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#3195978 - 03/18/13 09:37 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: Still-n-Quiet]
de novo
10 Point


Registered: 07/21/08
Posts: 4032
Loc: Middle TN

Offline
Y'all didn't get the memo, responsible stewards of money are to be punished. Everything that used to be right is now wrong! You're private retirement accounts, 401k's, etc. are next. These will be confiscated for the public good.
_________________________
“Reality is what continues to exist whether you believe in it or not.” 

“The further a society drifts from truth the more it will hate those who speak it.”

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#3196053 - 03/18/13 10:31 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: de novo]
Rebel
TnDeer Old Timer
12 Point


Registered: 03/16/99
Posts: 5343
Loc: East Tennessee USA

Offline
Yep. And I'm weighing the consequences of cashing out my IRA's and cutting out my 401k contributions... King Robbing Hoodlum Obama has me really worried about loosing everything I've worked for...
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Good night Chesty, wherever you are!

Tolerance is a virtue of those who believe in nothing.

Deo Vindice

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#3196074 - 03/18/13 10:52 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: Rebel]
dr
10 Point


Registered: 02/24/03
Posts: 4304
Loc: USA

Offline
Are annuities worth consideration as an investment alternative, or just another ponzi scheme?
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"Any man who thinks he can be happy and prosperous by letting the government take care of him --- better take a closer look at the American Indian." Henry Ford

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#3196075 - 03/18/13 10:53 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: Rebel]
MUP
Non-Typical


Registered: 08/01/07
Posts: 45102
Loc: Just North of Chatt-town

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I had heard that all assets from the banks were frozen, preventing any withdrawals. Even the ATM's were cleaned out prior to this move to keep any withdrawals from being made.
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MUP

Amateurs: Built the Ark

Professionals: Built the Titanic

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#3196080 - 03/18/13 11:00 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: MUP]
Pic IN the Casa
TurdFarmer2.0
14 Point


Registered: 03/18/11
Posts: 9599
Loc: TN

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So, what should I do? Pull money out of 401K, Mutual funds? What is everyone else thinking?

I am seriously debating taking the hit and pulling funds.
_________________________
Tolerance now means OBEY!!!!


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#3196120 - 03/18/13 11:41 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: Pic IN the Casa]
fishboy1
16 Point


Registered: 01/13/03
Posts: 10534
Loc: Warren Co

Offline
Read everything you can get your hands on regarding finance, economics and investing.

Most people can find 3 hours per day to watch Idol or duck dynasty but can't be bothered to LEARN how to manage their money.
We have been taught to join the herd and follow the common advice.

If you carefully examine the "approved/normal" retirement advice, you will find that they have changed the rules of the game and its NOT for our benefit.

Example.
ROTH IRA.... Government approved retirement vehicle. Clinton needed additional revenue to pay for his spending spree. Enter the ROTH... Convert your regular IRA to a ROTH, pay taxes NOW and get your ROTH money TAX FREE when you retire. BOOM Huge influx of revenue that "balanced the budget"...ha ha ha!

Should you NEED the money, or wish to protect YOUR wealth from bad government policy, it is TRAPPED! You pay taxes AND PENALTIES for having the gall to want YOUR money!!!

Now that a lot of people who "invested" in a ROTH are nearing retirement, Loookie! The Inheritance tax is back! And trial balloons are being floated for a "one time" (ha ha ha) "Tax" on all IRA's to help pay for the deficit.

When you include the fees associated with being in an "approved" gub-u-ment retirement vehicle, PLUS the RISK of being in the market, PLUS the gooberment meddling, it quickly becomes a suckers bet.

Take control of YOUR future. Only invest in things you CONTROL and UNDERSTAND completely. Yes, it REQUIRES study and diligence, but it is better than the alternative.
_________________________
If you can't trust people with freedom, how can you trust them with power ?




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#3196179 - 03/18/13 01:00 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: fishboy1]
MUP
Non-Typical


Registered: 08/01/07
Posts: 45102
Loc: Just North of Chatt-town

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So, again, should we, the ones who have been suckered into the 401k's, clean them out before it's too late, then invest in other more secure investments after research?
_________________________
MUP

Amateurs: Built the Ark

Professionals: Built the Titanic

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#3196302 - 03/18/13 03:16 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: MUP]
de novo
10 Point


Registered: 07/21/08
Posts: 4032
Loc: Middle TN

Offline
 Originally Posted By: MUP
So, again, should we, the ones who have been suckered into the 401k's, clean them out before it's too late, then invest in other more secure investments after research?


I don't know when the crash/collpase is coming but I'm sure it's inevitable at this point. It's your money to plan, invest, and gamble. Some are gonna win and some are gonna lose. I personally am relying on myself for retirement. No retirement fund or 401k at all.
_________________________
“Reality is what continues to exist whether you believe in it or not.” 

“The further a society drifts from truth the more it will hate those who speak it.”

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#3196335 - 03/18/13 03:42 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: MUP]
fishboy1
16 Point


Registered: 01/13/03
Posts: 10534
Loc: Warren Co

Offline
 Originally Posted By: MUP
So, again, should we, the ones who have been suckered into the 401k's, clean them out before it's too late, then invest in other more secure investments after research?


That is a difficult decision to make and a personal one. You must evaluate your situation based on many factors.

Don't take the advice of some numb-nut on an internet hunting forum who doesn't know your situation. The same numb-nut who just told you NOT to trust institutional retirement vehicles and managers!

For me, it made sense to take the hit and cash out. I was ready to take personal charge of what was left of my IRA money. Discipline, study, practice, mentors, experience......all led me to the decision that I was ready to move what little I still had into something that
I CONTROLLED AND UNDERSTOOD.

The risk paid off and I have almost broken even on the taxes and penalties 16 months later. Looking forward, my returns should be positive and my retirement GROWING instead of getting slaughtered every time we have a correction.
My investment is NOT going up in value, but it cashflows back to me. Boring, steady, predictable.

Unlike the wild ride of the stock market...place your bets and pray they go up and pay off winners when you need them.
_________________________
If you can't trust people with freedom, how can you trust them with power ?




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#3196388 - 03/18/13 04:52 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: fishboy1]
OHVATN
4 Point


Registered: 10/09/12
Posts: 376
Loc: Middle TN

Offline
This action is definitely a canary. But, I wouldn't get too carried away at this point (I assume none of us have any Euro bank deposit accounts.) A bunch of unelected bureaucrats in Brussels and the IMF dreamed this one up, and it's just the latest in how to rip off savers, taxpayers, etc. in favor of the banks and their bond holders. Can't have them suffer any losses now can we? That would mean the end of the world. Larry Summers actually came out today in favor of what Cyprus is being forced to do by the EU/IMF. Man, I'd like to waterboard that guy.

Subject to Fishboy's good advice to study up and get some good financial advice that's not from me or some other yahoo on the internet, I will only say that it's important to diversify. I include anyone on CNBC, Jim Cramer, anyone on Bloomburg as a yahoo. Always consider any stock broker, financial analyst, etc. as "talking his book" until proven otherwise. If they are recommending you buy something, who's selling it? Never take the advice of an economics PHD.

The thing about Cyprus to also remember is this is Russian hot money. Russian oligarch money. ex-KGB money. Most Cypriots are poor. Cyprus is where the Russians launder their money. Vladimir won't take kindly to this and if this actually happens I wouldn't be surprised in a few months to hear about some Russian justice being served on Euro bankers and bureaucrats. I've also read that this is a German trial balloon that is meant to be rejected by the Cypriots and then the Germans will leave the Euro. If that happens, buckle your seat belts. It's going to be a wild ride.

I do think that eventually the USSA will confiscate IRA and 401(k) assets by requiring them to be invested in US Treasuries. You know, for our own safety. FDR confiscated gold in 1933 when we were on the gold standard. Now fiat is king and there are trillions in Americans' IRAs and 401(k)s. I don't contribute to my 401(k) anymore, but still have an IRA. Not ready to take the tax and penalty hit, but I have periodically taken that hit and moved funds out of the IRA since 2007 into other investments away from Wall Street's and the bankers grubby little hands to hedge accordingly. I'm just a little midge, but it helps me sleep better at night.
_________________________
"Democracy is the theory that the common people know what they want and deserve to get it good and hard." H. L. Mencken

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