So...how many "Solvent Today," DU'ers are pulling money out of 401K's and the rest...given the news?

[KoKo]

I didnt' want to do a poll...but wondered if any DUers who aren't "Credit Carded" to "Max" and are CONSERVATIVE in your spending are pulling out whatever you have left in Banks ..CD's, Investments, Money Markets because you are just plain SCARED. You might not be retired...but close to it...maybe you rent and were conservative and are YOUNG...but you never bought into the "HDTV Media Mania" of "Flip It, HELOC IT...and you TOO could be a MILLIONAIRE!

If you are out there...tell me how you avoided buying into the SCHEMES? And, how you think America will turn out in the future? :shrug:

[LisaM]

1. I rent and I have no debt

I'm not rich, though. But my retirement is through work - not much I can do about how it's invested.

I didn't buy a house because I couldn't afford it and I didn't want to only be paying on the interest, not on the principle. I also still believe in the old-fashioned notion that you should not pay more than one quarter of your income for housing.

[KoKo]

4. Hey...I remember those days when Banks really cared if you could afford a house

where you wouldn't be STRAPPED in making payments. Amazing how fast that changed, isn't it... :-(

[NNN0LHI]

7. When my parents bought their house the bank wouldn't allow my mothers income to be considered

Because she might get pregnant some day.

Son

[KoKo]

2. I've got much I've moved into "Dividend Bearing Stocks, CD's and CASH...waiting under Mattress...

Plus some "Series E Savings Bonds" (I hear they've upgraded those to EE and FG in recent years..but I was left them when my Dad died) and a little gold jewelry.

[screembloodymurder]

3. I did.

Took out some to keep closer to home.

[stray cat]

5. My 401K continues to go down but I'm only broke if I have to withdraw at these levels

In the meantime I work and rent and hope I stay healthy enough to work until I die because theres no way I'll have a sufficient pension or paid off house to ever retire.

[Mari333]

6. I cannot reallocate my retirement funds

the IRS will sock me with capital gains if I do, I live off the income they yield. ergo, I am screwed either way. so I have to cut back even more. and believe me, I have cut back so much it is now down to whether I eat or not.No TV, no lights on, everything used, cut my own hair, eat no meat or dairy, make everything from scratch. car has 120,000 miles, only use it when I have to. small small house. I have to sit tight and hope my retirement funds arent lost. If they are, I end up moving in with one of my sons and I will throw myself in front of a train before I do that, because I refuse to be a burden on anyone.
Thats where its at.

[Holly_Hobby]

8. We have a conventional mortgage and 2 car leases, no other debt

I'm pulling our cash out as fast as I can. Our pensions can't be moved. Actually, they're not really ours until we turn 55.

We didn't buy toys, or get all the bells and whistles on everything.

BTW, we bought our house in '92 when Clinton was Prez. At that time, houses were selling like hot cakes here. Lower middle income people moved up from renting and got FHA or VA loans.

There have been a lot of foreclosures in our area. Our house is worth only slightly more now than we paid for it in '92. We've lost about 75% equity from about 4 years ago.

I'm scared we'll both lose our jobs.

[tnlefty]

9. Not us.

I'm not sure which schemes you're talking about.

For the first time in a decade we have approx. $1k on a credit card, but I have noticed as gas prices are rising, feeding 2 teenaged males, it's getting a little harder for us to feed the savings account like we used to.

I'm uneasy, but have a wait and see attitude about what will happen next.

[MarkP]

10. I hated to do it but...

I took a huge loan out of my 401k just to move some funds to something I may feel a little safer with for awhile.

Gold, Guns, in case all hell breaks loose.

I wait a little while to see how things shake up...maybe pay some back when I'm comfortable with the markets.

Me and my girlfriend have no debt aside from a modest house payment and some student loans.