Ecomic disaster?
By cobrateacher
@cobrateacher (8432)
United States
September 25, 2008 7:24pm CST
We all know the country, and much of the world, are in dire straits. Most of us are, too. How do we figure out whose advice is maingful?
A very prominent economic advisor gave an interview on TV yesterday, telling everyone over forty to cash in their 401K accounts or lose everything. I'd thought I'd just ignore it until things come back to par. Now I don't know what to do.
Where get financial advice you feel you can trust? 
1 person likes this
4 responses
@savypat (20216)
• United States
26 Sep 08
The main thing is don't panic, if you cash in your 401K before it's mature you will pay penalities. Check on your 401K and see what it's invested in. If you can make sure it's in Federally insured accounts. This may be complicated as often the 401k people are hard to reach. Just remember if you pull it today it may take as long as 10 days to get to you. If you do that, see a stock broker for reinvestment in safe accounts, The stock broker will know the laws that govern your type of account. I do know with IRAs if the funds go directly to the new account there is no penality, but if you have the check made to you, then it's subject to penality Good luck to you.
1 person likes this
@cobrateacher (8432)
• United States
26 Sep 08
Thanks. Most people wouldn't bother to worry about the small amount I have, but it's all I have, so of course, I worry!
@mhrmasum (678)
• Bangladesh
26 Sep 08
How can i give u the actual answer. As like as u i also watched, heard many financial advice. If one Financial adviser say this are good, and those are ban for country than the another express the different opinion. How can u trust such kind of advice. Though there are some one who are good. In my country DR. DEVAPRIYO BORTACHARJAY is such kind of person, i trust his financial advice
1 person likes this
@cobrateacher (8432)
• United States
26 Sep 08
Thanks for the sugges. I'll look into it. It's so hard to know where or what these days!
@sanjana_aslam (4187)
• Malaysia
26 Sep 08
hi cobra,
i guess as what you say .. the whole world seem to be effected in this economic turmoil ..
i do not know anything about 401k .. but at this time, i am trying to save as much cash as i can .. i have not used my salary for the whole 2 months and it is almost 5k now ..
i only used my husbands salary to pay up for my house loan .. and some small cash my husband spare for me ...
since my working place, allows me to have 1 meal in my office for free ... i eat anything even if it tastes bad .. i dont care ..
i cook for my husband and leave the stuff in the fridge for him to steam and eat ..
Car .. we have only 1 while i use the public transport, i dont care if anyone is going to look at me as "cheap"
On the topic on which financial advisor you can trust, cobra it is you, yourself , if you feel the money is safer in the bank .. then do it , if it is safer in your hands as cash .. do it .., if you feel your money is better as gold , then buy it ..
hope i did not run out of your topic on discussion
cheers
@cobrateacher (8432)
• United States
26 Sep 08
There are a lot of tiny ways in which I save, and they add up. When I was in an accident in February, I took what the insurance any paid for my quite-new car and bought an old but perfect Toyota Camry, paid off some important bills, and kept almost $1,000 for a rainy day. It may not be new and gorgeous, but it's a great-running car, and I have no car payments. Insurance is much less expensive, too. We don't have public transportation that could get me to and from work, so an old car that gets great mileage is ideal.
I don't need to leave all that money at Starbucks, either. The coffee I make is often much better! I bring lunch to work, and there's no need for new clothes.
Every little bit helps, and it feels to take action!
@TempusTime (99)
• United States
26 Sep 08
So it was real? Did you really lose everything? O_O That would suck...and to tell you the truth, you can't really trust the government for anything at all these days. And your welcome for me helping you make another cent. Haha
1 person likes this
@cobrateacher (8432)
• United States
26 Sep 08
Not yet. So far, it's more fear than anything.
Can we trust anyone anymore?
