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What recession?

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Vic Lewis VL
(@vic-lewis-vl)
Illustrious Member
Joined: 19 years ago
Posts: 10264
 

OK... everybody cash in their 401k's and buy guitars

Not that I want to drag this off topic, but can you explain for us non-Americans what a 401K is? Investment plan? Pension fund?

:D :D :D

Vic

"Sometimes the beauty of music can help us all find strength to deal with all the curves life can throw us." (D. Hodge.)


   
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csmart01
(@csmart01)
Estimable Member
Joined: 18 years ago
Posts: 70
Topic starter  

OK... everybody cash in their 401k's and buy guitars

Not that I want to drag this off topic, but can you explain for us non-Americans what a 401K is? Investment plan? Pension fund?

:D :D :D

Vic
It's a retirement savings plan. A place you can save money taken out of your paycheck (before being taxed on it) and keep it until you are 60... a place where it grows in value by being invested in various stock and mutual funds... this is all in theory of course :roll: If you use it before you are 60 you incur a tax penalty. If a recession hits (i.e. now) you suffer by having it's value drop by 1/2 or more. If you are 28 this is not an issue since the idea is it is long term savings and it will recover. If you were 54 when the economy hit the floor and you still had your 401k vested heavily in stocks then you are in deep trouble.


   
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simon@home.co.uk
(@simonhome-co-uk)
Prominent Member
Joined: 19 years ago
Posts: 677
 

pah! If you were a REAL patriot and wanted to help out the economy you would buy another one.......for me.......please?


   
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csmart01
(@csmart01)
Estimable Member
Joined: 18 years ago
Posts: 70
Topic starter  

pah! If you were a REAL patriot and wanted to help out the economy you would buy another one.......for me.......please?
OK... hey... wait a minute... a UK e-mail...


   
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musica23
(@musica23)
Reputable Member
Joined: 16 years ago
Posts: 277
 

Happy days are here again!!!!!!!!!!!!!!!!!!!!!!!!!! :D :D :D :D :D

Buy an American-made guitar (it may be too late for the cars...) and help out the good ol' US of A. Sounds like a great plan to me. Now convince my husband. :lol:

What a beautiful Tele. Not only are you very lucky. You're smart and patriotic, too. Now...If only someone would tell Suze Orman what a financially sound investment the musical instrument is these days...we'd all be allowed to go crazy with it! :D

Congrats (with a degree of envy, also...)!!!!!!! :D

Take care,
CC

Love and Peace or Else,
CC


   
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