How Long Will The Recession/Depression Last?

[John Anthony]

Question about 401K. I have a 401K at my current job, but I will be changing jobs in 2 weeks. I have lost about 8K since Jan 1st on my account. Any advice on if I should continue paying into it and leave it where is or at the new job transfer it over or go with a bank into a savings account?

 

Not sure what amount is there but I’d leave it there and let the dead money keep growing, or move it to a Roth and start funding it yourself. I wouldn’t cash it out, unless you desperately need the money.

 

I’m guessing you will start a new 401k at your next job? Most of us, will have multiple portfolios by the time we retire, it all adds up.

[00Rocket28]

Now is a good time to buy a new car.

[BrosefStalin]

Now is a good time to buy a new car.

 

Why do you say that?

[Hellcats]

Now is a good time to buy a new car.

 

The deals are good, but the paycheck may not be.

[Bluegrasscard]

Now is a good time to buy a new car.

 

Better close the deal before 8 p.m. tonight....

[rjs4470]

The deals are good, but the paycheck may not be.

 

Those paychecks are going to be tougher and tougher to come by. The layoffs have started in many industries. And with state ordered shutdowns, more are coming.

[MBWC41]

Ehhhhh, I have no sympathy for businesses that go under. They should have prepared properly for these occasions. At some point personal responsibility has to come into the equation. They don’t have rainy day funds or emergency money stashed away for moments like this?

 

 

Shame.....

 

I’d replace businesses with corporations but my thoughts are similar.

 

I feel terrible for small businesses that are struggling.

 

However, if you can afford to pay your executives tens of millions a year and can’t survive a few months of hardship....

[PurplePride92]

I’d replace businesses with corporations but my thoughts are similar.

 

I feel terrible for small businesses that are struggling.

 

However, if you can afford to pay your executives tens of millions a year and can’t survive a few months of hardship....

 

I put them both in that umbrella. My whole life society has said that if you don’t have money saved away for emergency situations then I am a failure to myself and my family.

 

Not sure why businesses of any size have different standards than myself. They should have prepared for this moment like the rest of us smart folks out here with no worries. Then they wouldn’t need to be bailed out by anyone.

[JDEaston]

Better close the deal before 8 p.m. tonight....

 

Plus the DMV is shut down already isn't it? Not sure how anyone would even get everything transferred over to their name.

[bugatti]

I put them both in that umbrella. My whole life society has said that if you don’t have money saved away for emergency situations then I am a failure to myself and my family.

 

Not sure why businesses of any size have different standards than myself. They should have prepared for this moment like the rest of us smart folks out here with no worries. Then they wouldn’t need to be bailed out by anyone.

The overwhelming majority of businesses will not be bailed out.

 

I get your point in a vacuum, but you are assuming equal variables for businesses and economies across the board. If you don't want to feel bad for the mom and pop shop that can't survive this, then fine, but you have to feel a little bad for the workers that lose a job at said establishment. Even if they do have some savings built up (sadly, not many do; I hear you), losing and finding a new job is scary.

[John Anthony]

Now is a good time to buy a new car.

 

If you have cash.

[PurplePride92]

The overwhelming majority of businesses will not be bailed out.

 

I get your point in a vacuum, but you are assuming equal variables for businesses and economies across the board. If you don't want to feel bad for the mom and pop shop that can't survive this, then fine, but you have to feel a little bad for the workers that lose a job at said establishment. Even if they do have some savings built up (sadly, not many do; I hear you), losing and finding a new job is scary.

 

It isn’t the American thing to do to care for those who can’t care for themselves. That’s not how this works.

[00Rocket28]

If you have cash.

 

Or good credit:lol2:

[00Rocket28]

Plus the DMV is shut down already isn't it? Not sure how anyone would even get everything transferred over to their name.

 

That shouldn’t be a concern. Temp tags are issued for 60 days and it takes a while to receive the title.

[coldweatherfan]

Ehhhhh, I have no sympathy for businesses that go under. They should have prepared properly for these occasions. At some point personal responsibility has to come into the equation. They don’t have rainy day funds or emergency money stashed away for moments like this?

 

 

Shame.....

 

Pretty much everybody on here is going to know people who lose their businesses over this.

 

We are going to know even more people who will lose they jobs and savings, because small businesses can't make it.

 

We are going to know people who go bankrupt.

 

People who's families are destroyed by divorce.

 

People who will turn to crime.

 

People who will be victims of crimes.

 

There will be people who commit suicide.

 

 

Be sure to walk up to them and tell them you don't care.