Help! I'm losing everything in my IRA.
I don't know if this is the place to go to get advice, but I've had money in my Company's IRA for nearly 3 years and have earned 90 cents on 16,000. I do better than that with my money market!
So I wanted to move my retirement fund into something with the potential for more earnings. The guy told me about one where I could earn up to 25% or lose up to 15%, so I thought, well, I'll give that a shot for a while. I thought that 25% and 15% was over the course of a year, NOT a month! I lost 15% in less than 4 weeks!
With this trend, I'll lose the entire $16,000 in a few more months!
Is this normal? Should I let it ride? I asked him specifically if the current trend for this fund was earning or losing. He obviously knew it was losing and just told me, "Well, it depends, blah blah." No straight answer. I feel I flushed my money down the toilet and got rotten advice from him! His goal is to get people to risk their money most likely.
What advice can I get here? Should I move it back to the 0 risk, 0 interest fund, or should I let it ride? Maybe I should invest 1K in there, put the rest back, and when the 1K starts increasing, move the money back.
Please help. Oh, this is American Century Investments, and it's their highest risk fund with stuff like Google, AT&T, Amazon, Netflix and stuff like that. Plus a bunch of pharmaceuticals.
Thanks!
