quote:
I'm a young guy, I reference this board a lot for information.

The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.

Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.

I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.

Well, they are dumbasses. The time value of money is the single most important factor in the whole deal imo.

If person A starts saving at say age 20 a set amount each month for 10 years and then stops. Then person B starts 10 years later and saves the same amount per month with the same return, person A will still have more money after 40 years. Tell them to stew on that.

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Posted by oneg8rh8r

Port Ludlow, WA

Member since Dec 2003

2741 posts

Posted on 1/2/21 at 1:00 pm to SmackoverHawg

Financial quiz for everyone.

When things went to hell in a hand bag in March, what did you do? Did you panic and sell, Did you sell knowing it was about to get way worse and had intentions of buying back in much lower, did you do nothing and simply let it ride, did you adjust your 401k contributions, etc.

I sold some in late Feb, but not nearly as much as I wish I had knowing what was looming. But, it gave me cash to buy some great stocks at a HUGE discount. Additionally, I shifted my 401k contributions, because I don't need my paycheck to pay my bills and basically paid out my 401k between March - May and dumped 19.5K into (PRGSX / VIGAX). Both have basically returned over 100% since then on that investment alone.

My one regret was I had 30K in cash and wanted to pull the trigger on PENN at $4.5 and chicken out. I AM WHAT THEY CALL WRONG.

This post was edited on 1/2/21 at 1:07 pm

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