Tuesday, January 22, 2008

Waiting for the Other Shoe...

I woke up to the news of the Fed's three-quarter-point rate cut. NPR informed me that this is the biggest single rate cut since 1984. Now I'm just waiting for the ING interest rate to follow it down the number line. So far, it hasn't happened, but I'm not willing to bet that it won't.

And I'm definitely not going to check my retirement accounts this week.

9 comments:

Craig said...

The important this is to not let this discourage you. Keep saving money. Your retirement fund will go through many more booms and busts in the market, but on average you'll come out with steady growth. You can be encouraged by the fact that any stocks or mutual funds you purchase while the market is doing poorly will buy you more shares than they usually would.

Miss Squirrel said...

Your retirement savings are in no danger whatsoever as long as you LEAVE THEM WHERE THE ARE, do not sell. They will go back up in value later. Stocks are just on sale right now. It's a good time to buy!!

Anonymous said...

Yes, I feel the same way - a day ago I just wanted to confirm that one of my deductions had appeared as a deposit into my 401(K) - I try not to check mine, as I know that I should worry about the next 30 years, not days...anyway, I logged on just to confirm the deposit - big mistake - the shares had been purchased, but the value of my 401(K) had dropped 10% (equaling thousands of dollars). It's still hard to think about, because the amount that it dropped reflects an amount that I am working very hard to save for a vacation -

Anonymous said...

I just saw the news and opened another ingdirect cd before they lower the rates on the savings and cds. I used a portion of my money that are not intended for emergencies. By the way, I love your blog. We have similar educational and career background and on top of that you express the same thoughts that I have when I read recent news in the economy/business section or when I try to think about the economic cycle as a whole. Thank you!

Sistah Ant said...

i'm waiting for that shoe, too.

Ms. M&P said...

I hear ya. My retirement fund automatically updates on my records so I see it every day. It's been a painful process the past few weeks.

HerEveryCentCounts said...

Hah. Yea I shouldn't check my retirement accounts either. Every time I peak I get depressed.

PiggyBankBlues said...

sigh. i know, i feel like we're going back to the days of ing at 3%

but yes, it is no fun to contribute to my Roth every month and watch it go down in value at the same time... at least i'm buying low!

Tired of being broke said...

The ING rate is already @ 3.6 on the savings account. I do not check my 403B at all. I just wait for the quarterly statements. Those alone are enough to give me heart palpitations.