The stock market has dropped about 10% in the last few weeks, with the worst December since the Great Depression.
Normally, I don’t worry too much about the ups and downs of the market, because I’m in it for the long haul for my retirement accounts.
However, that’s not the case for my son’s 529 plan, which holds the money I need to pay his college tuition. I had just enough in the account to cover his last semester at college, but it’s dropped in value by about 10% over the last month. I have to cash this out to pay the bill that is due, so I won’t get the benefit of any recovery in the market (i.e. my losses are now being locked in). Worse, I now have to make up for the shortfall in order to cover my son’s tuition bill by pulling money out of my savings.
All because our country is being run by the village idiot. :mad:
P.S. Can’t wait to do my taxes for this year, when I find out how badly I’ve been screwed by last year’s tax bill (which eliminated most of my SALT deductions).