Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!
Joined: Sep 25, 2004 Posts: 4387 Location: Boston, MA
Posted: Wed May 04, 2005 6:48 pm Post subject:
I wasn't really comparing myself to the millions of other people who have put WAY more money in than I have. I was just coming to that realization again that SS is a joke and I'm being lied to by the all powerful, "They". _________________ "www.peakoil.com is the Myspace of the Apocalypse."
Considering the fact that I'm only in high school, I don't think I'm going to bother with a 401k or Roth IRA. I'm rather bitter about the fact that I'm paying into Social Security knowing that I'm not going to get a damn penny out of it.
I'm with Ron, my friend. I (and he) have lived with the knowledge that there would be NO Social Security for us by the time we reached "retirement" age. We've known that since we were, well, YOUR age. (I'm 50 now, so that's a lonnnnng time knowing.) Had nothing to do with PO then, at least in my case: I was a Baby Boomer; lots fewer babies born after our generation; they couldn't afford to pay all of us when WE retired. Pretty simple, really. So's the situation now--never mind population; WE'RE NEVER GONNA BE ABLE TO RETIRE; it will cost too much to live without a job--probably even WITH one! If money is still worth something, that is. . . .
You've got a sharp mind. So many don't (whether in high school, working, or retired!), and they'll be the early victims of what's coming. No, DON'T invest. You're investing in a social/economic setup that isn't gonna last much longer. What's the point? Even the "get as much money as you can" advice isn't solid--money isn't gonna MEAN anything. Gold? Silver? Maybe, for a short while. Land--well, if you can defend it against all those people looking for a place to set up camp.
Spend the money on training and supplies. And on building the basis of a community, if you're lucky enough to find one. Since you post HERE, I believe you're likely to find a community. Keep paying whatever expenses you have to (rent, food, power, etc) until it crashes. Use the rest wisely--in preparation. TSHTF over the next few YEARS (2010 really is a good basis for when the crumbling of society will collapse the cliff edge we're standing on).
So one other thing I'd advice: do little things for yourself and your circle. If it costs a little money, it won't kill you. Go over to the coffeehouse with a friend and have a cappuchino. Pay the $8 to see the movie you've been wanting to see. Buy a GOOD bicycle. That perfect Christmas gift for the 'rents cost $30? You've got $30 in post-expenses money? BUY it!
Too many people think that preparation means you can't spare any money. That is stupid. Keeping your psyche cool is as much a preparation as learning to grow food or basic mechanics. Today's world is full of stress, too. Tomorrow's will be even worse. See to YOURSELF, and yours. Survive to be a part of a glum, scornful community/world, where there's no laughter, no music, no neighborly get-togethers? What FOR?!
How you deal with what's coming BEFORE it gets here pretty much sets the stage for how you deal with it WHEN it gets here (awfully soon)! What kind of person you're gonna be then depends a lot on what kind a person you're gonna be now. And investing your time and money on preparation and on day-to-day living with that sensible head of yours is a big part of what kind of person you are/will be.
OK, enough lecture. Go do something to cheer you up after we've managed to depress you! But don't forget to come back!
Well, I won't give advice, but I'll tell what I did.
I had about $16,000 in a 401k from my last job and a Roth IRA worth $8,000.
I learned about Peak Oil over a year ago. When I left my previous job back in November, I did not start up a new 401k at my new one because I think that the stock market will crash when our interest based economy finally crumbles.
I then I rolled my 401k into a rollover IRA account. This gives me more control of my money, because the investment choices in my 401k sucked.
My current IRA holdings are in Inflation Indexed Securities. These are basically US Government bonds that pay interest at a rate determined by the inflation rate. Unlike other bonds that have a fixed interest rate, the interest rate on these I bonds will fluctuate with the CPI.
I figure that this is the safest place I can put the money as long as the US government is still around to pay back its bills. When things start to look REALLY bad, that the US might default on its bonds, I will pull it all out, and take the tax hit on the money.
In the meantime, any long term savings that I'm doing involves buying gold & silver bullion.
Joined: Nov 11, 2004 Posts: 977 Location: Heart of Canada's Oil Country
Posted: Thu May 05, 2005 1:29 pm Post subject: Re: Say What??
van64 wrote:
Alternatives will be found and assimilated in the due course of time;
LOL!
van64 wrote:
If you truly believe in peak oil, put your money where your mouth is and purchase oil and gas equities.
I already have. _________________ Do not underestimate the difficulties of surviving the transition of peak oil, nor the dangers of global warming. We must embrace nuclear energy and renewables.
I am still contributing to my Roth IRA and Deferred Comp plan, but I'm not sure if it's the right thing to do. I have not increased my contributions - yet. (Roth IRA goes up to $4,000 a year this year. I have until April 15 next year to decide if I want to put in the extra $1,000.)
I have a feeling the stock market will be a very bad place to be when TSHTF. But I still have one foot in it...just in case, I guess.
I like the idea of putting at least some of my Roth IRA into gold and silver. Right now it's in an index fund.
I really wish there were some certified P.O. financial planners out there.
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