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back to work finally

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JBall8019
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back to work finally

Postby JBall8019 » Tue Dec 26, 2006 10:47 pm

today was my first day back to work in about a month! i got laid off just before the holidays due to a lack of work. this was the first and hopefully only time i was unemployed. i am fortunate to have found a much better job in this economy and to have a little saved up for an emergency like this one. i just want to warn you younger guys that are just starting out to save some money for emergencies.
john

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John *.?-!.* cub owner
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Postby John *.?-!.* cub owner » Tue Dec 26, 2006 11:28 pm

glad to hear it john. I guess I was lucky, form the time I graduated college in 1968, till i retired in 2004 I was never without a job, though sometiems i would like to have been for a while. LOL
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you are part of the problem!!!

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Rudi
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Postby Rudi » Tue Dec 26, 2006 11:52 pm

John:

Image to echo John...

I guess I was also very fortunate. I left college in 1974 and I was only ever unemployed after graduation (or at least as far as I can remember) once and that was for precisely 3 days. It was in-between my last day of liar's leave (terminal leave from the Navy) and my first day as a Foreman in a Custom Cabinet Shop here in Moncton. After that.. I became an Independantly Poor Self-Employed Businessman which after I got sick and became disabled.. an Independantly Poor No Longer Having to Work for a Living individual...

I imagine, being unemployed for a significant length of time, can be pretty big reality check :!: :shock: :roll: :!:

So, as Joe Walsh so effectively says in his tune "Life's Been Good To Me So Far"... I think Life Has Been Pretty Good To ME - Period :!: 8) :D :lol:

Glad you were able to get re-situated. Merry Christmas Image and much Joy and Prosperity in the New Year :!:

Your advise to the younger ones is something that should be kept in mind ... always save something for a rainy day -- or year.. depending on the case....
Confusion breeds Discussion which breeds Knowledge which breeds Confidence which breeds Friendship


Little Indy
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Postby Little Indy » Wed Dec 27, 2006 5:13 am

John,

I glad you are back to work.

You younger guys! Precisely for this reason (and others) we all should save about six months of wages. Three months quickly and then an additional three months more slowly and place in fairly liquid assets. In households with both employed, the couple should live on the income of one making the most and save the other. Here in the States I would recommend place as much as one can in a Roth IRA, after 5 years (check this with lawyer or broker) one can ask for the principle (the amount placed in the Roth IRA) without penalty. Generally a bad idea but in an emergency as in unemployment might be a good idea.

As to the growth rate of IRA's google compound interest calculator. The results are truly amazing. In the States the NYSE grew at a 10% rate since inception. This includes the years of the great depression.

If you are not sure how to invest place it a low (I mean very low, as in less than .05% ) expense rate S&P500 index Mutual Fund. I got 15% annualized return in my retirement plan. I now use MSN Mutual Funds Delux screen to chose and have very strict criterion for screening. If anyone is interested let me know.

Richard
Last edited by Little Indy on Thu Dec 28, 2006 8:00 am, edited 1 time in total.
Si hoc legere scis,nimium eruditionis habes.

JBall8019
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Postby JBall8019 » Wed Dec 27, 2006 6:02 pm

guys, thanks it sure was a reality check! richard i may go the ira route with my 401k. i was trying to see if i could eventally roll it over after i get settled to a college investment fund for my boy, but apparently the irs wont let it happen yet with out penalties. i hope you younger guys to pay some heed to the advice about saving.
john

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beaconlight
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Postby beaconlight » Wed Dec 27, 2006 8:06 pm

Lots of luck Larry. You younger guys listen to the old fossiles. No body is a better friend than your self. Treat your self well by saving something for an emergency and try to get the best medical coverage you can. I retired at 52 so I didn't take a cut in my health insurance as NY tel screwed aroud with the Mgt Medical plan. I had to scramble till Social Security cut in. IT WAS WORTH IT. Bev was starting to DR. They paid for her to beat cancer, have a replacement knee and recently a replacement hip. Those are the major ones along with free prescriptions the first 10 years and now $2.50 or $5.00 co pay
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Little Indy
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Postby Little Indy » Thu Dec 28, 2006 7:58 am

JBall8019 wrote:guys, thanks it sure was a reality check! richard i may go the ira route with my 401k. i was trying to see if i could eventally roll it over after i get settled to a college investment fund for my boy, but apparently the irs wont let it happen yet with out penalties. i hope you younger guys to pay some heed to the advice about saving.
john


Check and see if your state has a college saving plan. Nebraska does. Any money put into the plan is a deduction for your state taxes (there is a limit) and capital gains, interest, and dividends are not taxed by feds or state. If the money is used for college or an approved school it is not taxed either. Schooling has to be completed by age thirty.

If Roth IRA's were available, I would have used that type. I Have a SEP IRA and am preoccupied with the taxes as I use rhe money. I would have paid less taxes in the long run with a ROTH IRA.

This is how I chose which mutual fund to use. I google MSN Mutual Fund. I then go to delux screener. Now somewhere you will need to allow MSN to add a program to your computer. I did but it is up to you. there are three fields in delux screener to be filled in. These are the way I filled in the fields.
Condition Operation Screen
1st row ] Sharpe Index (under statistics) => 1
2nd row] rating => 4 stars
3rd row] risk <= below average
4th row] return => above average
5th row] institution = false
6th row] closed = false
7th row] front in load (under expenses) <= 1.5
8th row] deferred charges <= 0.1
9th row] 1 yr return => 10
10th row] 3 yr return => 10
12th row] 5 yr return => 10
13th row ] 10 yr return display only
14th row ] type = varies

I change the last one for each screen. I personally like small cap value, latin america, world, mid cap value, small cap growth. foreign small cap value and foreign small cap growth.

This will yield a short list and some very interesting results, including funds whose minimal initial investment is $1m. That is out of my league. But there are some on the list that are in my league. I then investigate each of them. On returns (on the right sided menu) I look for consistency but make allowances for 2002 & 2003. Under portfolio I look for bear market [color=orange]<= 2 on scale of 10 and traynor (sp?) => 1.0[/color] except for mutual funds investing in foreign stocks. I also want to know how long the manager has been on the job. The longer the better. Especially if he has seen a bear market. I have been getting => 15% return with this method. I hope this helps.

Remember tips are for the waitress who serves you coffee and sweet rolls and not for you to act on.

Richard
Si hoc legere scis,nimium eruditionis habes.


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