401k Worries
With the stock market having lost about 30% of its value in the last 12 months (and nearly crashing yesterday after having nearly crashed the week before), I figured I’d better take a look at my 401k and see how it was doing. First of all, I’ve only had my 401k for about 7 months so there’s not a lot in there and it hasn’t really had a chance to grow. But thanks to the global financial crisis, my paltry-but-accumulative savings account has shrunken by 12%!!!
Part of the problem I had before was that I’d never done anything with my 401k, just let my employer take money out of my paycheck and put it in whatever fund they wanted to. After yesterday I diversified my elections and am now putting my money in bonds, stocks and mutual funds.
Has anyone else done anything with their 401k in light of recent events?
Update: The Dow closed down 500 points today…