I’ve been thinking about that line from Wargames in regard to the stock market: The only way to win is not to play.
For years, I’ve been kicking myself about not having a job that affords me 401(k), and not having an IRA, and in general being in a very precarious situation financially — that was, of course, my own doing, intermittent periods of unemployment notwithstanding.
And when I sold my apartment last year and wound up with a big chunk of money in my hand, I thought I should invest it, or put it somewhere it could make some money for me. It’s not that I trusted the stock market, exactly, but it seemed like a reasonable thing to do, and interest rates on Treasury securities were so lousy. Instead, because I couldn’t get past the inertia, I just parked it in an online savings account and some CDs.
Probably a good decision, I’m thinking, even if my savings account’s interest rate has been slashed to 1.65% recently due to the financial crisis. Not that I really “decided” so much as defaulted into this position.
heh. I got this e mail today:
By contributing enough to get your employer match, you’ll be taking advantage of your workplace savings plan’s benefits.
With your employer’s matching contribution, your retirement savings have the potential to grow more. It’s like getting “free” money.*
Keep in mind that some employers match per pay period, so you should always be sure not to max out your contributions too early in the year.
Take advantage of a great opportunity to invest in your future.
GOOD TIMING FIDELITY.
Heh. Canadian banks did a mite bit better up here, but I have a friend whose geekery of choice is financial planning, and she’s been trying to get me to start saving/investing for a couple of years.
The problem is, she started doing this while I was working for A Very Prestigious MBA Program at a Major Canadian University, and I had a firsthand, up-close-and-personal look at the egoism, entitlement, bullshit - and they-actually-buy-their-own-bullshit-and-that’s-the-most-dangerous-part fucked-upness - of the whole culture, I dragged my feet on it huuuuuuuuge. I remember someone talking about hedge funds (because our “star” professors were “experts” and “visionaries” in the field) and I was like, “What’s a hedge fund?” and they explained it to be in general terms, and I was like, “… That kind of sounds like a Ponzi scheme.” And they laaaaaaaaaaaughed, and laaaaaaaaaaughed, and patted me on the head, and I shrugged, because: what did I know?
Look who’s laughin’ now.