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Well actually
I didn't set up the 401k for my kids, they did it themselves out of earned income. One drives a '94 Mazda hand me down, the other a '10 Prius.
And if the market tanks, if you have enough to begin with, that isn't really the catastrophic event you might think as long as you have the discipline to stay invested, diversified, etc. The market being down 30-50% creates a buying opportunity for those with the nerve and cash to take advantage of it.
How many Porsches could you buy with the money you could have made since the "great recession" began and everyone cried the sky is falling...and if you bought that Porsche when things were at their worst, how many opportunities for appreciation would you forgo while the Porsche continued to depreciate.
I was out of school and earning $167 a month when I bought my first sports car (Alfa) and I had hassles maintaining it and it was almost a total loss when it blew a head gasket...are you financially and emotionally ready for what can happen to an older car?
Last edited by mikefocke; 04-07-2010 at 03:33 PM.
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