Monte1076 Posted September 21, 2022 Share Posted September 21, 2022 https://www.cnn.com/2022/09/21/economy/fed-rate-hike-september/index.html Link to comment Share on other sites More sharing options...
Wild74 Posted September 21, 2022 Share Posted September 21, 2022 4 hours ago, Monte1076 said: https://www.cnn.com/2022/09/21/economy/fed-rate-hike-september/index.html And my 401k does down as the rates go up.... Link to comment Share on other sites More sharing options...
Monte1076 Posted September 21, 2022 Author Share Posted September 21, 2022 54 minutes ago, Wild74 said: And my 401k does down as the rates go up.... Yep. I'm not happy about it. Link to comment Share on other sites More sharing options...
BlahBlah Posted September 21, 2022 Share Posted September 21, 2022 The rich want low interest rates . That way they can borrow more money at little cost. Which causes more inflation. Middle class needs higher interest rates so it will end inflation. Class warfare at its finest. Link to comment Share on other sites More sharing options...
Olduy Posted September 22, 2022 Share Posted September 22, 2022 Middle class can not afford higher interest Link to comment Share on other sites More sharing options...
KirtFalcon Posted September 22, 2022 Share Posted September 22, 2022 More evidene of Plugs and the libtard dims destroying our economy ..... Link to comment Share on other sites More sharing options...
BlahBlah Posted September 22, 2022 Share Posted September 22, 2022 2 hours ago, Olduy said: Middle class can not afford higher interest They are going to have too. Way too much money in the market. Link to comment Share on other sites More sharing options...
RETIREDFAN1 Posted September 22, 2022 Share Posted September 22, 2022 4 minutes ago, BlahBlah said: They are going to have too. Way too much money in the market. And who has caused THAT??? Link to comment Share on other sites More sharing options...
DB2point0 Posted September 22, 2022 Share Posted September 22, 2022 4 hours ago, Wild74 said: And my 401k does down as the rates go up.... Can you not move your money into different funds? Link to comment Share on other sites More sharing options...
DB2point0 Posted September 22, 2022 Share Posted September 22, 2022 We’ve been in a recession since January. Link to comment Share on other sites More sharing options...
DB2point0 Posted September 22, 2022 Share Posted September 22, 2022 Check out Eddie Ghabour on YouTube. also check out “everything Money” channel Link to comment Share on other sites More sharing options...
Wild74 Posted September 22, 2022 Share Posted September 22, 2022 4 minutes ago, DB2point0 said: Can you not move your money into different funds? Sure which ones all but one is losing money, Fix Rate Bonds along with the S&P 500 all are losing money, but I only lose if I withdraw. Stability Fund is a interest account and it makes a cool 15 dollars everyday not much but very safe Link to comment Share on other sites More sharing options...
Monte1076 Posted September 22, 2022 Author Share Posted September 22, 2022 (edited) 7 hours ago, Wild74 said: Sure which ones all but one is losing money, Fix Rate Bonds along with the S&P 500 all are losing money, but I only lose if I withdraw. Stability Fund is a interest account and it makes a cool 15 dollars everyday not much but very safe Savings and CD account interest rates are in the toilet. They're fractions of a percent in a lot of cases, unless you want to go with one of those "online" banks, which I don't really trust. 401k accounts are dropping hard. I was talking to a buddy of mine who suggested I look into something called "I Bonds". They're more long-term, but the ROI is supposed to be pretty good. The interest rate is adjusted every six months, and right now it sits at 9.62%, and it will be adjusted in October. https://www.forbes.com/advisor/investing/what-are-i-bonds/ They're supposed to be backed by the government, take that as you will, but there's a maximum dollar amount of them you can purchase yearly, Something like $10,000. Right now, even a 3-month treasury bill will net you a little over 3% interest. A one year one would net just over 4%. https://www.bankrate.com/rates/interest-rates/treasury/ Edited September 22, 2022 by Monte1076 Link to comment Share on other sites More sharing options...
trashyhound Posted September 22, 2022 Share Posted September 22, 2022 12 hours ago, BlahBlah said: The rich want low interest rates . That way they can borrow more money at little cost. Which causes more inflation. Middle class needs higher interest rates so it will end inflation. Class warfare at its finest. Borrowing money at low interest rates does not cause inflation, it creates economic growth. Idiots in power printing money in order to buy votes from stupid people causes inflation. 1 Link to comment Share on other sites More sharing options...
KirtFalcon Posted September 22, 2022 Share Posted September 22, 2022 (edited) . Edited September 22, 2022 by KirtFalcon Link to comment Share on other sites More sharing options...
KirtFalcon Posted September 22, 2022 Share Posted September 22, 2022 2 hours ago, Monte1076 said: Savings and CD account interest rates are in the toilet. They're fractions of a percent in a lot of cases, unless you want to go with one of those "online" banks, which I don't really trust. 401k accounts are dropping hard. I was talking to a buddy of mine who suggested I look into something called "I Bonds". They're more long-term, but the ROI is supposed to be pretty good. The interest rate is adjusted every six months, and right now it sits at 9.62%, and it will be adjusted in October. https://www.forbes.com/advisor/investing/what-are-i-bonds/ They're supposed to be backed by the government, take that as you will, but there's a maximum dollar amount of them you can purchase yearly, Something like $10,000. Right now, even a 3-month treasury bill will net you a little over 3% interest. A one year one would net just over 4%. https://www.bankrate.com/rates/interest-rates/treasury/ I have one and my wife has one ... Link to comment Share on other sites More sharing options...
Monte1076 Posted September 22, 2022 Author Share Posted September 22, 2022 2 minutes ago, KirtFalcon said: I have one and my wife has one ... Do you like them? I'm starting to research things to put some money into after I pay off my house. I want to do some home improvements, but I also want to invest for the future. Link to comment Share on other sites More sharing options...
DB2point0 Posted September 22, 2022 Share Posted September 22, 2022 9 hours ago, Wild74 said: Sure which ones all but one is losing money, Fix Rate Bonds along with the S&P 500 all are losing money, but I only lose if I withdraw. Stability Fund is a interest account and it makes a cool 15 dollars everyday not much but very safe In a recession $15 /day is better than losing 15,000. I’ve been in cash/money market since Dec1. Link to comment Share on other sites More sharing options...
DB2point0 Posted September 22, 2022 Share Posted September 22, 2022 2 hours ago, Monte1076 said: Savings and CD account interest rates are in the toilet. They're fractions of a percent in a lot of cases, unless you want to go with one of those "online" banks, which I don't really trust. 401k accounts are dropping hard. I was talking to a buddy of mine who suggested I look into something called "I Bonds". They're more long-term, but the ROI is supposed to be pretty good. The interest rate is adjusted every six months, and right now it sits at 9.62%, and it will be adjusted in October. https://www.forbes.com/advisor/investing/what-are-i-bonds/ They're supposed to be backed by the government, take that as you will, but there's a maximum dollar amount of them you can purchase yearly, Something like $10,000. Right now, even a 3-month treasury bill will net you a little over 3% interest. A one year one would net just over 4%. https://www.bankrate.com/rates/interest-rates/treasury/ So move into something that will make you 3% until this recession is over. Link to comment Share on other sites More sharing options...
KirtFalcon Posted September 22, 2022 Share Posted September 22, 2022 Just now, Monte1076 said: Do you like them? I'm starting to research things to put some money into after I pay off my house. I want to do some home improvements, but I also want to invest for the future. I was at the bank coffee shop a while back and one of the bank's retired VPs and a couple of other high rollers were taking about them and that they had gone up to the new rate ... they said they were a good deal very safe ... You have to buy them online and a lot of older people aren't comfortable doing that .... Two $10K bonds will yield over $18 hundred in interest in one year ... that's almost half my property taxes ... lol ... Link to comment Share on other sites More sharing options...
Monte1076 Posted September 22, 2022 Author Share Posted September 22, 2022 9 minutes ago, KirtFalcon said: I was at the bank coffee shop a while back and one of the bank's retired VPs and a couple of other high rollers were taking about them and that they had gone up to the new rate ... they said they were a good deal very safe ... You have to buy them online and a lot of older people aren't comfortable doing that .... Two $10K bonds will yield over $18 hundred in interest in one year ... that's almost half my property taxes ... lol ... I've been considering it, but I don't know exactly how long-term I'm going to want to go with them. I'm about to turn 46, so even if I let them go for 10 years, that's still a decent amount of interest to gain. Link to comment Share on other sites More sharing options...
Monte1076 Posted September 22, 2022 Author Share Posted September 22, 2022 11 minutes ago, DB2point0 said: So move into something that will make you 3% until this recession is over. I don't know. Something to consider. Problem is taxes. Isn't there a tax hit for taking money out of my 401k, even if I transfer it to another investment? Link to comment Share on other sites More sharing options...
DB2point0 Posted September 22, 2022 Share Posted September 22, 2022 12 minutes ago, Monte1076 said: I don't know. Something to consider. Problem is taxes. Isn't there a tax hit for taking money out of my 401k, even if I transfer it to another investment? If the fund is in your 401k account, no. Our plan has all kinds of funds within our account. If you withdraw the money from the account, yes you will pay tax/penalty. Link to comment Share on other sites More sharing options...
KirtFalcon Posted September 22, 2022 Share Posted September 22, 2022 21 minutes ago, DB2point0 said: If the fund is in your 401k account, no. Our plan has all kinds of funds within our account. If you withdraw the money from the account, yes you will pay tax/penalty. You can transfer money between qualified accounts as long is it's done the right way and you never take posession of it yourself. There is a procedure for it, but be careful ... I did it after I retired for the 2nd time .... Link to comment Share on other sites More sharing options...
Monte1076 Posted September 22, 2022 Author Share Posted September 22, 2022 28 minutes ago, DB2point0 said: If the fund is in your 401k account, no. Our plan has all kinds of funds within our account. If you withdraw the money from the account, yes you will pay tax/penalty. My 401k's are all index funds, I believe. So as it stands now, with these market downturns, I'm still losing money. Link to comment Share on other sites More sharing options...
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