Just looked at my 401k and already lost upwards of 25K. I know I should keep my money where it is-But really thinking hard about not contributing to my 401k and putting that money into savings account

like
Posting as :
works at
You are currently posting as works at

I actually increased my contribution. Not saying you should. Just know that there is optimism out there among all the bad news. The market has always bounced back.

likeuplifting

It will go back up. Every dollar you put in your 401k now is discounted. Check out charts showing market gains since 1950, every crash recovers.

likeuplifting

Hang in there and you’ll gain from all the big up days. They will come. If you pull out you miss out. Also you will the psychological hurdle of fear to go back in.

You can’t look!

likefunny

Very true!

Keep contributing and don’t look

like

Still contribute. Remember, it’s tax free. If you put it in savings you lose ~30% automatically on taxes. If you invest, over time, you’ll earn.

like

401k contributions are NOT tax free, for the record. You pay tax when you retire and take the money out (or if you have Roth you pay the tax now).

And nows the time to buy, if you’re not retiring for a long time. The market is so down, it’s all so much cheaper than usual!

likesmart

Stop looking at it. For one year.

like

Dollar cost averaging is the way to invest for anyone under 35. Buy a set dollar amount per month of an indexed fund like S&P 500. Not shares. Pay yourself first. A set dollar amount. In times like these, the shares you own will go down but will rebound. The shares you buy over the next few months with that set dollar amount will be cheaper than anything you bought prior and will go up in value as well. Over 25 years, reinvesting your dividends, you should have enough in this pile to not even worry about the taxes at the end. Any bank can set this up for you.

smart

Keep your contributions maxed and otherwise don’t touch it.

smart

A savings account is always a good idea regardless. I’ve been quite happy using Ally Bank’s online high yield savings. Even though the rate sucks now, it’s still loads more than you’ll get with a savings account from chase or any other regular bank. I think now interest rate is 1.5%.

like

(I meant a savings account *in addition to* your 401k. Keep contributing to that.)

like

I made the mistake of looking too 😥

That’s not a good idea.

Related Posts

Thoughts on Transfix? Anyone invested?

like

Hi I’m a current Graduate student, hoping to get my foot in the door for Deloitte Healthcare Consulting, Accenture CDP, or EY specifically within Chicago Offices. Is there anyone open to connecting and speaking on their experience being hired? I have previous experience working prior to my degree so hoping to get insight on how I can best score an interview. If you’re also open to providing a referral that would be a bonus!

like

What happens if I over contributed to 401k because of a job change ? How do I adjust ?

like

All of my alts (XRP, XLM, TRX) are 🚀.... makes me very happy but very uncomfortable. Anyone else taking profits, or just hodling?

like

New to the U.S., is the Healthcare Industry (via HIPAA), the only industry in the U.S. that legally mandates having a designated Privacy Officer? So for example, although GLBA has obvious privacy requirements, unlike with healthcare, financial institutions in the U.S. are not mandated by law to have a designated Privacy Officer?

like

Anyone knows what’s the best way to look up VC investment roadmap for maybe health tech or software focused VC firms?

like

What is everyone doing with corporate card Amex rewards annual fee? Is it waiveable since there’s no travel?

like
likesmart

How much should a work from home auto adjuster be making? Would real property or commercial be more promising?
I don't know if my income can handle waiting 4-5 years to move up to management and honestly, I like handling claims. Where is the money at in this because I know alot of people are really making it. I'm at 46k a year and a top performer. I want 65k soon and ultimately want to be at 80k in the next three years. My family needs it ....

like

Does anyone have an idea on the best emerging markets to invest in before the recession hits? Is gold, or any other commodity going to be the safe haven as well? Thanks everyone

like

What actual stocks you all buying today? Got some cash from settled trades I want to deploy

like

Has anyone ever heard of this type of real estate private equity fund structure:

-One LLC, so only one PPM
-Multiple investors that can be onboarded anytime
-Multiple investments that investors can determine whether or not they want to invest in
-One K-1 per investor based on their investments and income
-Ability for the Sponsor/Fund to invest directly, indirectly and in equity, debt, Pref, etc.
To me this seems extremely cumbersome and would require multiple classes of (cont’d)

What steps have you guys taken to generate a second/ passive income?

I would love to come across some ideas and know how it is working out for you.

like

I told myself I wasn’t going to do it. Re-assured myself I wasn’t going to do it. Told myself you’d know what would happen and still ended up gambling away a bunch of money I know I couldn’t blow. I don’t understand.

like

In your opinion - What type of property is the easiest to sell?

like

I recently closed on a home and felt like I had to claw for 10% of my downpayment - didn't do 20. Do you think it was a mistake to not do 20? It just seems impossible as a teacher.

like

I’m finding it surprisingly emotionally taxing to be constantly fighting for ways we can benefit the community when the rest of the team focuses on ways the community benefits the company.

like

That Carlos Matos Bitconnect video still makes me laugh.. hope everyone stayed away from anything that tried to combine crypto and lending.

I have to support my family financially. Usually my mom cooks for the family so groceries only cost $1200/month. However, my mom is abroad for 2 months so it’s just my siblings and they can’t cook so they’ve been using my card for doordash. I think there are days when they spend $100+/day. It’s frustrating because my mom already told them the daily budget repeatedly. I’ll go bankrupt at that rate. However, it’s not like I can take my card back since I don’t want them to starve…

likesmart

Anyone here retire in late 30s or know someone that has?

More Posts

Any thoughts on the best certifications to get in order to help move forward? I have considered the CCP from World at Work, but it’s fairly pricey to get by the time you wrap up everything. I was looking at both SHRM-CP and SPHR. Everyone that I have spoken to has the SHRM, but that’s also only looking at individuals in a small geographic footprint and within 3-4 different companies. I was hoping to get some thoughts on this from others? Thanks

How many fishes here who have got more than 500% hike while switching?

like

Looking for strong OCM lead who is comfortable managing customer expectations during cloud implementation as well providing scalable strategy, detailed impact analysis and risk management. About 25%.

How’s wrinkling on BB shirts? Have had issues w CT

Recommendations for tax filing in Chicago downtown?

like

Hi members, feel free to post and ask about anything

like

My current package is 15 LPA fixed 5 years of experience. How much should I ask in the next switch?

How many hours a week (average) do internal auditors work? Is there busy periods of the year like public accounting ?

like

Selling 4 AA System-wide upgrades. PM me if interested.

How much are other AGMs getting paid in fine dining?

Hi Everyone,

Could you please refer me in Infosys.
I have an experience of 2.9 years in Mindtree as Devops Engineer.
Currently serving my notice period.
Thanks in Advance.

Regards,
Sravani

Is it true that Sloan typically gives application fee waivers if you attend some events?

like

Any ideas on a decent salary for a clinical care coordinator, home health setting? *with experience*

like
like

Job Opportunities at Indium Software

Post Photo
like

Can I reject project in client interview in CGI if I am not okay with roles and responsibilities said by client or it will lead to escalation?

like

“You have a good looking face. But your body is absolute junk."

funnylike

What is Rediscover office in KGS. Are they going to call everyone back to the office.

like

I am looking to start a Salesforce CPQ practice at my boutique consultancy (~200 Headcount). Any tips, advice, cautions? Anyone interested in coming over to build/lead the practice with me? 🤣 DM me

like

Hello all,
Today some one told me that H4 visa holder can now work in USA, just wanted to cross check the information is valid or just a fake news? as I couldn’t find anything on google.

Additional Posts in Advertising

LA folks, how do you meet people in this city? Just moved here and have some friends but am eager to meet more. Any tips?

like

have you ever accepted a job you were maybe underqualified for? how did it work out?

like

Need a new laptop, best one to get for a creative?

like

Dogs in offices are cool, but who's offering some comfy siesta benefits? 😴💤

likesmart

Why do companies do this? I interviewed with a company. They loved my work and told me that I’m going to start the following week. They made me sign all of the onboarding papers and poof ghosted me! 🤦‍♀️ I feel so down right now! And I feel like I won’t be able to ever land a job!

likehelpful

Do you feel it’s appropriate for a non-Latinx/Hispanic Producer to ideate or create a Spanish US/Domestic ad for the Latinx audience?
(ie Spanish spot running on Univison for Walmart) **Not referring to LATAM ads**

like

How much do senior strategists in LA make? Moving from NY to LA and wondering how much of a hit in pay I’ll take from lower cost of living or whatever recruiters will say

like

I promise you, whatever you have to tell me as I sit down with my lunch is not as important as eating my lunch.

likesmart

Is the emperor wearing any clothes?

like

Saturday night live is getting good again.

like

Books on human psychology that have affected you. I'll start: influence, sales Bible, on killing.

like

Serious question - which one lasts longer: real Donald Trump or Marcel?

like

Anyone have a recommendation for books or resources on upping my sales game? Open to in person class, online class, books, etc!

like

I really need to know. Does anyone genuinely care about their jobs anymore? Money aside.

likefunny

If you live in LA, dm me for secret wineries in SB county that will blow your mind. I’ve literally been to all and give you the goods and they are so close and life’s too short to drink crap wine!

like

Laid off, 10 years exp, tired of acct management. Feel so lost. Don't want to go back to agency side. What should I do? I feel like 💩

like

Most beautiful places to escape within three hours' driving of NYC? Forests, lakes, ocean, camping.

like

Have you ever seen a client fired in mid-production?

likefunny

I'm reading this book on boundaries. In the work section it says I should tell my boss that I can't work after 5 PM. Knowing that advertising work commonly goes past 5 PM...would my job be in danger if I said that?
There's not really a rule book that says I must work until the work is done even though it's an unsaid expectation. Thoughts?

like

It’s hard to be motivated when rounds of layoffs happen and you see all your friends leave. But one thing that’s gotten me through all of this is working out. And when I say workout I mean the most pathetic, sad, barely completed beginner-level cardio dance routines. I’ve somehow forced myself to move while on lockdown and it’s somehow forced me to feel better. Whatever you’re doing, wherever you are: get up and move even if you don’t finish or end up going on a walk. Pls take care of yourself❤️

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal