I want my 401k money now!!!
- Thread starter Faceplanted
- Start date
DriveInDriveOut
Inordinately Right
he's got a bunch of real estate debt, and is cashing out his retirement accounts to play with crypto currencies.... what could go wrong!
Faceplanted
Well-Known Member
I got around half a mil in real estate equity. 0 credit card debt. Thanks for your concern.
Back to my question.
Dave, please explain the process you went through to withdraw. Dave, you withdrew from your Roth 401k right?
olroadbeech
Happy Verified UPSer
ever hear of a phone?????
call them. and yes it is a DUMB idea to withdraw from the 401k. taxes , penalties and losing the tax advantages. it would take you a decade or longer to earn that money you lost back with your so called better ways to invest your money.
you must be joking.
Faceplanted
Well-Known Member
Dead serious, they are telling me my only option is a hardship withdraw or hardship loan.
DriveInDriveOut
Inordinately Right
The banks own your real estate bruh, play whatever games you want IDGAF.
Faceplanted
Well-Known Member
The county owns your property brah.
Brownslave688
You want a toe? I can get you a toe.
Or about 200 others.
Like I said thanks for the in depth analysis.
The internet was just a fad too.
El Correcto
god is dead
olroadbeech
Happy Verified UPSer
we did a loan from ours twice. one for a down payment on our home and the second was when i was on FMLA for 5 months when my spouse had a stroke. what was good about that is you pay yourself back the money and interest.
otherwise you should talk to a couple pros to research your options instead of clowns like me here on the BC.
Faceplanted
Well-Known Member
https://www.influencive.com/blockch...y-shipchain-signs-partnership-with-casestack/
Wide load, hopefully you understand how huge a decentralized system that can actually link and track items and shipments from raw materials to my door is....
Especially in food and pharmaceuticals.
The “token” or “coin” part is used as a reward to node operators or miners to bring up verify and distribute the info. That’s where the value comes from.
Read up on it man.
I hope your not one of those hurrr durrrr bitcoin is for drugs and kiddie porn guys.
Wide load, hopefully you understand how huge a decentralized system that can actually link and track items and shipments from raw materials to my door is....
Especially in food and pharmaceuticals.
The “token” or “coin” part is used as a reward to node operators or miners to bring up verify and distribute the info. That’s where the value comes from.
Read up on it man.
I hope your not one of those hurrr durrrr bitcoin is for drugs and kiddie porn guys.
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Brownslave688
You want a toe? I can get you a toe.
Lol let me guess.
It's a Ponzi scheme
It's only used by criminals
It has no physical value...
DriveInDriveOut
Inordinately Right
Nothing wrong with crypto, blockchain is promising no doubt.
I think we can both agree it's pretty freakin stupid to cash out a 401k to buy into it though. It's one thing to play with your disposable income, it's another to play with your retirement.
Brownslave688
You want a toe? I can get you a toe.
It's all about what risk you're comfortable with.
Is it the safest thing to do with the money. Not by any means but there's also dumber things one could do.
It's a gamble but it's an educated gamble. At least he isn't trying to cash out to buy a speed boat. Lol
olroadbeech
Happy Verified UPSer
I'm curious what investments you think are better?
In your 401k you can set up a SMA , self managed account and buy individual stocks and mutuals. Our SMA usually does better than the funds that prudential has. We only have about 15% of our money in the SMA but i like to play around a little with stocks. we also bought into some specialized mutuals like precious metals and REITS .
you could keep your 401k and try your hand at some stocks you think will do great.
Brownslave688
You want a toe? I can get you a toe.
Weren’t they just in the media about regulations issues? Didn’t they drop after an injunction under the Commodity Trade Act? Just cuz something seems new and profitable at first, doesn’t mean you should cash in your 401k for it. But anyway, good luck to you.
Brownslave688
You want a toe? I can get you a toe.
In the long term regulation is a good thing. Facebook just took a nose dive because it was selling everyone's information (uhhhh duh that's like their entire business model) that doesn't mean it's a bad idea to buy some.
Just because something is new and you don't understand it doesn't mean it's a bad idea. Works both ways.
Faceplanted
Well-Known Member
There are different types of coins. The sec and irs have ruled most cryptos property
There was just a hearing, the sec chairman is very pro crypto currency.
South Korea who “banned” cryptos just redid the rules to allow ICOs and exchanges
China is embracing it
The USA did ban Venezuela’s oil backed crypto due to the trade “embargo” we have found on
The world is embracing this stuff. There is nothing that can be done... it’s too far gone
