Yep. Been thinking about liquidiating my 401k. Stupid thing will probably get robbed by the state by the time I'm eligible to take the money out. Just like pensions. Steem seems like a better bet.
Yep. Been thinking about liquidiating my 401k. Stupid thing will probably get robbed by the state by the time I'm eligible to take the money out. Just like pensions. Steem seems like a better bet.
Hey @Agrooed. I replied to @gigafart but that comment was for you too. Keep your 401k. I can show you what I'm doing as far as buying stocks inside mine. I'll actually being doing 2 posts later this week on 2 small cap companies I think are going to be huge. But yeah, I love Steem. I'm not even officially a month yet and you can see what I've invested into my account. Will continue to bump that number up. Bottom line. Stay Diversified!
Get out of your 401K as fast a possible! I did that myself long time ago. It's fairly easy to do. Your 401K won't survive the next stock/bond market crash. Invest the funds from your 401K in real assets which you can control directly like crypto such as Steem, land, art, precisious metals, etc.
I upvoted you but disagree with you @deepwaterscrypto (now i sound like @cheetah)! Your 401K is usually a good investment up to the value that your company will match. Crypto is a great hedge to the traditional asset classes because it tends to go up when the others go down. But it's volatile and if it's all you have you will feel quite sick when the numbers start getting big and fluctuate or worse stay low for a couple of years as they did with bitcoin after the initial euphoric rise. The answer is to learn to grow both.
I agree I personally don't think it's wise advice to cash out a 401k for Steem, as bullish as I am about it I just don't think it's a smart thing to do. 401K if you get an employer match is pretty much a no brainer it's free money.
Virtual High Five :hand:
Crashed and burned on my first attempt at using emoji :)
you have admitted your error and now you can move on from it and be a better person lol...
I guess I've been making micro short-term investments in art & literature since I joined Steemit. xD
You can still make solid money in your 401k. Don't give it up. You can now buy and trade individual stocks inside your 401k. It's not just mutual funds anymore. I can tell you more about what I'm doing if your interestes. Plus, even as great as any investment can be, you have stay diversified. Workers for Enron stuck all their money back into that company. We all know how that turned out. I love Steem.l and I agree with your entire post. I just don't love everything to place 100% of my money on it.
Amen. @aggroed I think that you should consider taking a multi-pillared approach to saving. I'm a CPA, not a CFA or CFP (so take any advice from me or others with a grain of salt), but I think it is wise to look at the following pillars when considering your savings:
If you can diversify across those pillars, you will survive any macro-economic shock with minimal downside. It is always possible to look back in hindsight and say "if only I had invested more in XXX, I'd be on a boat right now!", but for every situation like that there are dozens of others that you don't think about where the reality would be if you had invested more in XXX you'd be worse off today. Saving is not a race, and a disciplined approach will leave you in the best possible position
@canuckpride makes a lot of good points! I think being diversified across available asset types is a smart play as you never know what is going to happen in the future. My only caveat is that while I agree that saving isn't a race..... timing and when/where you start definitely play a huge role in how you finish!
lololol Funny Man!
Great Post - You nailed it.
Big picture out look here....you looking beyond the present day numbers and into the potential future.
And I like the observation and analogy - the previous crypto experience people and the non crypto people. Steemit is indeed an on-boarding platform for supporting a lot of newbs into crypto which is a real game changer in my opinion.
Great Post.
Good move! Starve those wall street wolves with alt investments which don't cost fortune in commissions.
Dave Ramsey would be very mad at you. haha
I'm actually thinking about doing that! I just hate that I will have to pay about 50% in taxes and early withdraw penalties.
I don't know that I'm ready to jump in that deep, but you have a good point. The long term gains on Steem or other cryto currencies maybe a very good way to hedge your bet against one countries economy and it's tax treatment of a 401k and the limited number of investment options they provide.
I would have done it in a heartbeat, given the opportunity.
My $50,000 would now be worth $3.5 mill. The Australian government owes me the difference.
Great post man
https://steemit.com/bitcoin/@lykencrypto/sector-life-of-sex-workers-who-work-off-bitcoin
We call it Superannuation here in Australia, and I've been trying to get mine into bitcoin since it was at $50 in early 2013. They won't let us invest it ourselves, but they assure us it's still 'our' money.
Infuriating.
I can't get into the housing market, thanks baby boomers and foreign investors, but good thing I've got $30,000 in super for my retirement when i'm 120
Please don't do that. By all means invest in steem but it should be a small % of an overall well diversified asset allocation based on your need, willingneess, and ability to take on risk.
I transferred mine into a silver 401k for this same reason.
Agroed, i would cash in(and have)my 401k recently, but not for investing. unfortunately i had to pay for what was left after ins. for my rotator cuff surgery....and the 20wks. of rehabillitation. Mine was a self funded 401k though, as the last time my company was sold we had to sell off the 401k and reinvest in the new companies policy...so i just self invested with vanguard...anyhow, my ROI on the 401k was far less than my investments in stocks.. while i wasn't lucky enough to have enough discretionary income to invest back in 08, when stocks were super cheap i still managed to make roughly 58% gains on my financial stocks(of which i have taken the profits off the top because i believe we will have a market correction here in the next three months, and financials are overheated and have less than 7% to the upside shortterm.... I would do like others have mentioned... diversify into stocks, metals(silver is close to attractive for me to start buying again, it seems to have neared a bottom, platinum would be my next choice, as i do not see gold going anywhere anytime soon if the global economy continues to heat up.) if you look into financial stocks look into the smaller regional banks, i see a possibility for some consolidation to take place in the banking sector, and the small banks are still relatively cheap, but are vulnerable to takeover, and even a slight bump in the economy... As for the crypto-currency markets as a whole, Aside from BTC, the market as a whole is still in it's infancy....the risk is very high, but adversely the rewards could be phenominal... Aside from my growing SP here i am not currently invested in crypto yet.. the crypto market has to do a little bit of stabilizing before i'm willing to risk any serious amount into it. with the exchanges going down, troubles trading on one exchange(the one in which has steem paying highest atm..) halting trade of steem, and other things that keep the market unstable keeps the risk/reward ratio just a little too high risk for me atm....but i mean, if you got a little disposable cash lying around that you wouldn't miss if you lost it then by all means buy you a little bit of steem...
cool. Side note. You can use the enter/return key to make paragraph spacing for an easier read.
yes headmaster aggroed! lol... such a grammar nazi you are ... i have become so used to the interwebz being that grammatically lawless land where spelling, structure, and punctuation meant nothing.... time to brush up on my structure and punctuations. Why do i now feel like i'm back in ENG.1 this morning.
I just want to be able to read you comment. Take it as a compliment.
i do.. because if i can improve my writing, i can improve my quality....
did u cash out ur 401k yet? lol i shouldnt have been so angr about it before, i just love tellling people what to do with their money, especialy when i know for afact it will make them rich! and i know u already know thi, but other minnows readiing this should see how people like u are converting 401ks o steem and that will amke steem seem loike more of a serious investment!
especialy with steem prices so low...i know u are waitingf or them to drop to $1 or below before u buy a lot, i think many of us are waiting for tht! as soon as it drops to close to $1 we will see it start rising to $2
dude someone with Megatron's face as theeir avatar should get into a flaame war with you! it would be cool and then seeing some other autpbots come in and decepticons to join the fight!
It really depends on what your financial goals are. Everyone needs liquidity of some sort for short, medium, and long run.
A good way to structure your potential payout is invest a small amount in long-term risky investment which you have no control over, ie. Steem. A medium portion of your portfolio should go into investment that yields medium returns like crowdfunding, etc.
If you have no liquidity issues, you can skip investing in the short term like trading cryptocurrency, etc and simply hold fiat money.
This does not constituent an investment though. Here's my 2 cents worth of my investment approach.