and the market will recover. It's hard to know what the stock market will look like in 3 years, but I believe that it will recover, and sooner than 3 years! Our economy has been strong, and the stock market has always rebounded. Hang in there!

[Porcelain]

If you made money before, you can always make money again. You may have lost some of the money you made, but you still have the money-making ability that got you the money in the first place. Nothing is permanent, including this situation.