• brygphilomena@lemmy.dbzer0.com
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    23 hours ago

    My 401k today is $520 less than what it was Jan 21st. I put in almost $600 every 2 weeks.

    That’s a good chunk of change that just disappeared. I can only imagine how much someone with a bigger retirement account than I have is hurting.

    • Dead_or_Alive@lemmy.world
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      22 hours ago

      Meh I went through the same shit in 03, 08 and Covid. It hurts but keep depositing and/or increase your contribution. Your future self will thank you.

      • CharlesDarwin@lemmy.world
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        21 hours ago

        I sometimes wonder if this time is a bit different, but we’ll see. I don’t know what qualifies as a safe harbor if donvict’s wrecking crew end up destroying the entire fabric of why people invest in the U.S.

        Meaning, the dotcom bubble, the early 90s recession, the 08 real estate bubble, the gigantic V that was early covid…those all still had a government that was looking to sustain most or all of our institutions.

        Donvict and his crazy Project 2025/fElon dogebags are running around and ripping out the very infrastructure…

    • Sporkbomber@lemm.ee
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      9 hours ago

      It disappeared now. When COVID hit I upped my contribution just to max out when the market was at a low.

      The only way for the 401k to disappear entirely is if the entire economy is royally, never before seen fucked and completely collapses. At that point retirement if probably not a possibility anyways.

      Any other situation you’re essentially ‘buying the dip’ and will see the returns years from now. Although if you’re looking to retire anytime in the near future it will likely be a huge hit on what you can take out.

    • lumony@lemmings.world
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      12 hours ago

      Switching from pensions to 401ks was one of the greatest swindles of the 20th century.

      It’s funny seeing how this generation grasps for morsels. Big reason why I don’t respect ya’ll.

    • cocomutative_diagram@infosec.pub
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      14 hours ago

      And people still thinks he is playing some sort of 4D chess. My friend in Georgia mentioned that people around her says Trump is creating a dip, so that federal reserve will lower interest rate.

      Yes, because president can fire tons fedral workers, can send secret police to abduct people, but cannot control the federal reserve, and have to play stagnation or bust.

      • SpaceCowboy@lemmy.ca
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        16 hours ago

        One of the talking heads on one of those business news shows summed up the theory about lowering interests rates as “it’s like burning down the house to cook a steak.”

        There’s no plan here, it’s just a deranged old man surrounded by sycophants doing all of the things people previously told him wouldn’t work.

    • InverseParallax@lemmy.world
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      20 hours ago

      Racism.

      The south started a war and killed 600k Americans for racism.

      It’s all some of them care about, it’s their alpha and omega.

  • pleasegoaway@lemm.ee
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    1 day ago

    The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.

    All is going according to plan.

    • DicJacobus@lemmy.world
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      1 day ago

      Its Russia in the 90s all over again. Must be a coincidence that the Russian mafia-turned-regime they’re so chummy with, got its foot in the door and secured its power through an almost identical move.

      Im wondering if America will have its equivalent of the 1999 Apartment bombings.

    • SocialMediaRefugee@lemmy.world
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      1 day ago

      Even the wealthy have to think about what is happening right now. To have their company’s value go to shit overnight isn’t winning him any fans.

      • 10001110101@lemm.ee
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        18 hours ago

        I think a lot of them are ideological psychos. Saw an interview with Forbes magazine founder, and he’s giddy about these tariffs because he thinks they’ll enable tax cuts. I don’t think he cares if his shares tank or whatever, as long as he doesn’t have money “taken away” from him to help the poors.

    • exemplariasuntomni@lemmings.world
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      1 day ago

      A lot of people might decide to violently resist such an eventuality. Things can quickly go off the rails.

      Remember that despite the rule of law no longer applying to the rich and powerful, the laws of physics continue to apply.

      • kent_eh@lemmy.ca
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        1 day ago

        A lot of people might decide to violently resist such an eventuality

        I don’t see a lot of evidence to suggest that’ll happen.

    • InverseParallax@lemmy.world
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      20 hours ago

      No, that wasn’t the point.

      There were 2 goals:

      1. Cut spending to 0 so they could cut taxes (cap gains to 0)

      2. Isolate the US from the rest of the world, this is what Putin cares about the absolute most. If we’re out of the way he sees Russia as unstoppable (which is stupid, they can’t beat any country with functioning tractors).

  • cronenthal@discuss.tchncs.de
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    1 day ago

    Old stock trader wisdom: don’t catch a falling knife.

    You don’t know how low things can go. We’re merely 100 days into the Trump presidency.

  • Skua@kbin.earth
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    1 day ago

    *Trading partner tariff rate is calculated by the White House to include “currency manipulation and trade barriers.”

    This needs to be way fucking bigger than a tiny light grey caption under the image, AP. “Trading partner tariff rate is pulled directly out of the administration’s collective rear end”

  • firepenny@lemmy.world
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    23 hours ago

    We’ve probably been in a recession now for awhile. We won’t know officially until I’ll maybe, November? Figuring it usually takes 7 months for data to catch up and and a official recession needs to be 2 consecutive quarters of lost growth.

      • NotSteve_@lemmy.ca
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        1 day ago

        If the rest of the world can reconfigure its trade (which it’s in the process of doing), it’s going to impact the US a lot more than anywhere else.

  • CaptDust@sh.itjust.works
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    1 day ago

    US fire sale!! 🔥 every stock must go! 🔥 15-25% off priced to sell! 🔥 hurry, these deals won’t last!* 🔥

    *profits not guaranteed. in the event of mass economic collapse, cross your fingers for a bail out. This is not financial advice.

      • COASTER1921@lemmy.ml
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        1 day ago

        Normally Trump does what’s best for the ultra wealthy, but de-dollarization of the world economy appears to be good for nobody in the USA. I have no clue what they’re trying to do, I suspect he’s just lost it and there’s nobody left to tell him these tariffs hurt his croneys too.

        At this point I wouldn’t be surprised if we’re already too far along to save the dollar’s position globally. Globally that’s probably a good thing, but for any of us in the US it’s decidely not.

        • ☂️-@lemmy.ml
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          1 day ago

          with this move they seem to want to stop the rich from paying taxes and replace them with tariffs. the poor will end up paying them.

          he hinted at it a few times. to be clear, i think its still dumb as fuck but here it is.

        • imrighthere@lemmy.ca
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          1 day ago

          I have no clue what they’re trying to do

          They published it online. project 2025. They straight up told you what they’re going to do. Add in pooty, whose goals align a great deal, and that’s it. How do people still not get this, they told you what they’re doing.

            • WanderingThoughts@europe.pub
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              1 day ago

              Project 2025 is split on the issue of foreign trade.[109] Mandate author Peter Navarro advocates what he calls a fair trade policy of reciprocal, higher tariffs on the European Union, China, and India, to achieve a balance of trade, though not all U.S. levies are lower than those of its major trading partners.[126] On the other hand, Mandate author Kent Lassman of the Competitive Enterprise Institute promotes a free trade policy of lowering or eliminating tariffs to cut costs for consumers, and calls for more free trade agreements.[126] He argues that Trump’s and Biden’s tariffs have undermined not just the American economy, but also the nation’s international alliances.[117]

              The first guy won apparently.

              • frezik@midwest.social
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                1 day ago

                Right, he did, but here’s my point: Project 2025 doesn’t actually come out clearly for or against tariffs. So in so far as “they wrote it all down in Project 2025 and told you exactly what they’re going to do”, that’s just not the case for tariffs. And even the guy in favor of tariffs wasn’t talking about such broad and strong tariffs all at once.

                In other words, this is Trump’s plan on his own.

                • WanderingThoughts@europe.pub
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                  1 day ago

                  Yeah, that’s just Trump. He likes to be vengeful and a bully, using tariffs like a stick to beat others info submission. But he doesn’t seem to know when enough is enough.

          • MyDogLovesMe@lemmy.world
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            1 day ago

            I think it’s more to the point to say he’s trying to destroy America, period.

            It’s what Putin has been using his puppet for this whole time.

            America falls apart, Russia gains.

        • atomicbocks@sh.itjust.works
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          1 day ago

          As confusing as it is this does still all fit into Theil’s plan to isolate the US in order to create a corpo-fascist state and bring back apartheid.

        • futatorius@lemm.ee
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          21 hours ago

          I have no clue what they’re trying to do

          Treason.

          Pig Boy thinks he’s Napoleon, but he’s actually dry rot fungus.

      • danc4498@lemmy.world
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        1 day ago

        If it doesn’t, the rich will still be fine. Unlike most Americans, they can diversify outside of the US.

    • andyquest@sh.itjust.works
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      1 day ago

      Idk, when do they buy? This shit has to go way more south before our dear great leader decides to undo the tariffs, right? And if he doesn’t undo them, when would it go back up? We’re still in a race to the bottom…

      • wise_pancake@lemmy.ca
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        1 day ago

        I lost a lot of money today, but I’m still up from 6 months ago.

        This is going to last a long time and the recession is when they’ll buy.

      • Boddhisatva@lemmy.world
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        1 day ago

        Knowing Trump’s irrationality, he just wants to erase all the market gains from when Biden was in office. That means he’ll keep at it until the DOW looses another 10,000 points or so.

        • andyquest@sh.itjust.works
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          1 day ago

          Well I just bought some inverse SP500 x3 ETF so I’ll hold onto that until we reach the new great depression

          • grue@lemmy.world
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            1 day ago

            LOL, good luck with that.

            (Inverse ETFs, especially leveraged ones, don’t work the way you think they do. They’re not really intended or suitable for anything but day-trading.)

            • andyquest@sh.itjust.works
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              1 day ago

              U right, made up some of my losses today but I do plan to sell as soon as it looks sort of stable then I’ll just buy a long put

      • CileTheSane@lemmy.ca
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        1 day ago

        Even if he does undo them there’s no telling when he’ll put them back in place again on a whim. Everyone abandoning the market isn’t going to come back unless Trump gets Epstein’d or Luigi’d.

    • Chainweasel@lemmy.world
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      1 day ago

      It’s good for them when they can buy other people’s stock at fire sale prices, it’s less good for them when their own stock is reduced to fire sale prices.

    • ArbitraryValue@sh.itjust.works
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      1 day ago

      That’s not how it works. Stock prices don’t fall below the level that rich people are willing to buy them at, specifically because rich people buy them at that level.

          • peregrin5@lemm.ee
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            1 day ago

            It’s still basically most people’s only hope for retirement. And represents a large portion of the compensation they are literally working for day after day.

          • Sl00k@programming.dev
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            1 day ago

            It’s not like you can’t control your 401k investments. I’ve been in bonds and gold since January.

          • golli@lemm.ee
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            1 day ago

            What’s the better alternative? I’d certainly take a 401k over the current system in Germany where the current working population pays for the pensions of those currently retired. Which is obviously unsustainable if you take a single look at the demographic changes ahead.

            Stocks will eventually go up again and at least for my global all world ETF the current drop means we are only back to where we were in September 24. Trump is certainly destroying a lot of wealth with his actions, but I think this would be true regardless of how you invest.

            And anyone in hot waters right now because of the current drops should have probably been invested more diversified and maybe reduced risk a bit more.

            • wise_pancake@lemmy.ca
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              1 day ago

              In Canada the CPP is paying into an annuity you get after retirement.

              You’re not just paying in for the current seniors, you get out based on what you put in (up to a cap)

              • frezik@midwest.social
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                1 day ago

                I mean, that’s basically what US Social Security is. It also has a cap, and poorer people actually get a little more out of it than they put in, while higher earners get less. It’s just that it doesn’t pay enough to work on its own.

                The old idea was that the US would have three legs of retirement: Social Security, 401k’s, and traditional corporate pensions. Each of these has downsides, but a failure in one can be propped up by the other two. However, Social Security is being pilfered, corporate pensions rarely exist unless you have one of the unions that has maintained power until now, and 401k’s are too subject to the wild rides of the stock market.

              • golli@lemm.ee
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                1 day ago

                That seems like a good addition, although at least for younger people i’d still prefer stocks over the safer annuities, since with a longer time horizon you can weather out some of the fluctuations for higher returns.

                • wise_pancake@lemmy.ca
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                  1 day ago

                  Yeah, in that case we have two vehicles: TFSA which is a tax free growth account (similar to 401k), and an RRSP, which is a tax deferred growth account (offsets your taxes now, withdrawals taxed as income later, no tax on gains).

                  Young people should be contributing to TFSA then RRSP, depending on life goals/events. CPP withdrawals are automatic unless self employed.

            • tomkatt@lemmy.world
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              1 day ago

              I have to admit, I don’t know that it’s the best option, but all my funds are currently in a HYSA.

              Not as high return as the market under normal circumstances, but it’s liquid, and it’s been relatively safe at between 3.5% and 4.25% the last several years, and the times we live in are anything but normal.

              • golli@lemm.ee
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                1 day ago

                To be fair i think times are rarely normal. Just since 2000 we’ve had the dot com bubble, great financial crisis, covid pandemic, ukraine war and now this. Although the current situation feels like a particularly unforced and unnecessary one. And before that there were also plenty of other crisis from world wars, the cold war with things like the cuban missile crisis or the 1973 oil crisis.

                HYSA with those rates certainly seem like an appealing place to be in the current market, but as always this is a question about market timing, which is hard to impossible. When did you exit your positions and when do you plan to reenter? Because as said with the recent drops on a wide market scale we are still only down to levels just before the US election and nobody knows how things will play out in the future.

                So my point still stands that anyone who is finding himself in acute issues due to the current market changes has done poor risk management. Broad market etfs are meant for a long term investment horizon of 10-15 years exactly so one can weather out downturns. And if someone is close to retirment it would have been prudent to shift some portion of savings into more stable investments similar to how target date funds handle it. Which might still be a good move right now, as the losses are still within reason, assuming a diversified investment strategy (and not something like having bought tesla at peak or the trump meme coin).

                • tomkatt@lemmy.world
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                  When did you exit your positions and when do you plan to reenter?

                  I never had positions to exit. Was on the struggle bus financially for a long time and even had to declare bankruptcy back in 2013.

                  I started making more money and finally being able to really save and invest in late 2020/early 2021 but with Covid and everything being all crazy I wasn’t sure of the market as I’ve had no prior investing experience and didn’t even have a 401k. So I started aggressively paying down remaining debts and saving instead.

                  Currently my only debt is my mortgage, which I should be able to fully pay off (well ahead of amortization) in the next five years or so, and I’m currently living well below my means to save for retirement. Currently I have probably 18 months to two years of expenses in the HYSA.

                  I was planning to begin investing and putting funds in 401k or a Roth IRA this year, but Trump happened and I’m as lost as ever. I prefer the safe bet of the saving yield right now to potentially losing a ton of money, seeing as the markets are just falling everyday from what I can see.

              • jerakor@startrek.website
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                1 day ago

                Your funds might be in a HYSA but the bank holding them probably has them in stocks and bonds.

                So if the stocks fall enough you won’t have your money anyways.

                Now you could say you want to hold onto cash instead, but the only fix for the banks not having money is to print money which makes cash worth less.

                Okay but what if you held gold or other minerals. Well the value of those comes from the perception that they could be used to trade when other things fail, but even if milk is $500 a gallon no grocery store is going to take gold as it isn’t able to be insured and tracked. So the value of gold also will drop as it can’t actually be used for goods and services.

                So basically you can’t isolate yourself and protect yourself from societies stupidity. Its all a gamble and maybe your option works out or maybe it doesn’t but there isn’t a clear way to avoid the problem.

                • jjjalljs@ttrpg.network
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                  So if the stocks fall enough you won’t have your money anyways.

                  Banks are insured by the government. If they get rid of the FDIC then I don’t know, but if a bank collapses you still get your money.

              • peregrin5@lemm.ee
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                It’s good to have 3 months to a year of expenses saved in an HYSA to start with as a rainy day fund you can use in an emergency (i.e. lose your job/house, etc.). I think there are some studies that a huge portion of the population doesn’t have savings to cover even a surprise $1000 expense.

                That’s more important than putting money in the stock market to start with but after you have that you can put your savings into an IRA or something preferably in a diversified fund. (Vanguard has a few tgat are specifically targeted for retirement at particular years).

                • tomkatt@lemmy.world
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                  At this point I think I have more like 18 months to 2 years in my HYSA right now. I aggressively paid down my debts and as of January this year my mortgage is the only one left, but I didn’t start having enough to seriously invest until the last few years (maybe 2020 or 2021) and I’ve been aggressively saving since while I figure out where to put the money longer term.

                  On the bright side, I’m making so much more than I spend that it’s likely I’ll have my 30 year mortgage (27 years remaining) paid off inside of 5 years while still being able to continue saving, and paying the mortgage off will accelerate my retirement options.

        • Zorsith@lemmy.blahaj.zone
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          My life experience has given me no reason to believe it was ever going to pay out anyway. Let the motherfucker burn.

          • KneeTitts@lemmy.world
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            1 day ago

            Let the motherfucker burn

            Allow me to introduce you to the concept of a global depression, a situation far worse than anything we’ve seen in the last 100 years or so

          • ArbitraryValue@sh.itjust.works
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            Have you actually looked at it? The sort of index fund that people put their retirement money in (if they invest in stocks rather than bonds) has doubled its value in the last 7 years. Quadrupled in the last 13.