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re: Borrowing money from 401k...how does this work usually?
Posted on 2/25/16 at 1:48 pm to TheCaterpillar
Posted on 2/25/16 at 1:48 pm to TheCaterpillar
quote:
On market for 385k...within 12 hours they had bids up it to 420ish and sold that night.
He paid 310k a little over 2 years ago. All he did was paint the thing inside and outside.
I had a similar situation in Dallas. I bought a 1,765 sft for $365k and sold it for $460k two and half years later. I didn't change a thing. The real estate market is crazy right now.
0
Posted on 2/25/16 at 1:55 pm to TheCaterpillar
quote:
It sucks to be my age and looking for a home in town unless you have a super rich family or get paid 200k a year. Rent is super high too. 1 bedroom places in town are $1,500 and up a month. 2 bedrooms 2k+.
sounds like denver. And we have legal weed.
But in denver to get a house in city limits, you are looking at least 350k. And that would likely be transitional neighborhoods. To get into the nice hoods, you are looking at 500k+, probably closer to 600k for something decent.
Posted on 2/25/16 at 1:56 pm to Powerman
quote:
Is the 401K money with your current employer? If not you can just roll it into an IRA and use that as a down payment with no need for a loan.
Up to 10K is permissible with no tax consequence. But if it's with a current employer I think you might have to do the loan
So layoffs are hitting our office today. We're hearing as much as 25% of remaining workforce. Haven't been called in, but makes me question my financial footing. Looked into my 401k today. You're saying if you roll your 401k into an IRA, you can touch 10k of it penalty free?
Posted on 2/25/16 at 2:01 pm to KG6
good luck man
just go home early so they can't let you go....they may forget by tomorrow morning
just go home early so they can't let you go....they may forget by tomorrow morning
Posted on 2/25/16 at 2:05 pm to yellowfin
What's funny is there are a lot of people who are literally doing that. They won't go to the main office, because they think not being there will save them .
I'll be fine. I've got enough saved up for 9 months to a year. Just like to know all my options. Worst case, I figured out what taking my money out of 401k early would leave me with and I could live 2 years without work.
. I'll be fine. I've got enough saved up for 9 months to a year. Just like to know all my options. Worst case, I figured out what taking my money out of 401k early would leave me with and I could live 2 years without work.
Posted on 2/25/16 at 2:11 pm to KG6
Reminds me of office space when they avoid meeting with "The Bobs"
Thankfully my industry and company are growing and doing well and I just started a new job here.
Good luck man!
Thankfully my industry and company are growing and doing well and I just started a new job here.
Good luck man!
Posted on 2/25/16 at 2:19 pm to KG6
quote:
So layoffs are hitting our office today. We're hearing as much as 25% of remaining workforce. Haven't been called in, but makes me question my financial footing. Looked into my 401k today. You're saying if you roll your 401k into an IRA, you can touch 10k of it penalty free?
that sucks. I hope it works out, but sounds like you are prepared. I have heard from multiple people that getting laid off was actually a plus in their life.
Let us know how the do more with less speech goes. its always fun to hear. I have heard it at least 5 times. the last time the team collectively told the boss to shut up, as we had heard it just a few months earlier.
Posted on 2/25/16 at 2:36 pm to KG6
Denbury?
Posted on 2/25/16 at 3:08 pm to TheCaterpillar
quote:
Thankfully my industry and company are growing and doing well and I just started a new job here
I say this as advice, especially when talking about risky financial decisions. I have been riding a rocketship of a boom over the last few years. Only a few months ago I was told I'm a "high potential" employee that they wanted info on for a presentation. And today I'm worried about my job. Yes, it's the oilfield, but I'm no roughneck. I truly believe everyone when they say they are on solid ground, so I'm not trying to belittle anyone, but safety net is for the unknown. I'm actually annoyed I let mine shrink. I can get by for about 9 months by cutting back, then I could sell my house and get by for 9 more, then I could dip into 401k and get by for another year. But I sure wish I had a full year saved up in hard cash. I don't think I'll lose my job today or soon. But it opened my eyes to the fact that I'm not invincible (even though I'm pretty amazing).
Posted on 2/25/16 at 3:13 pm to KG6
I'm in a much steadier field than that and work for a company that doesn't fire enough people tbh . But I do appreciate the advice. I think the time is right for me to make the jump.
Wife and I just got promotions, its a very sound investment according to everyone I've run it by who knows about this kind of stuff, etc.
I will continue to save as always though. This won't be a financial burden at all, I just had recently spent my savings on something else unexpected so I didn't have the full 5% and this is a time sensitive deal.
Most of the time I wouldn't have this issue and will have it paid back very soon.
. But I do appreciate the advice. I think the time is right for me to make the jump. Wife and I just got promotions, its a very sound investment according to everyone I've run it by who knows about this kind of stuff, etc.
I will continue to save as always though. This won't be a financial burden at all, I just had recently spent my savings on something else unexpected so I didn't have the full 5% and this is a time sensitive deal.
Most of the time I wouldn't have this issue and will have it paid back very soon.
Posted on 2/25/16 at 7:16 pm to TheCaterpillar
quote:
I want over 5% so the PMI falls off at 78-80 owed.
Not sure if this product would apply to your situation or not. But I just happened to see it on the news crawler:
Bank of America 3% down and no PMI mortgage
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