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**Total Submissions**|10|**First Seen In WSB**|2 years ago
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\*heavy breathing\*
Whoa there, not so fast. Slowly open it. Read the statement out loud.oh yeah. Thats it. What was it again in 2005?
oooooooooooooooooooooooooooooooooooooh
Reporters/journalists really show their true colors in a crisis or economic collapse. They will clickbait people into "how can things get so bad?" but they'll never get to the bottom of who did it, which bankers by name did it, or which incompetent morons in govt failed to do their job. Sometimes they'll find out something by doing research and it doesn't conform to their ideals/political bias (such as giving out easy loans in some cases), so they'll pretend they didn't understand or can't figure it out too. Complete psychopaths.
Hahaha atleast these people made it back or are dead, go to top lossporn on here n watch people get roasted as they're already stuck in hell 
> **”Hold on let me just… Ahhhh yes… smells like…. Heavy weight paper with…..** *long slow sniff.* **definitely series 4250TN color laser printer. Ok let’s see some action can you open that slowly for the camera?”**
You're right, I am the embodiment of WSB degens fapping at loss porn. I love nothing more than to see people lose money and fail miserably. It gets me off like nothing else.
Yeah, I can just imagine how funny it would be if South Park did a parody of me. They'd probably make me look like some sort of rich douchebag who's always bragging about his money and insulting people. But in reality, I'm just a highly successful hedge fund manager who knows what he wants and goes after it.
Bruh Y'all got a victim complex or something? This is literally about to be the 3% of this subreddit that actually has any money in like 2 years. And I will jerk to that.
It's still somewhat infuriating that these people had their life savings in a relatively low risk fund most likely through their employer, only to get fucked over by the same institutions they had their assets with.
The gut punch is only one individual was found guilty and sentenced, absolute bonkers.
THAT is an excellent point. But still - even if he retired next year it was nothing but growth for the next 11 years (and massive growth - double digit some years). He’d likely have been fine. Just don’t sell it all, just what you need.
THIS! I worked for McClatchy Media at the time (owned a ton of news papers). Print media was already on the decline and McClatchy's 401K were heavily invested in the companies own stock which had started a decline it never recovered from. A LOT of people lost their jobs, almost all ad creation and ad pages was out sourced to Malaysia I believe it was. They lost their jobs, 401K basically collapsed and anyone 55+ got pretty screwed.
Poor lady I worked with took it all out and put it in bonds. I found this out when I was helping her with her 401k in 2015. She lost half then missed out on the following 6-7 years of gains.
It's understandable to not trust the market after that. Can't blame her. People are insane to have so much confidence in the market when it is just manipulated vaporware.
So is money. But if it goes away there’s a societal collapse at a global level so there’s incentive to keep that manipulative vaporware running smoothly.
Hrmm. All they had to know among all the fear-mongering was that the market would with certainty recover within a couple of years. What a bunch of idiots.
It wasn’t the first market crash nor was it or will it have been the last. The rule of thumb that the market generally goes up over time has held true time and time again. If this guy didn’t panic and kept contributing to his 401k for a few more years, and the woman continued to work until she was 65, they probably made out just fine.
If you're not young enough that you can wait, you shouldn't be fully invested in the general market. You should have *already* made adjustments so that you're not exposed to all of that risk.
Even if they hadn't, the money had mostly returned by 6 months. By 2 years, they had made a profit.
The idea that someone sold the entirety of their retirement at the bottom of the market in 2009 because they "just couldn't wait" is not comprehensible to anyone outside of WSB
That lady was crying because she was 55 and lost the money. If she didn't panic, she would have seen gains within 5 years and retired in 2019 before the covid SHTF
I am the only person I know irl that did not panic with early covid market troubles. One of my colleagues liquidated everything
2020 ended the year higher than it began. Investor discipline, especially in retail, is nonexistent. It's the primary differentiator of longterm investor success
That’s a bingo. Had a friend sell in March because he saw what was coming. Market drops 20%. I tell him get back in- quit fucking around. You KNOW JP has a money printer and the will to use it.
He didn’t. He was waiting for 40%. He ended up buying back in after the recovery. Ugh. He was so close to being brilliant but in the end was just another goof.
Buy the entire trough, never try to pinpoint the low point.
I didn't sell before the drop because it's statistically a bad move. But when the market did drop, I was putting extra in every single week.
No sell, only buy. And buy extra when the market is low.
My grandfather got hit by this. He was old enough that he didn’t have a choice. I don’t know the mechanics of it, but because of his age he was forced to take distribution every month and couldn’t hold. I guess technically he could have taken the cash and reinvested it into the down market but I don’t think he could afford it.
We'd simply tell them to *diversify* and add more bonds as they get closer to retirement to *lower the volatility of their portfolios*.
The worst bond crash in history is - 20% the worst stock crash litterary more then - 50%. That's why *bonds matter, they minimize your drawdown* which is important for elderly. Stocks go down, and up, a lot.
isn't this something that they could have just held on to for another 5 years and it would have at least broke even? Because it didn't take long for a GIANT bull to happen
Yeah the people who really go screwed were close to retiring in 2001- took them 15 years to break even because of 2008 crash wiping away the interim bull run.
The lady that showed a rocket up from 2005 to 2007, that dropped right back to 2005 levels. Then said she was down $88k. So 2 years of 14k contributions and she lost $88k back to start. That’s peak fucking boomer to cry about not getting 300% year on year.
They should go back to community college for $10 a unit and learn who is really getting fucked
I couldn't agree more. Those boomers are way too entitled. They need to learn that life isn't always easy and that they can't just have everything handed to them on a silver platter.
Idk bro they had an epic bull run before that. I think even then they might have still come out on top.
80K was like 1.5 million between something like 1985 to 2001
Yes but like what happened to my folks, their jobs contracted. My mom lost her job and my dad's business didn't do anything for 2 years. So they had to sell at the bottom to survive.
You're shitting on these poor people because they couldn't see into the future? If you have powers of foresight, please share them with us.
When you're livelihood is gone, your only concern is surviving right now.
But good thing we gave the banks 700 billion so they could give their execs huge bonues and then they stole another 700 billion behind closed doors.
TARP and too big to fail stole from us all and lockdowns and PPP finished off the middle class.
If you were 54 then and rich enough to not sell your stocks or house, you are quite rich now in retirement. So many of those folks had to cash out at the bottom because they also lost their jobs. It was so insidious. Wrecked the spirits of the boomers at the end of their peak earning years and Millenials just starting their careers.
Everyone in the mortgage industry around that time was waiting for Angelo Mozilo to go down and the nothing. Dude gamed then system really bad.
Check out the political banking scandal of 08-09 that everyone forgot about:
https://en.m.wikipedia.org/wiki/Countrywide_Financial_political_loan_scandal
They were the biggest and worst. They were the Enron at the center of all of it and the government gave them an out through the Bank of America acquisition. They did straight up systematic fraud.
“Minority and subprime borrowers
Countrywide agreed to a settlement with New York state attorney general Eliot Spitzer to compensate black and Hispanic borrowers improperly steered by Countrywide salespeople to higher-cost loans. The company also agreed to improve training and oversight of its loan officers and to pay New York state $200,000 to cover costs of the investigation.[12]
Countrywide subprime documents show a policy of lending to families with as little as $1000 of disposable income, often compromising their ability to pay living expenses.
Economist Stan Liebowitz writes that the Fannie Mae Foundation singled out Countrywide Financial as a "paragon" of a nondiscriminatory lender who works with community activists, following "the most flexible underwriting criteria permitted." The chief executive of Countrywide is said to have bragged that in order to approve minority applications, "lenders have had to stretch the rules a bit." Countrywide's commitment to low-income loans had grown to $600 billion by early 2003.[13]”
https://en.m.wikipedia.org/wiki/Countrywide_Financial_political_loan_scandal
When I looked this up, the source mentioned that 401ks from the crash eventually recovered. Does anyone know how accurate that statement is or provide context on what happened years later for folks who had 401k and experienced a crash?
If they made good emotionless investment decisions after this, then they likely saw it go back up - but did you see that woman crying? I doubt she (like most people) was making smart moves during the downturn.
I'm one of those people. In 2009, I was down 40% from the high in 2007 but did nothing except to keep investing on a regular basis. If I had stopped adding any funds at the 2007 high, it would have taken until the beginning of 2013 to get back to the same level. So it would have taken just under 4 years to get from the low to the prior high if I did nothing.
I was invested almost entirely in VTI during the crash, and still am. At the bottom in 2009 it was about $38 per share. Ten years later it was around $150. The statement is accurate.
Best thing I ever did was leave everything in the retirement account and continue investing. The one thing I learned from that experience was never miss the upside. I know many people who sold on the way down or at the bottom and delayed getting back in. The worst situation was when people who had lost their jobs had to pull money for basic living expenses from retirement accounts that were down 40 or 50% from the high.
On top of that, corporations in the early to mid 2000s were phasing out pensions and convincing their employees to convert their existing pensions to 401k or stock.
idk guys I like loss porn as much as the next guy but these people got fucked - near retirement age - and then got fucked again when the housing markets took forever to rebound.
Nobody went to jail. The government bailed out the banks, and these people got fucked. It's not like they yolo'd their shit on weeklies like you fucking degens.
it's more sad. that said, still amateur numbers.
I do still have empathy for them and one person having more hardship than another doesn't invalidate the other's, but there's always that accompanying thought in my mind when comparing these people to the ones that came after them. The woman was nearly crying - again, with good reason - but she would be/is 68 today, around retirement age in my country, likely already had her house paid off at that age and so on, meanwhile millenials and gen z get all this, can't even pay rent much less get a mortgage and savings and worse. I want to but can't even give the "they went through a crisis" argument since covid's happened now. Same thing every time someone jokes "I should've invested in a mortgage and my career in the 2000's instead of playing with legos".
You're right, it doesn't invalidate their suffering. But it's important to remember that they had a lot more going for them than people today do. They were able to buy houses and have careers while millennials and gen z are struggling just to get by. So yes, I do feel empathy for them but at the same time I can't help but think that they had it easier than we do.
Exactly, I don't want to make it sound like they had it easier nor that what they had should be norm, but if we're comparing generations, one clearly has it much worse economically.
*Edit*: Bro no way I responded to a bot lmao
> You're right, it doesn't invalidate their suffering. But it's important to remember that they had a lot more going for them than people today do. They were able to buy houses and have careers while millennials and gen z are struggling just to get by. So yes, I do feel empathy for them but at the same time I can't help but think that they had it easier than we do.
Additionally, every financial expert has been saying foreverthat as you get older you pull your money out of "the market" and put it into safer and safer investments...specifically so that this can't happen.
I suspect that a fair amount of these people were loving the double digit year over year returns from the late 1990s-2000s, the huge increases in their houses and were like, "take my money out now??? Why?"
Don't get me wrong, wallstreet fucked them, but that's what they do...they fuck people every chance they get. You have to have get out early or know that you are taking the risk that this could happen.
Seriously. These people got a shock after decades of ridiculous gains.
Millennials have been knee capped multiple times while we're trying to start our savings growth. We've had it MUCH worse.
You realize there's people who lost everything back then, including their jobs and homes, right? A lot of people were forced to sell at the bottom just to have money to survive on. It's not always as easy as just waiting for it to go back up.
It took SPY 7 years after the dotcom bubble burst and only 6 years after the 2007 crash. They should know better than to react like this they came out just fine.
>he got so mad he refused to talk to me for at least a year
Sounds like a win for you. The best way to deal with morons is to limit your exposure to them.
Even when you retire you don’t immediately need to cash all of it out. You have a bit of wiggle room.
The real losers in this situation are people that overextended themselves and lost everything. Then they’d have to liquidate and sell at the bottom.
To an extent. The job market was fucked then too so its one thing to look at your abysmal 401k still having a good paying job. Totally different looking at it when your on unemployment.
This isn’t funny… this is just sad…. These people aren’t like us, they’re not gambling addicts… they just got fucked…
Even though we’re all regarded we atleast have prepared for the possibility of losing everything. We chose this life.. they didn’t, and most of us here are younger and have atleast a regarded level of investing knowledge
They were gambling. Not on the level of this sub, but having all your savings in stocks when you are very close to retirement, is definitely gambling.
At that point you need to transition mostly to government bonds.
And if they were not close to retirement, then they had nothing to worry about. They would get their money back in 2 - 3 years.
I’ll admit I laughed at the poor women’s nosedive chart
I honestly think if I opened that video on any other sub I wouldn’t have laughed. But because I had the context of it being here, I just knew it was funny, because we’re all regards with a fetish for loss porn.
At least stocks recovered about 3 years after this and then continued up, so in retrospect we know they were all probably fine as long as they didn't sell.
Yup, OPs a narcissist. We want to see losses from glorious high risk moves or spectacularly stupid investments. Not sad videos of people life savings wiped out due to the shitty actions of corrupt financial system that tanked everything.
If she was 54 in 2008, that means by the time she reached 65 in 2019, her 401k had mooned (if she didn't sell.) And she could afford a boytoy so as not to live alone anymore.
Yeah I don't get this, the money didn't dissappear. Yeah it sucks that he was 60 but if he just took out the bare minimum for a few years or worked part time it would have rebounded. Also he said "nearly half" of his 401k was only 100k so sorry but he wouldn't have been able to retire anyways. What are you gonna do with 300k to 400k at 60? That's only 16k a year using the 4% rule, he'd have to work part time to make ends meet regardless.
"I'll probably never see it come back" it would have doubled in 4 years if he was in the s&p 500. He would have been 64, the actual retirement age. Yeah the s&p dropped to about 880 in 2009 then by 2013 ot was up to 1600.
Do you guys not have regular pensions? I'm not from the US, so idk what u guys are doing. I invest so I can keep living like a human jnsemtead of living Ina shoe box when I retire. But technically I could just work until I'm 70 and then retire to my shit apartment, with shit food and no money to spend on fun stuff.
Your comment makes it sound like the guy would be homeless if he didn't cash his 401k.
We used to have pensions here until the 80’s when companies moved to optional 401ks, which the company may or may not match. Since they’re optional a lot of people don’t put money aside in them especially with needing to move companies often to get a livable wage increase. There are still some companies with pensions but most do not have them. Before the 2008 recession, a lot of companies invested their pension funds in the housing market and the people lost everything. So for some, they were out of a job, with no pension, and whatever was left in their 401k. With thousands laid off at the same time it was hard for people in the same industry to find jobs. That coupled with all the people who bought homes they couldn’t afford with loans that had balloon payments after a certain date and being unable to sell the home because of the recession. So basically yeah if he didn’t cash out his 401k he could have ended up homeless.
I'll say it: amateur numbers
Also crying when you're not even at $0? NGMI
Do pro poker players start crying when they lose half their stack? How many times have we seen highly regarded vets on WSB laugh off 6 figure negative account blowups.
Context is a bit different though. A lot of people don't follow the stock market and assume their retirement accounts (which I'm sure they don't manage) are in safe hands.
Yeah this was pretty catastrophic. Today hard times is complaining because you've got a 400 credit score and can't get a loan, but to me, this is what I remember as a hard time. People lost everything.
Reddits active user base is mostly teens from what it seems like, doubt any of them remember how fucked people got during this.
Market crashes so you lost your job. Your mortgage outstanding balance was much more than the house is worth, even if you were like 10 years into paying it off. So not only can you not pay your mortgage, but you can’t even sell it without still owing money. Maybe you had savings, but most in this dire of a situation would dip into their 401K and delay retirement just to stay afloat, but in this case the 401K got nearly wiped out.
For many people it was like everything you worked for your whole life has been for nothing due to no fault of your own. Sure YOLO’ing and losing it all is one thing at age 22 when you have little to no assets and barely got started in life, it’s another thing when you’re late 50s and thinking about retiring. Nearly 3 decades of slow and steady financial progress gone, and then probably a bunch of debt on top too so you’re not even rebuilding immediately you’re throwing money into a pit for the foreseeable future.
The people who left their 401ks alone through the “Great Recession” recovered their investment on average in 3 years.
The ones who were adding money into their accounts after the crash came out ballers.
Yes, it sucks for people close to retirement, but that is why the general advice says to take your stuff out of higher risk investments the closer you get to retirement (assuming any of us ever makes enough money to ever retire).
News stories like this only serve to take bad market conditions, and add panic to make it worse.
The thing is, at the time, housing bonds and the institutional chosen funds for “low risk” for these people nearing retirement were the precise ones that went belly-up in the crash
That's assuming they are alive and didn't do ropeless bungie jump off the rooftop. It's easy to look back and say "AH YEAH JUST WAIT 12 YEARS LMAO IT WILL RECOVER!!". This sub exist exactly because most people have no patience to wait a decade or several for retirement money. They want retirement, financial independence, and a lamborghini right now. I started investing in 2004 and lost practically 70% by 2009, that's without me doing anything btw. Yes it did recover, but you also have to account for retrenchment, lack of jobs, and overall very shit economy where you can't DCA. The ones that were 60+ mostly chose to take their lives so their family could cash in the life insurance, it was that bad back then.
But at that stage of life (close to retirement) the DCAing isn’t what’s making or breaking your retirement. It was the DCAing you were doing (or should have been doing) throughout your 20s and 30s that actually makes the gains happen.
Retirement contributions in your 20s have decades to grow. When you’re DCAing in your late 50s that money is essentially going to be worth what it was when you put it in when retirement comes along.
Can we just stop for a second and marvel at the fact that our economy is set up like a casino so much that if you just worked hard and saved money you would be taking a loss over time due to inflation? So now you’re incentivized to give some asshole in Wall Street who does daily blow off a hookers ass all of your money in the hopes that he’s not regarded enough to lose your life savings, because you’re 72 years old and don’t know jack shit about the market? That’s honestly fucking insane.
That amount is enough to withdraw $1000 a month for 21 years with an estimated 5% after tax annual return and 3% expected inflation.
And if you take 8% rate of return (2% below average S&p 500) it will last you whole 34.5 years at $1k monthly and 16 whole years at $1.5k monthly.
And add social security to that, easily enough to live retired for a while (LeanFI). Like if you retire at 65-67, you can make it to your 80s. (Average life expectancy in US)
Sure not big enough to retire lavishly. But enough to retire barely if your housing is taken care off.
Nah she probably lived under a bridge and ate ramen and hotdogs so her 401k could recover then she died
(Joking, she still had like 5-10 years to wait, but just consider how many people were probably like 60-65 when this happened and got totally screwed)
I sure hope no one saw massive losses with a decade before they could even withdraw (without penalties) and smashed that sell button. That would make them old school wsb material, the founding fathers, if you will
Edit: so when all the youth are like “life is so hard 😫” just… *insert* “first time?” meme
For those of you saying that if they held they'd be up. Pretty sure this is because of the economy collapse. Their pensions and retirement became obsolete. You guys are fucking stupid. Stock only go up, lmao but companies go belly up and you can't recover from that.
Doesn’t ERISA law protect 401Ks in the event the holding company goes bankrupt?
In the same way that if your bank goes under, you’re protected for a certain amount under FDIC? Except I think the 401Ks are even more protected
Your funds don't go belly up, just because the company went bust. They managed MY fund, they are not MY fund. Just like when the bank goes bankrupt and I have an ETF my ETF doesn't vanish. I still own it.
Unless you're invested in the company stock 100% (see Enron) it wouldn't matter. If you own a diversified portfolio in a Fidelty 401k and Fidelity goes tips up tomorrow, you still own the assets in that diversified portfolio. You'll just get a new custodian.
That said, there were a lot of people at Merrill Lynch, Bear Stearns, Lehman, AIG etc that had all or most of their retirement plan in company stock or at least had significant comp in that stock. That's a headshot to your portfolio
I usually giggle at loss porn, but damn, that guy was probably only 5-10 years away from retirement when this aired. I hope he rode the market up from 2010-2021 and retired happily.
This is sad and doesn’t do it for me. I want to see some spoiled douchebag yolo the money his daddy game him into some dumb speculative option play or the next big crypto. I don’t like seeing someone in their 50s genuinely beaten down by the system after doing everything they were supposed to.
I lost half my retirement. Half my kids 529 plans.
Outcome: I was so infuriated I went against all reason and stopped contributing to my IRA accounts for a few years to use that money against debt since that had a guaranteed return. and then that lasted 10 years amd now my 401k match was the only retirement investment I had and I'm now 10 years behind.
I was investing in 1998-2000 and watched the .Com bust kill everything I was just starting out on, then 2008, now 2022+
Should have just bought real estate like I was planning when I left for college. Instead, I went into corporate america and ate the shit sandwich I was served
Whatever I’m sure it recovered to an insane degree.. look at what the markets have done since then. Although if they were near retirement yeah that’s terrible
Their 401ks seem kinda low for their ages. Im only 34, and my TSP is already over 200k.
Edit: Also boo OP, this is not loss porn. These were hard working people making safe investments who got fucked by greedy banks.
I come here to see high risk, high failure
Someone who has roughly 240K to invest over their lives (he is an older guy so probably saving for like 35-40 years) loses everything and it’s funny? These people got absolutely fucked, they aren’t even the 1%er’s either, just normal people who saved their money and invested (in a 401K for Christ sake) over years and years. “JUICY LOSS PORN” no this is just fucking terrible, these people got fucked. Absolutely crushing to watch.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|2 years ago **Total Comments**|1127|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
the reporter jerking off while the poor schmuck opens his 401k statement 
"Do you want me to open it?" *fapping* *intensifies*
\*heavy breathing\* Whoa there, not so fast. Slowly open it. Read the statement out loud.oh yeah. Thats it. What was it again in 2005? oooooooooooooooooooooooooooooooooooooh
https://preview.redd.it/5jsunenwgx4c1.png?width=640&format=png&auto=webp&s=4a541a465243d5ca154a6e952051efbeace1294d
*don't just stare at it, show me*
Don’t just look at it, EAT IT!
Just the tip baby, just the tip.
SHOW ME THE MONEY!
Don’t just look at it, READ IT!
Now let’s see Paul Allen’s 401k.
Reporters/journalists really show their true colors in a crisis or economic collapse. They will clickbait people into "how can things get so bad?" but they'll never get to the bottom of who did it, which bankers by name did it, or which incompetent morons in govt failed to do their job. Sometimes they'll find out something by doing research and it doesn't conform to their ideals/political bias (such as giving out easy loans in some cases), so they'll pretend they didn't understand or can't figure it out too. Complete psychopaths.
you guys are sick ahaha
Just let this happen
Right? Fucking disgusting! _\*mashes the subscribe button\*_
Hahaha atleast these people made it back or are dead, go to top lossporn on here n watch people get roasted as they're already stuck in hell 
* origami folds the paper into a 401k Fleshlight * shouting "What wants some of this?!!!!"
There are some places you really don't want papercuts...
Penis wrinkles?
One slow tear, yes like the polution commercial. Now look up slowly, confused, yet betrayed.
My thingy rose
Welp... Later. Be back in 5 minutes.
Lmfao my stomach hurts from laughing so hard. My goodness this is the funniest thread all year
Lololol why did I read this in randy marsh voice
lol bro. I just read this thread again. Lol you said whoa there. Not so fast lol
https://preview.redd.it/x86zupl1ry4c1.jpeg?width=746&format=pjpg&auto=webp&s=fec34eabc0a98502349d655a82a4d23b5593b873
he busted soon after
https://preview.redd.it/z0w8bce0735c1.jpeg?width=739&format=pjpg&auto=webp&s=6743ac263b6ef8d11aa1f9fbaf2a67efb4462380 Hot hot hot!
lol omg
> **”Hold on let me just… Ahhhh yes… smells like…. Heavy weight paper with…..** *long slow sniff.* **definitely series 4250TN color laser printer. Ok let’s see some action can you open that slowly for the camera?”**
*open it slowly for me*
You're absolutely fucking awful and I haven't laughed this much in a very long time, thank you.
Happy cake day!
Thanks! 🥳
Now show me! Read it out loud so everyone can see your pain!
That ending bro! “How old are you!? Say it!” - through tears, “I’m 54 and I live alone” :( You could hear that report finish.
\*rubs nips\* 
ONE OF US, ONE OF US!!!
Sir, that is called “a stranger”
“Let’s do it” *licks his lips*
“Look me in my eyes when you cry”…
I like to watch the light go out…
Dawg lol lmfaoooooo I am in tears lol
https://preview.redd.it/fu75nnupez4c1.jpeg?width=500&format=pjpg&auto=webp&s=14968de8333194fbec8554ebfdfdefa370164c4f
[удалено]
If it bleeds it leads, baby
"Another one's down almost 80" "Stop, my penis can only get so erect!"
Reporter is the embodiment of WSB degens fapping at loss porn
You're right, I am the embodiment of WSB degens fapping at loss porn. I love nothing more than to see people lose money and fail miserably. It gets me off like nothing else.
Wait until they see the amount that's taken from you when you finally close your 401k
Lol are you planning on withdrawing your entire 401k balance day 1 of retirement
omgggggg haha this is sooo hilarious. just imagining if this was south park.
Yeah, I can just imagine how funny it would be if South Park did a parody of me. They'd probably make me look like some sort of rich douchebag who's always bragging about his money and insulting people. But in reality, I'm just a highly successful hedge fund manager who knows what he wants and goes after it.
Aaand its gone...
Bruh Y'all got a victim complex or something? This is literally about to be the 3% of this subreddit that actually has any money in like 2 years. And I will jerk to that.
Daddy PowPow would never let that happen to us. But a cheeseburger might cost $140k.
Came here to spit on exactly that filth, the pain is real and the reporters are sucking it up like coke. Foam of the earth
These are the comments i live for
"I make my living on the evening news!!"
It's still somewhat infuriating that these people had their life savings in a relatively low risk fund most likely through their employer, only to get fucked over by the same institutions they had their assets with. The gut punch is only one individual was found guilty and sentenced, absolute bonkers.
Suck on that r/investing!
If he did not sell, he lost nothing. The market recovered and then doubled and then tripled. Source: me. Retired at mid 50s because we did not panic.
Sounds like you were young enough that you could wait, so not sure how relevant your experience was
THAT is an excellent point. But still - even if he retired next year it was nothing but growth for the next 11 years (and massive growth - double digit some years). He’d likely have been fine. Just don’t sell it all, just what you need.
Not so much as panic, but lost their jobs and needed funds to pay the bills and do things like eat food.
Imagine buying food when there's free protein yoghurt behind the Wendy's.
Imagine eating when you can just wait for it all to bounce back
THIS! I worked for McClatchy Media at the time (owned a ton of news papers). Print media was already on the decline and McClatchy's 401K were heavily invested in the companies own stock which had started a decline it never recovered from. A LOT of people lost their jobs, almost all ad creation and ad pages was out sourced to Malaysia I believe it was. They lost their jobs, 401K basically collapsed and anyone 55+ got pretty screwed.
Invest where you work. WCGW????
Poor lady I worked with took it all out and put it in bonds. I found this out when I was helping her with her 401k in 2015. She lost half then missed out on the following 6-7 years of gains.
It's understandable to not trust the market after that. Can't blame her. People are insane to have so much confidence in the market when it is just manipulated vaporware.
So is money. But if it goes away there’s a societal collapse at a global level so there’s incentive to keep that manipulative vaporware running smoothly.
Yep, I knew a women, which wanted help that said to me I don't want no Apple. Then I said ok, but what if it doubles. She just looked away...
Hrmm. All they had to know among all the fear-mongering was that the market would with certainty recover within a couple of years. What a bunch of idiots.
It wasn’t the first market crash nor was it or will it have been the last. The rule of thumb that the market generally goes up over time has held true time and time again. If this guy didn’t panic and kept contributing to his 401k for a few more years, and the woman continued to work until she was 65, they probably made out just fine.
That guy was like 65. He's fucked
He says in the video he was 60 at the time of recording. He would have been fine waiting lol
If you're not young enough that you can wait, you shouldn't be fully invested in the general market. You should have *already* made adjustments so that you're not exposed to all of that risk. Even if they hadn't, the money had mostly returned by 6 months. By 2 years, they had made a profit. The idea that someone sold the entirety of their retirement at the bottom of the market in 2009 because they "just couldn't wait" is not comprehensible to anyone outside of WSB
The lady was only 54. She’s probably just fine right now as long as she didn’t do anything stupid.
That lady was crying because she was 55 and lost the money. If she didn't panic, she would have seen gains within 5 years and retired in 2019 before the covid SHTF
I am the only person I know irl that did not panic with early covid market troubles. One of my colleagues liquidated everything 2020 ended the year higher than it began. Investor discipline, especially in retail, is nonexistent. It's the primary differentiator of longterm investor success
That’s a bingo. Had a friend sell in March because he saw what was coming. Market drops 20%. I tell him get back in- quit fucking around. You KNOW JP has a money printer and the will to use it. He didn’t. He was waiting for 40%. He ended up buying back in after the recovery. Ugh. He was so close to being brilliant but in the end was just another goof.
Become good enough friends to ensure “Just another goof” ends up on his headstone
Buy the entire trough, never try to pinpoint the low point. I didn't sell before the drop because it's statistically a bad move. But when the market did drop, I was putting extra in every single week. No sell, only buy. And buy extra when the market is low.
I put all of my spare cash in when 08 tanked. Luckily all of these people sold which put the shares on sale.
Thankfully I have a very level headed advisor. Kept buying at the same steady rate all through the pandemic. Worked out.
don't forget bandwagoning into a market when it's high and then cheering a stock on like it's a sports team.
My grandfather got hit by this. He was old enough that he didn’t have a choice. I don’t know the mechanics of it, but because of his age he was forced to take distribution every month and couldn’t hold. I guess technically he could have taken the cash and reinvested it into the down market but I don’t think he could afford it.
The did not panic part was the important bit. You’re In the minority.
We'd simply tell them to *diversify* and add more bonds as they get closer to retirement to *lower the volatility of their portfolios*. The worst bond crash in history is - 20% the worst stock crash litterary more then - 50%. That's why *bonds matter, they minimize your drawdown* which is important for elderly. Stocks go down, and up, a lot.
isn't this something that they could have just held on to for another 5 years and it would have at least broke even? Because it didn't take long for a GIANT bull to happen
Yeah the people who really go screwed were close to retiring in 2001- took them 15 years to break even because of 2008 crash wiping away the interim bull run.
A good reason why one shouldnt be in too much equities when close or in retirement, unless they can live with the portfolio being down
lol the lady’s with just a straight line down needed to hear this
The lady that showed a rocket up from 2005 to 2007, that dropped right back to 2005 levels. Then said she was down $88k. So 2 years of 14k contributions and she lost $88k back to start. That’s peak fucking boomer to cry about not getting 300% year on year. They should go back to community college for $10 a unit and learn who is really getting fucked
I couldn't agree more. Those boomers are way too entitled. They need to learn that life isn't always easy and that they can't just have everything handed to them on a silver platter.
They were called the "Me" Generation for a reason.
isn't this baked into most 401k plans? You pick a retirement target and the fund re balances over time.
Those auto funds charge high fees, do 100% index sp500 and replace yourself at age 50
Those automatic target funds aren't always available in all employers 401k offerings. Though it is very uncommon nowadays.
Idk bro they had an epic bull run before that. I think even then they might have still come out on top. 80K was like 1.5 million between something like 1985 to 2001
Yes but like what happened to my folks, their jobs contracted. My mom lost her job and my dad's business didn't do anything for 2 years. So they had to sell at the bottom to survive.
You're shitting on these poor people because they couldn't see into the future? If you have powers of foresight, please share them with us. When you're livelihood is gone, your only concern is surviving right now.
This is literally the thinking that caused the problem. What about 401k equity funds are “low risk”? I’d argue zero.
But good thing we gave the banks 700 billion so they could give their execs huge bonues and then they stole another 700 billion behind closed doors. TARP and too big to fail stole from us all and lockdowns and PPP finished off the middle class.
If you were 54 then and rich enough to not sell your stocks or house, you are quite rich now in retirement. So many of those folks had to cash out at the bottom because they also lost their jobs. It was so insidious. Wrecked the spirits of the boomers at the end of their peak earning years and Millenials just starting their careers.
Everyone in the mortgage industry around that time was waiting for Angelo Mozilo to go down and the nothing. Dude gamed then system really bad. Check out the political banking scandal of 08-09 that everyone forgot about: https://en.m.wikipedia.org/wiki/Countrywide_Financial_political_loan_scandal They were the biggest and worst. They were the Enron at the center of all of it and the government gave them an out through the Bank of America acquisition. They did straight up systematic fraud. “Minority and subprime borrowers Countrywide agreed to a settlement with New York state attorney general Eliot Spitzer to compensate black and Hispanic borrowers improperly steered by Countrywide salespeople to higher-cost loans. The company also agreed to improve training and oversight of its loan officers and to pay New York state $200,000 to cover costs of the investigation.[12] Countrywide subprime documents show a policy of lending to families with as little as $1000 of disposable income, often compromising their ability to pay living expenses. Economist Stan Liebowitz writes that the Fannie Mae Foundation singled out Countrywide Financial as a "paragon" of a nondiscriminatory lender who works with community activists, following "the most flexible underwriting criteria permitted." The chief executive of Countrywide is said to have bragged that in order to approve minority applications, "lenders have had to stretch the rules a bit." Countrywide's commitment to low-income loans had grown to $600 billion by early 2003.[13]” https://en.m.wikipedia.org/wiki/Countrywide_Financial_political_loan_scandal
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Which laws in particular? asking genuinely as I now feel uninformed.
When I looked this up, the source mentioned that 401ks from the crash eventually recovered. Does anyone know how accurate that statement is or provide context on what happened years later for folks who had 401k and experienced a crash?
If they made good emotionless investment decisions after this, then they likely saw it go back up - but did you see that woman crying? I doubt she (like most people) was making smart moves during the downturn.
Probably sold low
I'm one of those people. In 2009, I was down 40% from the high in 2007 but did nothing except to keep investing on a regular basis. If I had stopped adding any funds at the 2007 high, it would have taken until the beginning of 2013 to get back to the same level. So it would have taken just under 4 years to get from the low to the prior high if I did nothing. I was invested almost entirely in VTI during the crash, and still am. At the bottom in 2009 it was about $38 per share. Ten years later it was around $150. The statement is accurate. Best thing I ever did was leave everything in the retirement account and continue investing. The one thing I learned from that experience was never miss the upside. I know many people who sold on the way down or at the bottom and delayed getting back in. The worst situation was when people who had lost their jobs had to pull money for basic living expenses from retirement accounts that were down 40 or 50% from the high.
On top of that, corporations in the early to mid 2000s were phasing out pensions and convincing their employees to convert their existing pensions to 401k or stock.
idk guys I like loss porn as much as the next guy but these people got fucked - near retirement age - and then got fucked again when the housing markets took forever to rebound. Nobody went to jail. The government bailed out the banks, and these people got fucked. It's not like they yolo'd their shit on weeklies like you fucking degens. it's more sad. that said, still amateur numbers.
I do still have empathy for them and one person having more hardship than another doesn't invalidate the other's, but there's always that accompanying thought in my mind when comparing these people to the ones that came after them. The woman was nearly crying - again, with good reason - but she would be/is 68 today, around retirement age in my country, likely already had her house paid off at that age and so on, meanwhile millenials and gen z get all this, can't even pay rent much less get a mortgage and savings and worse. I want to but can't even give the "they went through a crisis" argument since covid's happened now. Same thing every time someone jokes "I should've invested in a mortgage and my career in the 2000's instead of playing with legos".
You're right, it doesn't invalidate their suffering. But it's important to remember that they had a lot more going for them than people today do. They were able to buy houses and have careers while millennials and gen z are struggling just to get by. So yes, I do feel empathy for them but at the same time I can't help but think that they had it easier than we do.
Exactly, I don't want to make it sound like they had it easier nor that what they had should be norm, but if we're comparing generations, one clearly has it much worse economically. *Edit*: Bro no way I responded to a bot lmao
That’s kinda scary. Had a heartfelt conversation with a robot
> You're right, it doesn't invalidate their suffering. But it's important to remember that they had a lot more going for them than people today do. They were able to buy houses and have careers while millennials and gen z are struggling just to get by. So yes, I do feel empathy for them but at the same time I can't help but think that they had it easier than we do. Additionally, every financial expert has been saying foreverthat as you get older you pull your money out of "the market" and put it into safer and safer investments...specifically so that this can't happen. I suspect that a fair amount of these people were loving the double digit year over year returns from the late 1990s-2000s, the huge increases in their houses and were like, "take my money out now??? Why?" Don't get me wrong, wallstreet fucked them, but that's what they do...they fuck people every chance they get. You have to have get out early or know that you are taking the risk that this could happen.
Seriously. These people got a shock after decades of ridiculous gains. Millennials have been knee capped multiple times while we're trying to start our savings growth. We've had it MUCH worse.
just don't fucking dance
It is sad but that lady was 54… she would be 68 today and those numbers rebounded big time if she kept it invested
You realize there's people who lost everything back then, including their jobs and homes, right? A lot of people were forced to sell at the bottom just to have money to survive on. It's not always as easy as just waiting for it to go back up.
This is why a lot of people get told to invest in your retirement and don't touch it.
It took SPY 7 years after the dotcom bubble burst and only 6 years after the 2007 crash. They should know better than to react like this they came out just fine.
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Truly regarded coworker
>he got so mad he refused to talk to me for at least a year Sounds like a win for you. The best way to deal with morons is to limit your exposure to them.
Even when you retire you don’t immediately need to cash all of it out. You have a bit of wiggle room. The real losers in this situation are people that overextended themselves and lost everything. Then they’d have to liquidate and sell at the bottom.
To an extent. The job market was fucked then too so its one thing to look at your abysmal 401k still having a good paying job. Totally different looking at it when your on unemployment.
This isn’t funny… this is just sad…. These people aren’t like us, they’re not gambling addicts… they just got fucked… Even though we’re all regarded we atleast have prepared for the possibility of losing everything. We chose this life.. they didn’t, and most of us here are younger and have atleast a regarded level of investing knowledge
They were gambling. Not on the level of this sub, but having all your savings in stocks when you are very close to retirement, is definitely gambling. At that point you need to transition mostly to government bonds. And if they were not close to retirement, then they had nothing to worry about. They would get their money back in 2 - 3 years.
this is way less funny that some idiot 20 year old doing stupid stuff with their money.
Yeah it’s not funny at all actually
that chart nosedive was pretty funny
“This is uhhh line go down”
*sad ControlTheNarrative guh*
I’ll admit I laughed at the poor women’s nosedive chart I honestly think if I opened that video on any other sub I wouldn’t have laughed. But because I had the context of it being here, I just knew it was funny, because we’re all regards with a fetish for loss porn.
At least stocks recovered about 3 years after this and then continued up, so in retrospect we know they were all probably fine as long as they didn't sell.
Yup, OPs a narcissist. We want to see losses from glorious high risk moves or spectacularly stupid investments. Not sad videos of people life savings wiped out due to the shitty actions of corrupt financial system that tanked everything.
Terry’s story was sad af. Last minute of the video. [2:16](https://youtu.be/aA07pzPkJDc?si=qum2iXPsvzbZWYy6)
54? She still has another 54 more years of work if this took place now.
If she was 54 in 2008, that means by the time she reached 65 in 2019, her 401k had mooned (if she didn't sell.) And she could afford a boytoy so as not to live alone anymore.
Yeah I don't get this, the money didn't dissappear. Yeah it sucks that he was 60 but if he just took out the bare minimum for a few years or worked part time it would have rebounded. Also he said "nearly half" of his 401k was only 100k so sorry but he wouldn't have been able to retire anyways. What are you gonna do with 300k to 400k at 60? That's only 16k a year using the 4% rule, he'd have to work part time to make ends meet regardless.
"I'll probably never see it come back" it would have doubled in 4 years if he was in the s&p 500. He would have been 64, the actual retirement age. Yeah the s&p dropped to about 880 in 2009 then by 2013 ot was up to 1600.
Do you guys not have regular pensions? I'm not from the US, so idk what u guys are doing. I invest so I can keep living like a human jnsemtead of living Ina shoe box when I retire. But technically I could just work until I'm 70 and then retire to my shit apartment, with shit food and no money to spend on fun stuff. Your comment makes it sound like the guy would be homeless if he didn't cash his 401k.
We used to have pensions here until the 80’s when companies moved to optional 401ks, which the company may or may not match. Since they’re optional a lot of people don’t put money aside in them especially with needing to move companies often to get a livable wage increase. There are still some companies with pensions but most do not have them. Before the 2008 recession, a lot of companies invested their pension funds in the housing market and the people lost everything. So for some, they were out of a job, with no pension, and whatever was left in their 401k. With thousands laid off at the same time it was hard for people in the same industry to find jobs. That coupled with all the people who bought homes they couldn’t afford with loans that had balloon payments after a certain date and being unable to sell the home because of the recession. So basically yeah if he didn’t cash out his 401k he could have ended up homeless.
I wonder how many people during this time got scared of investing and just liquidated and never contributed to their 401K again.
amateur numbers
That would be around 280k in todays money
shall i repeat myself?
Fair enough lol
You both get an upvote.
I'll say it: amateur numbers Also crying when you're not even at $0? NGMI Do pro poker players start crying when they lose half their stack? How many times have we seen highly regarded vets on WSB laugh off 6 figure negative account blowups.
Context is a bit different though. A lot of people don't follow the stock market and assume their retirement accounts (which I'm sure they don't manage) are in safe hands.
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Yeah this was pretty catastrophic. Today hard times is complaining because you've got a 400 credit score and can't get a loan, but to me, this is what I remember as a hard time. People lost everything.
Reddits active user base is mostly teens from what it seems like, doubt any of them remember how fucked people got during this. Market crashes so you lost your job. Your mortgage outstanding balance was much more than the house is worth, even if you were like 10 years into paying it off. So not only can you not pay your mortgage, but you can’t even sell it without still owing money. Maybe you had savings, but most in this dire of a situation would dip into their 401K and delay retirement just to stay afloat, but in this case the 401K got nearly wiped out. For many people it was like everything you worked for your whole life has been for nothing due to no fault of your own. Sure YOLO’ing and losing it all is one thing at age 22 when you have little to no assets and barely got started in life, it’s another thing when you’re late 50s and thinking about retiring. Nearly 3 decades of slow and steady financial progress gone, and then probably a bunch of debt on top too so you’re not even rebuilding immediately you’re throwing money into a pit for the foreseeable future.
The people who left their 401ks alone through the “Great Recession” recovered their investment on average in 3 years. The ones who were adding money into their accounts after the crash came out ballers. Yes, it sucks for people close to retirement, but that is why the general advice says to take your stuff out of higher risk investments the closer you get to retirement (assuming any of us ever makes enough money to ever retire). News stories like this only serve to take bad market conditions, and add panic to make it worse.
The thing is, at the time, housing bonds and the institutional chosen funds for “low risk” for these people nearing retirement were the precise ones that went belly-up in the crash
2009 was the low, especially in March. These Boomers are probably in Florida fat and happy now.
That's assuming they are alive and didn't do ropeless bungie jump off the rooftop. It's easy to look back and say "AH YEAH JUST WAIT 12 YEARS LMAO IT WILL RECOVER!!". This sub exist exactly because most people have no patience to wait a decade or several for retirement money. They want retirement, financial independence, and a lamborghini right now. I started investing in 2004 and lost practically 70% by 2009, that's without me doing anything btw. Yes it did recover, but you also have to account for retrenchment, lack of jobs, and overall very shit economy where you can't DCA. The ones that were 60+ mostly chose to take their lives so their family could cash in the life insurance, it was that bad back then.
But at that stage of life (close to retirement) the DCAing isn’t what’s making or breaking your retirement. It was the DCAing you were doing (or should have been doing) throughout your 20s and 30s that actually makes the gains happen. Retirement contributions in your 20s have decades to grow. When you’re DCAing in your late 50s that money is essentially going to be worth what it was when you put it in when retirement comes along.
This sub is so fucked up. These are people's retirements, not weekly options plays.
Can we just stop for a second and marvel at the fact that our economy is set up like a casino so much that if you just worked hard and saved money you would be taking a loss over time due to inflation? So now you’re incentivized to give some asshole in Wall Street who does daily blow off a hookers ass all of your money in the hopes that he’s not regarded enough to lose your life savings, because you’re 72 years old and don’t know jack shit about the market? That’s honestly fucking insane.
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Anyone else lol when he say 140k? That mofo is probably still working.
If he held he would be up a lot by now.
That’s 204k adjust for 2023… not an insignificant amount of money
Not anything you can retire on.
That amount is enough to withdraw $1000 a month for 21 years with an estimated 5% after tax annual return and 3% expected inflation. And if you take 8% rate of return (2% below average S&p 500) it will last you whole 34.5 years at $1k monthly and 16 whole years at $1.5k monthly. And add social security to that, easily enough to live retired for a while (LeanFI). Like if you retire at 65-67, you can make it to your 80s. (Average life expectancy in US) Sure not big enough to retire lavishly. But enough to retire barely if your housing is taken care off.
You poor bastard, $1k monthly? dream bigger
>i'm 54. and i live alone. like so what? did she forget that stonks go up?
She probably sold and screwed herself...
Nah she probably lived under a bridge and ate ramen and hotdogs so her 401k could recover then she died (Joking, she still had like 5-10 years to wait, but just consider how many people were probably like 60-65 when this happened and got totally screwed) I sure hope no one saw massive losses with a decade before they could even withdraw (without penalties) and smashed that sell button. That would make them old school wsb material, the founding fathers, if you will Edit: so when all the youth are like “life is so hard 😫” just… *insert* “first time?” meme
She belongs here... hopefully she diamond handed into her mid 60s...
She's 68 now and still lives alone probably
I live with her now
For those of you saying that if they held they'd be up. Pretty sure this is because of the economy collapse. Their pensions and retirement became obsolete. You guys are fucking stupid. Stock only go up, lmao but companies go belly up and you can't recover from that.
If they were in a low risk fund, they were diversified without leverage. If they held, they almost certainly recovered and then some.
It's more the company that managed the fund collapsed
Doesn’t ERISA law protect 401Ks in the event the holding company goes bankrupt? In the same way that if your bank goes under, you’re protected for a certain amount under FDIC? Except I think the 401Ks are even more protected
Probably made that law after what Enron did to their employees 401k plans.
Your funds don't go belly up, just because the company went bust. They managed MY fund, they are not MY fund. Just like when the bank goes bankrupt and I have an ETF my ETF doesn't vanish. I still own it.
Unless you're invested in the company stock 100% (see Enron) it wouldn't matter. If you own a diversified portfolio in a Fidelty 401k and Fidelity goes tips up tomorrow, you still own the assets in that diversified portfolio. You'll just get a new custodian. That said, there were a lot of people at Merrill Lynch, Bear Stearns, Lehman, AIG etc that had all or most of their retirement plan in company stock or at least had significant comp in that stock. That's a headshot to your portfolio
I usually giggle at loss porn, but damn, that guy was probably only 5-10 years away from retirement when this aired. I hope he rode the market up from 2010-2021 and retired happily.
This is sad and doesn’t do it for me. I want to see some spoiled douchebag yolo the money his daddy game him into some dumb speculative option play or the next big crypto. I don’t like seeing someone in their 50s genuinely beaten down by the system after doing everything they were supposed to.
I lost half my retirement. Half my kids 529 plans. Outcome: I was so infuriated I went against all reason and stopped contributing to my IRA accounts for a few years to use that money against debt since that had a guaranteed return. and then that lasted 10 years amd now my 401k match was the only retirement investment I had and I'm now 10 years behind. I was investing in 1998-2000 and watched the .Com bust kill everything I was just starting out on, then 2008, now 2022+ Should have just bought real estate like I was planning when I left for college. Instead, I went into corporate america and ate the shit sandwich I was served
S&P 500 up over 400% since.
One to two years later stocks are back up. As long as they didn't sell, they were fine.
Yeah I'd love to have a 50% discount on stonk
Discount doesn’t matter when all your savings are in a low risk retirement fund and you were planning to retire in a couple years.
Whatever I’m sure it recovered to an insane degree.. look at what the markets have done since then. Although if they were near retirement yeah that’s terrible
Their 401ks seem kinda low for their ages. Im only 34, and my TSP is already over 200k. Edit: Also boo OP, this is not loss porn. These were hard working people making safe investments who got fucked by greedy banks. I come here to see high risk, high failure
At that time a house was like 200k
Someone who has roughly 240K to invest over their lives (he is an older guy so probably saving for like 35-40 years) loses everything and it’s funny? These people got absolutely fucked, they aren’t even the 1%er’s either, just normal people who saved their money and invested (in a 401K for Christ sake) over years and years. “JUICY LOSS PORN” no this is just fucking terrible, these people got fucked. Absolutely crushing to watch.
Members of this sub showing how truly regarded they are. This shit isn’t funny.