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Started By
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Little brother in a predicament
Posted on 5/23/22 at 1:01 pm
Posted on 5/23/22 at 1:01 pm
This may be for the moneyboard but thought I’d through it out on the OT too.
My brother is leaving his current job of 5 years at the age of 27. He is thinking of cashing out 401k, PTO, and an alternate Roth Account he started. He wants to pay off student debt and credit card debt with extra cash on the side. He is starting a similar job to what he has. I said it’s a good idea.
My brother is leaving his current job of 5 years at the age of 27. He is thinking of cashing out 401k, PTO, and an alternate Roth Account he started. He wants to pay off student debt and credit card debt with extra cash on the side. He is starting a similar job to what he has. I said it’s a good idea.
This post was edited on 5/23/22 at 1:03 pm
47
Posted on 5/23/22 at 1:02 pm to Newrow
Quite the predicament YOU have there
Posted on 5/23/22 at 1:02 pm to Newrow
Do it. Take the cash then go double it at a casino… profit
Posted on 5/23/22 at 1:02 pm to Newrow
Sounds dumb. Tighten your belt, pay the debts off, and leave your retirement account alone.
Posted on 5/23/22 at 1:03 pm to Newrow
Ok. Sounds good. What’s the predicament?
Posted on 5/23/22 at 1:03 pm to Newrow
Hopefully he marries a rich woman
Posted on 5/23/22 at 1:03 pm to Cosmo
quote:
Quite the predicament YOU have there
Wish I was 27.
Posted on 5/23/22 at 1:03 pm to Newrow
You and your brother are both financial morons
Posted on 5/23/22 at 1:04 pm to Newrow
You guys are getting 401ks?
Posted on 5/23/22 at 1:04 pm to Newrow
How much are we talking in 401k and Roth? $100 or $100,000+?
PTO can't equate to more than a few $K at most? I'd use that for paying of the CC debt unless he's in a ridiculous amount of CC debt...
PTO can't equate to more than a few $K at most? I'd use that for paying of the CC debt unless he's in a ridiculous amount of CC debt...
Posted on 5/23/22 at 1:04 pm to Newrow
did you hear the word 'predicament' somewhere recently and just want to use it really bad?
Posted on 5/23/22 at 1:04 pm to Newrow
This post was edited on 8/26/22 at 3:39 pm
Posted on 5/23/22 at 1:04 pm to Newrow
This should be a fun thread.
Posted on 5/23/22 at 1:05 pm to Newrow
Is his student debt private? I wouldn't do anything on student debt right now if not.
Paying off credit card debt in this environment is probably a good "investment" but I probably wouldn't tap a 401k. If he has a good bit in the Roth that might be gold especially if he'll be priced out later, so I'd be careful on that too.
Paying off credit card debt in this environment is probably a good "investment" but I probably wouldn't tap a 401k. If he has a good bit in the Roth that might be gold especially if he'll be priced out later, so I'd be careful on that too.
Posted on 5/23/22 at 1:05 pm to Newrow
quote:
predicament
Posted on 5/23/22 at 1:07 pm to Crusty
Does he know that using 401K will be 40% off the top. 30% taxes and 10% penalty.
Posted on 5/23/22 at 1:07 pm to notiger1997
quote:
Horrible idea
Why
Posted on 5/23/22 at 1:08 pm to Newrow
He should get paid out for his PTO. I'd tell him not to touch the 401k and Roth IRA, but pay off the credit card debt before contributing any more to them.
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