Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
This is the big question for me. My 401k. I'm still kinda young, and it's mid 5 digits, but it's servely limited in what I can invest in. Is it worth that tax burden to go ahead and pull it out and put it into something that could survive? Pull it out and put it into an IRA with many more options to buy cheaper as the market goes down? .. So many questions.
PSLV is a Canadian silver ETF that has actual silver. You might be able to invest some in that. Don't buy SLV it's just paper silver.
Maybe you can borrow against your 401 k .
Not available to me, unfortunately. I've got 20 options to invest in, which includes the target date funds lol.
Same which is why I put most of my 401k into the money market when the Fed people started selling off in late 2021 and missed much of the big decline.
My 401k took quite a hit like most folks did. At that point I starting watching and waiting for the right time when the market had rebounded a little. That time was only a few weeks ago but I moved EVERYTHING to stable value within my 401k and it saved me from the hit last week. Not sure if it'll last but it feels better for now.