Tuesday, November 3, 2009

Why I can't stand the "my 401(k) became a 101(k)" quote

Over the past year or so, a popular new phrase has emerged that has people jokingly say that "my 401(k) became a 101(k)."

While it was clever at first, like all funny quotes, it became overused quickly. However, that is not what bothers me about it...

Although a more accurate statement would be "My 401(k) became a 201(k)," what really bothers me the most is that people are still saying it. That leads me to believe that people are not aware of their current financial situation and I blame two things for it:

1) After opening depressing brokerage account statement after depressing brokerage account statement last year, many people became programmed to stop opening their statements. Therefore, they have no idea where they stand these days

2) The media has been VERY diligent at telling us how miserable our lives have become over the past couple of years, but they have not yet started to tell us how things have turned around and that the economy is heading in the right direction

So, for those of you who have not been following the stock market, here is what the quote should be at the moment:

"My 401(k) became a 201(k) and now it's back up to a 301(k)."


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