Don't the ROTH go to $3000 year this year? I lost track of that? -Gary > -----Original Message----- > From: Jacob [mailto:[EMAIL PROTECTED]] > Sent: Thursday, December 06, 2001 10:17 AM > To: CF-Community > Subject: RE: Well, add another black day to the list... > > > Trust me, those at Enron should be strung up from the highest oak tree in > Houston... > > I know about 401Ks and IRAs. I have a Roth IRA, and I have helped my d ad > with is 401K. He was losing money in it mostly in company stock. > He never > > looked at his 401K since the company started it. Last year, even in a bad > > year for the stock marker, he was about to gain 14% for the year in his > 401K with less that 15% in company stock. > > All 401Ks have at least 6 to 10 choices. Some are crappy, like bonds, but > > some 401Ks I have seen have had at least one or two funds that are > respectable. If your 401K at work is crummy, then invest less in the 4 01K > > and more in something like a Roth IRA. I max out $2000 per year > in my Roth > > IRA for the last 3 years and so far I have been happy. > > Never put all your eggs in one basket... > > > At 09:18 AM 12/6/2001 -0600, you wrote: > >Sadly, much is 401(K,B, whatever) money Jacob. Many companies greatly > > limit > >where 401 money can be invested and what you can invest it in. In ord > >er to > >get the tax advantages of a 401K (pre-tax withdrawal) you have to use > > the > >companies plan. Sometimes they will not match you unless you choose t > >heir > >stock). Also, when a company is run correctly (legally?) and the stoc > >k is > >rocking ($80+) then you might think it is a great plan. Also, many pe > >ople > >are "incentives" to work by getting stock that has a significant valu > >e. > >Again, if the company is run well. > > > >It's almost like forcing people who work for you to invest in your st > >ock > >which you get the proceeds of as well as the proceeds of the company. > > You > >win either way or both ways while the going is good. > > > >The gist is that most people are not prepared to manage the complexit > >ies of > >their own portfolio. They have neither the time nor expertise. If thi > >s does > >not scare you away from the new Social Security plan, I don't know wh > >at > >will. Everyone who is jumping on that band wagon seem to think stocks > > only > >go up, and for awhile they did, but they can go down too. A lot of pe > >ople > >know that now. > > > >What the leaders of Enron (and some shareholders too) did there is cr > >iminal, > >pure and simple. But I don't think much will happen. The assets of th > >e > >company are gone. The corporate veil is in place. The same types of m > >en run > >the country and legal system and have an interest in not doing anythi > >ng. It > >could be them next week. There is almost zero news about it, so no an > >gry > >crowds out there demanding justice. > > > >-Gary > > > > > -----Original Message----- > > > From: Jacob [mailto:[EMAIL PROTECTED]] > > > Sent: Thursday, December 06, 2001 8:49 AM > > > To: CF-Community > > > Subject: Re: Well, add another black day to the list... > > > > > > > > > Something to learn from this: never have more that 10% of your > > > portfolio in > > > > > > your company's stock. > > > > > > At 11:47 PM 12/4/2001 -0600, you wrote: > > > >Enron in Houston just laid off 5,000 people. Most lost their entir > >e > > > >retirement (401K was tied to the company stock). And the big guys > >wal > > > >ked > > > >away with hundreds (read 2.5+) hundreds of millions of dollars. We > >ll, > > > >business in America, capitalism and all that. Rich get richer and > >mid > > > >dle > > > >class take the beating. And all it gets on FOX/News is a scrolling > > li > > > >ttle > > > >line at the bottom of the page while a sad puppy-eyed bubble heade > >d b > > > >leach > > > >blonde talks about OJ being in trouble again. Hello!!! Who gives a > > sh > > > >it? > > > >Good God man. Liberal media? Bah. > > > > > > > >Sad thing is, I believe in the principles of capitalism, only regu > >lat > > > >ed. > > > >Unregulated it is highly destructive. Anything goes. Some of you a > >re > > > >feeling > > > >the pinch of this even now. It will be a travesty of law and an in > >dic > > > >tment > > > >of the business laws in this country if these men walk away with a > > ce > > > >nt from > > > >this. Hell, that happens in third world countries all the time. Th > >ey > > > >should > > > >all go to prison - for life. Only the "corporate veil" will shield > > th > > > >em. 1/2 > > > >billion in money that was out and not on the books (neat little lo > >oph > > > >ole, > > > >don't own more than 50% in a company, don't show the money on the > >boo > > > >ks). > > > >And the Bush plan to give money back to all these poor companies t > >hat > > > > are > > > >just struggling in the current climate (what, they did not save mo > >ney > > > > for a > > > >rainy day?) will be giving money BACK to Enron under the law. Ugh. > > > > > > > >Man, how many lives did these few people just trash? Right before > >Chr > > > >istmas > > > >(reminiscent of Exxon\Mobil merger last year) and in a down and ou > >t e > > > >conomy. > > > >Like the guy said after the S&L scam of the 80's, "I wish someone > >had > > > > robbed > > > >me and broken my arm. I could recover from that. I have lost every > >thi > > > >ng I > > > >worked a lifetime for and have no way to recover it now." (closely > > > >paraphrased). These people have too much power to affect to many l > >ive > > > >s and > > > >to little regard for those lives. I bet none of these men are loos > >ing > > > > a > > > >minutes sleep over this. > > > > > > > >Funny, we punish the hell out of blue collar crime and reward whit > >e c > > > >ollar > > > >crime. Only... it does billions of dollars of damage annually and > >aff > > > >ects > > > >countless lives. > > > > > > > >Gary P. McNeel, Jr. > > > >MyKitPlane.com > > > >[EMAIL PROTECTED] > > > >http://www.mykitplane.com > > > > > > > >What's the hurry? Are you afraid I won't come back? > > > > > > > >� Manfred von Richthofen, 'The Red Baron,' last recorded words, > >in > > > >reply to > > > >a request for an autograph as he was climbing into the cockpit of > >his > > > > plane. > > > > > > > > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Get the mailserver that powers this list at http://www.coolfusion.com
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