Post by QuickSilver on Mar 12, 2020 9:52:16 GMT -5
The Dow is once again falling and once again trading was halted for 15 minutes.. It is down 7.37% already today. Guess we can kiss much of our retirement savings goodbye.. and just hope for recovery.. There is not much we can do but buckle our seatbelts. A lifetime of work can be killed by the virus.
Yes, I just told my daughter, if this continues they can kiss their inheritance good bye.
Yes.. That's true for my kids too... Fortunately I am not living off my savings.. I live off pensions, Social Security and guaranteed annuities. But my kids are sure not going to see what they would have seen.
Wife and I went totally... TOTALLY... conservative with our retirement funds a few years ago. We watched the stock market skyrocket and heard folks talking about how "rich" they were getting. Still... in our 54 years of marriage... we did hit a financial disaster and were too old to weather another. We should be okay. Many won't. It's sad....
The effect is far-reaching. Businesses will fold. People could well be standing in food lines... with masks on. Hopefully, it doesn't get that bad. From a financial perspective... this is shaping up to be devesting to so many.
Side bar... Our golf course flooded in 1993. The course was closed for a year and barely came back. Through lots of volunteer labor and two key staff members going without pay for one year, the course did survive. Since that time, we've built a substantial reserve account. Past Boards have tried to be extremely conservative with those "sacred" reserve accounts. The "what if's". This past six months, we have been battling a couple Board members who want us to get the reserve accounts in the stock market. "We're losing thousands of dollars by not investing this money!" We on the Board who have lived through some tough times, have been resistant and the conversations have become quite heated. Well... today, some of us are quite satisfied that we have been correct in keeping the reserves closely held. This pandemic could shut us down during our peak season and cause similar financial hardships as flood water! We have reserves, now, should that happen. If we had invested those reserves on January 1, 2020... where would they be now?
From the certain loss of life... From the certain financial hardships... My hope is that our Country does weather the storm and learn some valuable lessons. Be prepared for the worst. And... MAKE CERTAIN YOU HAVE THE COMMON SENSE AND FORESIGHT TO NEVER, EVER AGAIN PUT A DOTARD IN THE WHITE HOUSE THAT DOES NOT HAVE THE INTELLIGENCE, PATRIOTISM, OR COMPASSION TO PERFORM THE RESPONSIBILITY OF THE PRESIDENT OF THE UNITED STATES!!!!
"It is much easier to win an argument with an intelligent person than a stupid one."