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Cheering as my Roth IRA sags

World at Work has a nice definition of work-life that I really like. They define it broadly and include "community involvement" in their definition. So although it may be a bit of a stretch, I do think this fits under the "community involvement" aspect of work-life. The day I first posted this was the day that the first version of the Wall Street bailout plan went down to defeat in Congress. 

World at Work has a nice definition of work-life that I really like. They define it broadly and include “community involvement” in their definition.

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So although it may be a bit of a stretch, I do think this fits under the “community involvement” aspect of work-life.

The day I first posted this was the day that the first version of the Wall Street bailout plan went down to defeat in Congress. 

One of Fast Company’s “Fast Talk” questions that day was:

How concerned are you about the long-term value of your 401k plan?

Here’s how I answered it:

I couldn’t be more delighted that the ordinary Joes and Janes of this country finally stood up and roared, and if it cost me a little bit of retirement income in the long run, it was worth every dime to see this day. A fine day for democracy. What the folks in Washington and New York don’t understand is that most Main Street folks don’t have much, if anything, in the stock market and so they don’t care if it drops like a stone. Tight credit and a bleak job market? How would that be different from what they’re experiencing already?

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I don’t have a 401k, just a Roth IRA. And sure, I realize that my index fund probably dropped a chunk today, but I’ve been gradually rebalancing away from it and into TIPS for several years now to accomodate my low tolerance for risk. I didn’t trust this administration eight years ago and I don’t trust them now. I sure don’t trust them to do economic surgery with $700 B of our money and no strings attached.

Here’s a modest proposal: instead of $700 B cash for trash, why not use that money to forgive every student loan in the country? Giving the younger generation that boost to cash flow would goose housing prices for sure. Then maybe less of the bad paper would be under water.
Besides, any bill that unites Representatives Michele Bachmann, Steve King, Tim Walz, and Dennis Kucinich in opposition has got to be a really bad idea. 

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