anyone else loose money yesterday?

[okjac80]

we only sold/moved the money that we needed. We left the rest. They say when it goes down this bad, it comes back pretty well. Shares are so cheap now, we are thinking of buying some in some good solid companies like McDonalds or Walmart. YOu know those aren't going anywhere! LOL

We have a checking for our monthly expenses, a small savings that we use as our own personnal "pay day loan", and a mutual fund we keep tucked away for stuff like car repairs, new washer, etc. THen we have IRAs, TSP, and kid's college funds for our "way off into the future" savings. Only the savings and checking are in an FDIC account, so we moved the mutual fund for now.

[Colin Stolzer]

If you own a house or anything of value' date=' then you already lost some money as the housing market has gone down. It is not just the stock market, it is also the housing market.[/quote']
This is only true in certain markets, you should try buying ground in the midwest right now.

C

[Colin Stolzer]

I didn't lose a penny, but them I have no money to lose, rightly the only treasures Linda and I have are invested in heaven, according to Jesus no one can steal theses treasures.

I recall when Linda's 1st cousin lost $80,000 when Emron fell, I believe they will be many who will lose much more than that in the coming weeks, this has been coming for several years, it seems to have arrived.

I'm kinda curious what you would do if the gov't couldn't pay your social security and disability next month? Then what do you live on?

C

[Anon]

I'm kinda curious what you would do if the gov't couldn't pay your social security and disability next month? Then what do you live on?

C

Waiting for this answer....

[Guest Guest]

We don't have any money to lose. :lol Hubby is self-employed and I am retired through State Teacher's Retirement System of Ohio.

We had to cash in an annuity of mine several years ago when we were starving. LOL. We don't have anything tied up with stocks and such.

Now...my hubby's uncle and one of his brother's lost a bundle. :sad

[brosmith]

Anyone else loose anything yesterday?

"Investing" in the stock market is a suckers bet. It is a house of cards that is crumbling. Many people are "paper rich" and "dollar poor". My recommendation is in 5 steps:

#1 - Do not (under any circumstances) take on any new debt!
#2 - Save $1,000 for an emergency fund (keep this money in cash).
#3 - After that take all of your excess money and pay off your debts.
#4 - Once your debts are paid off then increase your emergency fund to $6,000.
#5 - Increase your giving (above and beyond the tithe) so that you can help your church get out of debt.

[Anon]

The only thing I disagree is I believe its wise to have a retirement savings account of some sort. Otherwise yes its always smart to be out of debt and have a cash backup fund.

[brosmith]

The only thing I disagree is I believe its wise to have a retirement savings account of some sort. Otherwise yes its always smart to be out of debt and have a cash backup fund.

I believe that saving for retirement is also a house of cards and will eventually lead to covetousness.

Professing Christians are hoarding millions of dollars that could be used for the furtherance of the gospel.

[BlessedChristianlady8]

If Social Security gets cut we are not going to get by. I pray Gods people would help us. We are waiting for a decision for my husband but not sure if he will get it. My Brother in law that is a heart patiant got denied Social Security. I have social Security for some issues in my life.

[HappyChristian]

I don't think God is displeased when we save to help when we are no longer allowed or able to work. But I do know of people who are really socking it away to live like kings. I don't think that's necessary.

I found this interesting today:

[The Dow Jones Industrial Average jumped 485.21 points, or 4.68%, to 10850.66. The broader S&P 500 Index added 58.34 points, or 5.27%, to 1164.73, while the Nasdaq Composite Index picked up 98.60 points, or 4.97%, to 2082.33. The consumer-friendly Fox 50 Index rose 42.24 points, or 5.17%, to 859.05.

Admittedly, this could be due to hopes of another go at the bail-out. But I heard an econ expert say a couple of weeks ago that we are at the bottom of a bear market...and it always swings back up. We'll see.

Personally, I think precious metals are the best investment (here on earth anyway) because they do change in value, but they never go out of value like the paper will...but it is expensive to do!

Re: the social security question...that is the exact reason that social security is so wrong! People have paid into it (not by choice, and many not knowing how to legally opt out) in the belief that money will be there when they retire or when they are disabled. And then haven't saved anything else. So, when the money's gone people who depend on this will not be able to take care of themselves. The answer? Tax the American people some more to spread it around to "help" those who are without. We've come so far from the ideas of taking care of ourselves (I'm not talking about not depending on God...that's a given) and truly helping others who are in need.

[Anon]

I don't understand why putting away for the future is okay. If you don't believe in taking from the government, and you don't believe in putting away retirement...do you believe in calling Kevorkian once the income stops? :puzzled:

[okjac80]

I agree w/ Kitagrl here. I mean, you have to live on something. True, the BIBLE says if God can "clothe" the lillies, then He will take care of His children. However, who it to say that providing us w/ the means to put money away while we are "young" isn't His way of providing for us when we retire?

**edited to correct my typo!! LOL**

[brosmith]

the money says if God can "clothe" the lillies' date=' then He will take care of His children.[/quote']

I can see where your heart is. :ideas:

[HappyChristian]

brosmith - I don't think that's very kind or compassionate...does that mean I see your heart? Putting aside a bit for the future does not mean that a person's heart is in treasure. Saving for retirment isn't the same as putting aside treasure.

There is nothing in scripture that forbids putting aside money for the future. Rather, scripture indicates that hoarding is wrong. Hoarders put away just to have and to live with the knowledge that they have. But for a man and his wife to put away something for the future is using a little wisdom. Does that mean they aren't trusting God? No more than it means a person isn't trusting God if they have a job right now. What's the job for? To take care of needs. Does having a job indicate that someone doesn't trust God? Of course not - the Bible tells us if a man doesn't work he ought not eat. And if a man earns enough to put aside a bit to help when there is nothing else coming in - there is not wrong in that.

Yes, trust God. But if it's wrong to save for retirement because it isn't trusting God, than you'd best quit your job.

[brosmith]

Saving for retirment isn't the same as putting aside treasure. There is nothing in scripture that forbids putting aside money for the future.

I would suggest reading Luke 12:16-21 and James 4:13-17.

Having a modest emergency fund is necessary to keep from going into debt.

Having a 401K, IRA, ect is not necessary nor is it scriptural.