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NBR- stock market....economy...ugh...

Doodle2011Doodle2011
in Babies: 6 - 9 Months
It's hard not to freak out with all the volatility in the stock market.  I've tried to do the right thing and save for retirement with my 401(k), start a 529c for LO, etc.  And I just see all my investments shiiting the bed.  It's unnerving.  I try to not be part of the problem and just hang in there and ride it out.  But you add to that the equity in our home evaporating to the tune of being upside down by about $100K, and I start to seriously think there is no way we can financially consider having a second child.  Or that we will ever be able to get into a better neighborhood.  Or retire.  Anyone else feeling gloomy about the economy and what's going on out there??  I'm scared.
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Re: NBR- stock market....economy...ugh...

  • becksleabeckslea member

    Now should be a good time to invest in mutual funds, retirement plans, 529's etc.  I agree it's totally scary and there always is a small chance you could get screwed.  But it's really unlikely if you've invested in good plans that are diversified as a way to protect against the market's risks.  I honestly do not look at my accounts more than a few times per year or else I would be too stressed out.  A few (bad) years are not going to kill a long-term investment account.

    Also agree with you about your home.  We really wanted to buy a bigger house but decided to wait at least 2-3 more years or we will not see the equity we have in our home.  Fingers crossed that we can sell it in a few years before she goes to school (we're not in a good school district).  

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  • Doodle2011Doodle2011
    Our issue is the school district as well.  It was edgy and cool to live in our neighborhood when we were not married, but it's not where I want to send my kid to public school.  I swear I will be a Walmart greeter until I am 90 if I can just get DD into a good public school so she has a shot at a well-rounded, safe and fun educational experience. 
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  • becksleabeckslea member

    Yup I love City living but unless you can afford private school it sucks w/kids.  There are actually private schools around here we really like, but I don't think we can stay in our small house long-term and a larger house would put tuition out of our budget.  

    Also, if you are really upside down on your house, maybe you could take advantage of some of the new programs being developed which would allow you to refi to a lower rate even if you lost equity on your home.

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  • Doodle2011Doodle2011
    We have an amazing rate right now (it's an ARM but it's been awesome to us).  The problem is a HELOC H took out years ago when his business was struggling.  We are still paying it back, and that monkey on our back is brutal, and the interest rate is horrible.  In a perfect world we would refi the HELOC into one mortgage and lower our monthly spend that way, but it's not gonna happen because H is self employed with lousy income the past two years, and I have only been at my job since March of this year. Hoping we can rent our house and get out of this neighborhood that way, but won't do that until I know we can afford to cover this mortgage plus a rental elsewhere for us to live in.  I don't want to get stuck "counting" on rental income and then have the renter bail.  I'd try to short sell this house but the way that has been going in our area, the chances are slim to none the bank will agree to it since we are not behind on payments.  That's your reward for keeping up with things in a busted economy- you get no help! 
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