Watching My Nest Egg Crack

January 21, 2009 by  

Good thing I’m only 35. I’ve got time to rebuild my retirement funds. When I left Newsday a year ago to pursue business interests, I did what nearly everyone leaving a corporate job today does with his 401K. I rolled it into an IRA.

I was tempted to take a good chunk out, pay the penalty and use it to help bankroll my venture. But I didn’t. As it turns out, I was even more dumb. Sensing my youth and bullish outlook on tech, I placed all into Yahoo. I can hear the groans already. I’m rolling my eyes as I write this.

Needless to say, my investment tanked my more than half.

So after a train-wreck September, October and November, I finally cashed out of Yahoo and kept the assets in a money-market fund. Until the beginning of the new year. I sensed the new administration might signal the start of a turn around.

I went all in once again. This time I spead my IRA over many stocks, including high-yields Bank of America and Citigroup. (I thought the worst was over, what can I say?)

Anyway, you know what happened next. My nest egg has been scrambled — or poached!

I’m assuming there are plenty more like me out there. So if you are reading this, I feel your pain.

I’m holding on to those stocks. Let it ride. I’m in it for the long haul. At least now I have no choice. It takes the most volatile aspect of this all out of the decision-making process. That would be me.

Blog originally posted at LI


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