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Started By
Message
re: Borrowing money from 401k...how does this work usually?
Posted on 2/25/16 at 3:08 pm to TheCaterpillar
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).
1
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.
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