Heard the joke going around in recent weeks? Seems a lot of people who used to have 401(k)’s now have 201(k)’s. I know, it’s true enough to hurt. But I received this advice from an operator the other day and decided to share it:
“Before I became involved in the fast lube industry, I was a transit engineer with an office in NYC. I’d ride the train every day, two hours each way. A man named Mike started sitting with me on the ride home each night. He had a seat on the NYSE and had even been active on Wall Street during the Great Depression. He had a lot of knowledge, some of which he shared with me as we rode.
“In today’s market, with banks failing and stocks bouncing up and down like yo-yos, it’s hard to say what to do with your investments. You hear people saying they’ve lost half their investment, but like Mike told me, you’ve only lost it if you cash your investments in. If you hold onto them, you’ve lost value, but not any real money.
“My friend Mike died a few years ago at the age of 92. At the time, he was worth almost a billion dollars. So in these turbulent financial times, I like to live by the words he told me those many years ago, words I tell my customers and friends: STICK, STAY AND MAKE IT PAY!!
“The stock exchange is like the aforementioned yo-yo. But what goes down will go back up, and if you hold onto your investments long enough, you’ll be back in the black. So remember those words Mike told me. Stick, stay and make it pay.”