401k question

Discussion in 'UPS Discussions' started by OKLABob, Sep 12, 2019.

  1. OKLABob

    OKLABob Active Member

    My wife is a RN house is 256k down payment closing cost 17,100. I will probably not use the money out of my 401k like I’ve said twice already I just wanted some information about it just to have it in my back pocket if I needed it.
     
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  2. MyTripisCut

    MyTripisCut Dumpster, INABAG

    You can also borrow for medical bills or for funeral expenses.
     
  3. I'm done beating the drum on this.


    This is why you have an emergency fund and some general savings.

    You shouldn't have to borrow or make a hardship withdrawal unless their is some extreme circumstances
     
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  4. oldngray

    oldngray nowhere special

    Its hard to tap into your 401k money by design. In order to protect it for retirement
     
  5. MyTripisCut

    MyTripisCut Dumpster, INABAG

    27B0C8FC-1CA8-4B79-92B0-D63DB3650E01.gif
     
  6. UPS has very strict rules compared to many other companies and that's a good thing.
     
  7. MyTripisCut

    MyTripisCut Dumpster, INABAG

    No closed between 12 and 1.
     
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  8. MECH-lift

    MECH-lift Union Brother

    No servicing the customers
     
  9. DriveInDriveOut

    DriveInDriveOut Proud Deplorable

    If you have to borrow money in order to qualify to borrow money then you probably shouldn't be borrowing money.
     
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  10. Yeet

    Yeet Inbound, turnaround, go to town

    $256,000 house and you’re only 23. You do you, man, but that sounds like a really bad idea. RN’s don’t make near as much as people think. When I was a surgery tech they started at $18 an hour. Again, I don’t know your finances and you’ve already made your decision, just be careful.
     
  11. 3NhK3kKRQ6e55FHqLR.gif l2SqeqTMuA2h2QKic.gif ZcUGu59vhBGgbBhh0n.gif
     
  12. MECH-lift

    MECH-lift Union Brother

    I am a full-rate driver and my mortgage is about $350 a month ..these kids make a little money and they buy the biggest house/most extravagant stuff lol..not realizing down the road health issues may pop up or unexpected bills
     
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  13. Overpaid Union Thug

    Overpaid Union Thug Well-Known Member

    Borrowing money from the 401k should only be a last resort and only for an emergency. If borrowing from your 401k is the only way you can buy or build a house then you are likely not ready yet.
     
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  14. Overpaid Union Thug

    Overpaid Union Thug Well-Known Member

    Sounds like your mortgage will be less than 25% of your take home pay so that’s good. But I would still wait until you have at least 3 months of expenses (emergency fund) saved and the required down payment saved. Or maybe look at an FHA first time home owners mortgage. Some of those allow builds. But beware that the interest might be higher on one those.
     
  15. Nolimitz

    Nolimitz Well-Known Member

    23 and I have to own a home? Grow up first.
     
  16. UPSER1987

    UPSER1987 Active Member

    Mortgage 350 a month? Where do you live?
     
  17. MECH-lift

    MECH-lift Union Brother

    Western , PA ...nice secluded place in the middle of the woods..got lucky with the purchase , an old couple was unhealthy and sold it for half what it was worth now...it’s all about investments my union brother not shiny toys
     
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  18. MyTripisCut

    MyTripisCut Dumpster, INABAG

    He’s no union brother, union brother.
     
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  19. Rack em

    Rack em First to worst!

    I have been house hunting recently and I asked @IVE GOTTA PACKAGE 4U the same question!

    I didn't anticipate the amount of money I would need to have between down payment and closing costs. I found a house I really wanted, but didn't have enough money for down and closing so I had the idea of taking from my 401k. @IVE GOTTA PACKAGE 4U set me straight pretty quick and I'm glad he did. I was smarter with my budget and started saving more and now I have enough money to close no problem. I made an offer on a house Wednesday that is even better than the house I originally wanted! I'm glad I didn't touch my 401k.
     
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  20. I will send you the bill for my services.:happy: