Reply to Anyone NOT maxing out your 401(k) even though you're making decent money?

Forum Index » Money and Finances

Reply to "Anyone NOT maxing out your 401(k) even though you're making decent money?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]*raises hand* we're contributing but not maxing out. We have really sound personal finance habits but very little faith in the future of the economy. Signed, disallusioned millennial.[/quote]

I am curious where you put your money that you consider safer than a 401k, given your lack of faith in the future of the economy.  Gold bullion?  What investments do you think are immune to the collapse of the US economy?[/quote]

None are. That's the point. Stay out of debt, have an emergency fund, live within means, put some away for a rainy day. If there's something you want to buy or do that will enrich your life, so it now. Spend the money. There's no guarantee that you and/or your money will be there later. [/quote]

You're disillusioned enough to believe that the market (stocks or bonds) won't outperform your checking and savings accounts with their 0.1% interest rates? Or you're disillusioned enough to believe that the theory of compounding won't apply anymore?

I'm cringing just thinking about this -- and I'm an (older) millennial too.[/quote]

The more I see this, the more I think it's not actually a thought-out financial plan, but rather a [i]post hac[/i] rationalization for excessive consumer spending.  "I want that new Tesla, but the only way I can afford it, and my new condo, is to severely limit my savings.  Well, it's not like the stock market is going to do anything anyway . . . "[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics