401k and other retirement plans: have you raided yours yet?

[MadImmortalMan]

What if the land in question was over a shale play?

[Tonitrus]

On the vacant/timber land idea....

My grandmother owned some farmland out near Walla Walla, WA.  My dad and his sister, who now share ownership, have basically had it on the Fed's program that pays them to grow grass on it.  (Though I kinda thought they could have gotten into the mini-wine boom going on in that area).

My grandmother (now aunt, as in above), also had a good amount of timbered land in the mountains above Walla Walla.  They'd occasionally cut/sell some of the large trees on the property, and I was surprised at how much cash that brought in.  Enough to offset property taxes?  Probably not, but dunno.

[CountDeMoney]

Christmas tree farm.

[MadImmortalMan]

There would have to be something that pulls down more cash flow than simply putting the money in a REIT and pocketing a 15% dividend.

[Caliga]

There would have to be something that pulls down more cash flow than simply putting the money in a REIT and pocketing a 15% dividend.

I'm a big fan of this strategy.

[Caliga]

What if the land in question was over a shale play?

One of my high school teachers, who happens to also be really good friends with my mom, is married to one of those survivalist/I wanna be a lumberjack and escape the white-collar world type.  Back in the mid 80s he insisted on buying a fuckton of land in upstate Pennsylvania with most of their savings.

Turns out that land is smack dab in the middle of the Marcellus shale play.  They sold it a few years back and are now extremely wealthy thanks to his paranoia.

[Phillip V]

What if the land in question was over a shale play?

One of my high school teachers, who happens to also be really good friends with my mom, is married to one of those survivalist/I wanna be a lumberjack and escape the white-collar world type.  Back in the mid 80s he insisted on buying a fuckton of land in upstate Pennsylvania with most of their savings.

Turns out that land is smack dab in the middle of the Marcellus shale play.  They sold it a few years back and are now extremely wealthy thanks to his paranoia.

How wealthy, and what are their daily activities/occupations now?

[Caliga]

They're retired, and they do a ton of travelling all over the world.  Not sure exactly how wealthy... it'd be kind of rude to ask I think.

[The Brain]

Get a local Chinaman to ask for you.

[Barrister]

Just received the following email:

I want you to be among the first to hear about the Premier's Televised Address. It is scheduled for broadcast on CTV across the province tomorrow (Thursday) night at 6:52 p.m. It will be re-broadcast on CTV2 at 7:52pm, 11:52pm and on January 25 at 11:52 am.

I know there's been a lot of discussion lately, among the Alberta Public Service and across the province, about the current fiscal state of the province and what that might mean to both the revenue and expenditure sides of the equation. Premier Redford will speak to Albertans about her vision for our province, the priorities of this government, the opportunities to meet the growth that we continue to experience as well as the fiscal challenges that we currently face. I encourage you to watch the Address, which will be immediately followed tomorrow night with a special edition of the Connector delivered to your inbox that will feature highlights from the address, along with messages from the Premier and me to all members of the APS.

I'm confident that through an informed, committed, inspired and engaged Alberta Public Service, we will rise to any challenge put before us. With your support, we'll continue to deliver the core programs and services important to Albertans.

There will be blood.   


For those of you not following the state of Alberta's economy, the recent declines in the price of oil (which are magnified here due to limited shipping / refining capacity) is doing a number on the province's bottom line.

What a stupid announcement.

'Despite record-setting deficits, we are committed that we will not raise taxes, nor will we cut social services'.

Instead they are going to "review spending", as if we haven't heard that before.

The first shoe finally dropped - a three year salary freeze for non-union and management public servants (i.e. me).

The second shoe, pensions, is still dangling... 

Oh, the news reports also mentions a plan to reduce the number of managers by 10%.

My boss seems positive they won't touch us.  But since prosecutors are probably 5-10% of the overall number of managers within GOA...

[Phillip V]

They "offer" to give me 15% pay cut. Should I take it?

[fhdz]

I raided my 401K (403B, actually) in order to procure the down payment for my house. Despite taking a loss because of early withdrawal penalties, this house was a good investment. It appraised $15K higher than my purchase price, so there was instant equity.

[Admiral Yi]

They "offer" to give me 15% pay cut. Should I take it?

I don't see the point of just walking away.  At least accept it, then start looking for another job.

[Grey Fox]

I raided my 401K (403B, actually) in order to procure the down payment for my house. Despite taking a loss because of early withdrawal penalties, this house was a good investment. It appraised $15K higher than my purchase price, so there was instant equity.

Eh, I did that using my dad RRSP.

[Phillip V]

They "offer" to give me 15% pay cut. Should I take it?

I don't see the point of just walking away.  At least accept it, then start looking for another job.

Accepted their offer yesterday and interview with two other companies today.