zerooze

zerooze t1_jbv7m3o wrote

I was in school to be a teacher and I got a seasonal job with the federal government. I realized quickly that if I went full time, I would make as much there as I would teaching, so I dropped out. That was 27 years ago. After several promotions, I'm making 80k/yr. I could never have dreamed of that was a teacher. I was very passionate about teaching too.

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zerooze t1_j4f1m9b wrote

If you invest in individual stocks, yes you can lose it all. If you invest in an index fund (mine is the same companies as the S&P), it will fluctuate, but it won't disappear. Pension funds are invested in stocks, so if the whole market crashed, pensions would disappear too, along with the world economy.

Recessions scare people, but they are the best time to buy because stock prices are low. Most people are idiots who buy when the market is high and then get scared and sell when it's low, but if you put in consistently, like with every paycheck, you average out the price of the stocks you buy.

A little education goes a long way. I recommend Clark Howard for financial tips, he's brilliant.

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zerooze t1_j4dfrw5 wrote

This is horrible advice. I started working for the federal government when I was 24, and my father gave me advice about investing. I am now 51, and my 401k is over 600k, (it was more a year ago). The compound interest calculators have been spot on, and when I retire it should be worth 1.5 million. If I withdraw 4% per year in retirement, with a good mix of investments that should not reduce the balance and give me 6000 per month in addition to my SS and pension. Put it in a good stock index fund AND DON'T TOUCH IT. Use cost averaging and downturns will actually be profitable for you. During the last recession, I lost 40% of the value of my 401k, but because I didn't touch it and kept investing in it, when the market came back to where it started, I had double what I had before the recession. Talk to a financial advisor, now. What makes this work is TIME. I wouldn't have what I have if I'd waited until I was I my 30s. The key is starting young, I can't stress this enough. When you get a raise, put half toward your investments to grow it over time without hurting your wallet.

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zerooze t1_iy79dhj wrote

Hey, some of us had to stay for family members. Don't call me a fucking loser. Someone who goes online to trash talk an entire group of people they don't even know is the one who is the loser. I work for the federal government here, and I've devoted my life to helping the less fortunate. Who I am is not a function of where I live.

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