I want my 401k money now!!!

[Brownslave688]

Told my buddy about that and he just laughed. Told him it was the tiest thing I’d ever built in my life.

Predators haven't gotten in yet so all good





Of course I used 87 cans of spray foam on it.

 

[silverbullet2893]

Predators haven't gotten in yet so all good





Of course I used 87 cans of spray foam on it.

Ahhhhhh government quality work!




You should’ve seen the maroon I work with try to fix the water line I hit. It was impressive

 

[Brownslave688]

So take out a second and third and fourth mortgage, you could quadruple your awesome logic all the way to the bank!

We have a local contractor who started building duplexes around 25 years ago. He could have paid it off in 10 years then saved the money to build another. And so on. Eventually the pace would pick up and he could build a lot at once. This wouldn't happen until he was pretty old and he probably didn't want to be building in his 70's.


What he did was use the equity to build another and another. In his early 30's he was brining in around 30k a month in rent but not exactly living like a king because it was all going back to the business. At 45 he was brining in 100k a month and living real nice. Now in his early 50's he's about to build the biggest apartment complex in the area. This is last hurrah I hear and will put him
At around 250k a month in incoming rent.

 

[dudebro]

Dead serious, they are telling me my only option is a hardship withdraw or hardship loan.

Well, the govt knows they borrowed too much from SS for you to ever get the full amount. To make up for that, they're trying to save you from eating dog food in your 70's by making you actually save the money you put into a retirement account. God knows they didn't.

If you wanted to do whatever the friend you wanted with it, why did you involve Uncle Sam? You should have buried the cash in a coffee can in your backyard.

 

[Brownslave688]

Well, the govt knows they borrowed too much from SS for you to ever get the full amount. To make up for that, they're trying to save you from eating dog food in your 70's by making you actually save the money you put into a retirement account. God knows they didn't.

If you wanted to do whatever the friend you wanted with it, why did you involve Uncle Sam? You should have buried the cash in a coffee can in your backyard.

Ummm Uncle Sam has nothing to do with it.


Being a current ups employee does.

 

[dudebro]

That wouldn't even be near my wheelhouse. That would be all corporate, I'm a district lackey

There is a group working on how to use blockchain in corp.

 

[dudebro]

Ummm Uncle Sam has nothing to do with it.


Being a current ups employee does.

You know, when you save it in the employee plan, that's true. When you call it a 401k, whose law is that?

401k Plans | Internal Revenue Service

 

[Brownslave688]

You know, when you save it in the employee plan, that's true. When you call it a 401k, whose law is that?

401k Plans | Internal Revenue Service

There are penalties to taking it out early ( those are government penalties)


The issue for the op isn't the penalty. It's that they won't let him withdraw. That's a ups/prudential issue.

 

[dudebro]

There are penalties to taking it out early ( those are government penalties)


The issue for the op isn't the penalty. It's that they won't let him withdraw. That's a ups/prudential issue.

But if they're doing that, I would imagine it's because that's the guidance our legal dept is getting to keep the government's qualification as a retirement plan. I assure you that guidance is ultimately coming from the IRS.

 

[Maple Grove MN Driver]

Care to give me some boomer investment tips? Is your house paid off? Do you have any cc debt? Do you have a car payment?

Any cool toys/fancy jewelry? I’m curious how “successful” boomers live.

Every boomer I know seems to know it all, but will still be paying their mortgage into their late 50s-60s and are in general not smart financially, my parents included.

I am a Boomer.
No debt.
Have a 5200 sq ft home on Gull Lake in Brainerd, MN , a 3500 sq ft Luxury Condo in Minneapolis. A bunch of rental properties that generate 90k in profit every month.
Buy a new F250 every year with Cash
Have a 2018 Challenger Hellcat SRT
Have a 2016 Charger Hellcat SRT
Own hundreds of Firearms....including a large collection of NFA Weapons.
Have 2016 BassCat Jaguar Bassboat, buy a new one every 3 years with cash.
Have a 2018 Manitou X-plode XT RFXW with Twin Mercury 400r XL Outboard motor Tritoon 27 foot long does 70mph
Have a High End Watch collection..over 200 watches total

I am living large.

 

[Faceplanted]

For your information (its been posted before)

My house is paid off
My 2 vehicles (2016 3/4 ton Silverado and a 2014 Ford Focus) are paid off
My 2011 Harley Ultra Glide is paid for. (I keep saying paid off but I've paid cash for all these)
I have ZERO debt other than monthly utility bills
NO credit card debt. Its paid off every mouth automatically.

I hope that answers your questions. The average boomer isn't in debt but those who came after usually are.

As far as investment tips all I can say is find yourself a GOOD financial planner and do what they say. I got mine the old fashioned way----I earned it.

It don't hurt to have a frugal wife either (she not into jewelry)

Good for u!!! I have 2 cars paid off as well, no cc debt and 3 homes.... All with much less then 50% remaining on their loan. 2 of them I make passive income on every month

Within 5-7 years all will be paid off simply from my ups checks and the passive income that goes right back into the principal.

OOO ya I’m in my early 30s.

FYI Harley’s are only for retired dentists, get some cool brah

 

[Faceplanted]

Get divorced and get back to us.

Pffffftttttt.

My wife doesn’t sit at home and make lunches for kids all morning while watching Maury in the afternoon. She gets paid very well and has her own career.

I was smart enough to realize that I couldn’t be the dad I wanted to be while working at ups. So I don’t have any sters running around with iPads being ungrateful.

 

[Wally]

I am a Boomer.
No debt.
Have a 5200 sq ft home on Gull Lake in Brainerd, MN , a 3500 sq ft Luxury Condo in Minneapolis. A bunch of rental properties that generate 90k in profit every month.
Buy a new F250 every year with Cash
Have a 2018 Challenger Hellcat SRT
Have a 2016 Charger Hellcat SRT
Own hundreds of Firearms....including a large collection of NFA Weapons.
Have 2016 BassCat Jaguar Bassboat, buy a new one every 3 years with cash.
Have a 2018 Manitou X-plode XT RFXW with Twin Mercury 400r XL Outboard motor Tritoon 27 foot long does 70mph
Have a High End Watch collection..over 200 watches total

I am living large.

You single? If so, I can set you up with a nice FedEx girl.

 

[FrigidFTSup]

I am a Boomer.
No debt.
Have a 5200 sq ft home on Gull Lake in Brainerd, MN , a 3500 sq ft Luxury Condo in Minneapolis. A bunch of rental properties that generate 90k in profit every month.
Buy a new F250 every year with Cash
Have a 2018 Challenger Hellcat SRT
Have a 2016 Charger Hellcat SRT
Own hundreds of Firearms....including a large collection of NFA Weapons.
Have 2016 BassCat Jaguar Bassboat, buy a new one every 3 years with cash.
Have a 2018 Manitou X-plode XT RFXW with Twin Mercury 400r XL Outboard motor Tritoon 27 foot long does 70mph
Have a High End Watch collection..over 200 watches total

I am living large.

Gull Lake, huh? I mean, it’s no Lake of the Woods

 

[Faceplanted]

I am a Boomer.
No debt.
Have a 5200 sq ft home on Gull Lake in Brainerd, MN , a 3500 sq ft Luxury Condo in Minneapolis. A bunch of rental properties that generate 90k in profit every month.
Buy a new F250 every year with Cash
Have a 2018 Challenger Hellcat SRT
Have a 2016 Charger Hellcat SRT
Own hundreds of Firearms....including a large collection of NFA Weapons.
Have 2016 BassCat Jaguar Bassboat, buy a new one every 3 years with cash.
Have a 2018 Manitou X-plode XT RFXW with Twin Mercury 400r XL Outboard motor Tritoon 27 foot long does 70mph
Have a High End Watch collection..over 200 watches total

I am living large.

Can we hang out?

 

[Future]

Gull Lake, huh? I mean, it’s no Lake of the Woods

Settle down junior !

 

[FrigidFTSup]

Settle down junior !

 

[Maple Grove MN Driver]

Gull Lake, huh? I mean, it’s no Lake of the Woods

All the Money is on Gull.
Lake of the Woods is a cess pool

 

[UpstateNYUPSer(Ret)]

No, if I knew I have cash coming in for sure I would charge a credit card, buy more crypto and repay at the end of the month.

I would never use straight credit to buy crypto unless it was getting paid back at the end of the month.... that’s stupid.

No, draining your retirement fund to speculate on a risky investment is stupid.

 

[UpstateNYUPSer(Ret)]

Who do you like in the third at Belmont?

Big Brown - Wikipedia