Thursday, August 02, 2007

does this mean I'm an adult?

I'll be the first to admit that although i work in the financial industry and am dealing with the stock market every minute of my day, I know virtually NOTHING worth anything about it. Buy low, sell high is about all I got. It used to not be a huge deal. My coworkers were mostly women in their mid-30's who were more worried about their kids homework than how much their stock tanked that day. so I could evade my whole lack of stock market knowledge, and just talk about their kids. My plan to hide my ignorance was working. That lasted until 2 days ago.

About a month ago I got a promotion, and last week I started my new position in a new group. My new group consists of me, a spunky grandma, and 4 guys from 22-35(we'll post more on the boys another day). Liz (the grandma) used to be a for real trader for some big company in nyc before coming to where we work now, and the other guys, well, they are pretty heavily invested and watch the market like hawks. I think I used all my market knowledge within the first 5 min of our first conversation. They were being sympathetic with my apathy until they found out I hadn't started my 401k.

You would have thought the world was going to end in 5 minutes by their reaction. Oh man. when I first started working here, I was planning on being here no longer than a year, so buying into retirement was the LAST thing on my mind. 2 years later, I had maybe a passing thought, but that's about it. So after a crash course in Roth vs. traditional IRA's and quick assessment of how much i could actually afford to invest in them, I am now planning for retirement?!?!

Crazy I know. Who thinks about that at 25 for real? But according to this handy graph they showed me, I'll be a millionaire by the time I'm 85...

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