js5020
Platinum Member
One of the things that began to irk me several years ago about these 401k's is the fact that under most plans you do NOT have total control of the funds,,,, oh yes you can play around with the funds to an extent, move money from this stock to that stock and so forth, loan yourself money,,, but walk in and say I want MY money, I want out, and you will under most of these plans be told NO!!! You do NOT have control whatsoever. The regulations have placed you on a sinking ship and you are forced to stay on board like it or not!! I was always displeased with my 401k,, it was managed by a big name company and in 12 yrs never really made much, most of the time the only reason it went up was because the contributions kept flowing in, I think the average was 6% for the time period,, if you ask me making a piddly 6% and assuming all the risk is not worth it, the funds would have been better off in fixed returns at my local bank with no risk. Oh I know some will say but the tax advantages,, bullhockey if you think for one second the govt and these investment firms haven't got that one figured out you deserve what is yet to come. The only way to get out of most of these plans is termination of employment, what a crock, its YOUR money, why should you have to terminate your employment to get access to what is YOURS?? These people who manage other peoples money are supposedly "pros" yet they left everyone in to be cannon fodder, sheep for the slaughter,,, I dont trade stocks and even I knew the crash was coming and it would be horrendous and the "pros" left everyone in??????? Whats up with that? me thinks the firms were on the other side of things and made a KILLIN off the 401k investors and there was nothing those investors could do to stop it,,,, easy money for the big boys,, what a racket if you ask me. I was fortunate to get out in May of last year,,, I calculated my losses had I been stuck in the impending mess would have been greater than my salary so I left and good thing it ended up being worse than what I figured. I will NEVER NEVER give money to the wolves who are guarding the henhouse. I paid the taxes and the penalty but I am free of this legal scam. Several years preceeding I had taught myself to trade ( read the years part! ) and the time was right to make this move,, I trade my money now and any losses or penalties incurred getting out of the 401k were made up by the end of last year, the crash made 200% in one month,, 6% a year phhhht some professionals they are, I can make that in a week or two jerkin around.
Well done venting,, its my opinion and I dont mean to offend any one by it, you can agree or disagree its how I see it and how I'm gonna play it. I also want to discourage anyone from doing what I have done,, trading for yourself can be a Very risky endeavor, and you can lose it all and some you dont have if your not careful,, I have been doing this for several years and it takes alot of time and effort to get to the point of being able to make a consistant profit let alone a living off of it,, its no get rich by the end of the month deal I will tell you that, and if anyone tries to feed you that line they are lying. Lets hope the market goes back up for the sake of all those with a 401k.
Well done venting,, its my opinion and I dont mean to offend any one by it, you can agree or disagree its how I see it and how I'm gonna play it. I also want to discourage anyone from doing what I have done,, trading for yourself can be a Very risky endeavor, and you can lose it all and some you dont have if your not careful,, I have been doing this for several years and it takes alot of time and effort to get to the point of being able to make a consistant profit let alone a living off of it,, its no get rich by the end of the month deal I will tell you that, and if anyone tries to feed you that line they are lying. Lets hope the market goes back up for the sake of all those with a 401k.
