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Message
re: Borrowing from your 401K
Posted on 7/10/13 at 11:00 am to wegotdatwood
Posted on 7/10/13 at 11:00 am to wegotdatwood
quote:
God, so glad I'm not a dipshit to do that with a retirement account.
It's risk/reward given my current opportunity. Also, it's a very small fraction of my overall balance.
I wouldn't call anyone a "dipshit" until you've walked a mile in their shoes or experienced their current situation. Keep that shite on the OT.
2
Posted on 7/10/13 at 11:13 am to LessofLes
It could potentially be a good move, just go into it understanding everything that will or potentially happen.
So plans have a rule where you are not allowed to make contributions until a loan is paid back.
Also, if your employment situation is shaky it might not be smart. The worse thing that can happen is you get terminated and the IRS hammers you.
Also keep in mind that you are essentially paying taxes on the money twice...once when you pay it back with after tax dollars and again after you retire.
Just make sure you have enough info to make an objective decision.
So plans have a rule where you are not allowed to make contributions until a loan is paid back.
Also, if your employment situation is shaky it might not be smart. The worse thing that can happen is you get terminated and the IRS hammers you.
Also keep in mind that you are essentially paying taxes on the money twice...once when you pay it back with after tax dollars and again after you retire.
Just make sure you have enough info to make an objective decision.
Posted on 7/10/13 at 2:57 pm to LessofLes
quote:
wouldn't call anyone a "dipshit" until you've walked a mile in their shoes or experienced their current situation. Keep that shite on the OT
He's the new czar of the Money Board.
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