“The president single-handedly wiped out Americans’ retirement savings overnight and subjected businesses to intense whiplash with his increasingly erratic and chaotic policies that continue to drive consumer and business uncertainty.”

  • @peoplebeproblems@midwest.social
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    32 months ago

    How was Thursday and Friday not a recession? I lost > 10% of my 401k in 2 days.

    It took 4 years to get to where it was since I stopped contributing right after the 2020 panic. 4 years of happily let my money do what it should, BAM wiped out in 2 fucking days.

    • @ripcord@lemmy.world
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      -12 months ago

      Get your 401k out of stocks for now. Most plans have money market or other options you can exchange for.

      • @gigachad@sh.itjust.works
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        12 months ago

        Panic drop out of the market after stocks went down some percent, great advice.

        Just do nothing and keep your rates (or however US 401k works).

        Time in the market beats timing the market

        • @ripcord@lemmy.world
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          -12 months ago

          I guess. Other option is to ride it all the way down. I got mostly out after the election. I got the rest of the way out this year.

      • @Aux@feddit.uk
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        02 months ago

        That’s the dumbest advice ever! That’s how you lose all your money. Recession is the perfect time to buy even more stocks and shares. Don’t get out, get in!