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re: Pulling out of your 401k early.
Posted on 4/29/16 at 8:18 pm to PlanoPrivateer
Posted on 4/29/16 at 8:18 pm to PlanoPrivateer
quote:
Within the 401K there should be some very conservative choices like a money market fund or US treasury fund. He should check into his choices before he pulls the money out.
I've yet to see or have a 401K where there wasn't a MM option of some sort. But the fact that this young person is willing to cash out and take a penalty hit because he's irrationally scared (an emotional investor), that says to me that he's probably doomed to financial failure anyway.
Posted on 4/30/16 at 7:48 am to Jag_Warrior
I will def talk to him about the money market fund. I will be honest, I didn't know much about them myself. May look into it as well to a certain extent.
I may show him this thread so he at least understands what he is about to do and why it is a really bad decision.
I may show him this thread so he at least understands what he is about to do and why it is a really bad decision.
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