A bit depressing today watching my 401K lose about 7% of its value. If you haven't already adjusted your paycheck deductions for your 401K to the minimum amounts allowed by your plan (which I did several months ago), it's probably still a good time to do it. Once the market appears to bottom out (maybe around 7,500) then it'll probably be prudent to maximize the amount going into your 401K from your paycheck. Otherwise you might just be throwing your cash into a bottmless pit.
My suggestion: Take the reductions from your 401K and put them into share accounts at your credit union.
October 09, 2008
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I do NOT recommend this, I've tried to "wait for the bottom" on several occasions to load up.
Every time, I've failed badly, missed a huge upswing and then only got half or less of the total gain.
What I would do is INCREASE my contributions, splitting it between bonds/money markets and a mix of stocks (right now, mostly large US companies, and foreign stocks)
While doing that, also put money in a good bank/credit union. But most importantly GET OUT OF DEBT!!!
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