Thank you cares act!!!! 401k is mine

[IVE GOTTA PACKAGE 4U]

I'm not going to get into details. But there are hidden fees that are being taken out.

They're clearly shown under statement
If you think 40 or 50 cents a month for every $100,000 is too much of a fee then you should check out some other firms

 

[burrheadd]

I'm not going to get into details. But there are hidden fees that are being taken out.

 

[burrheadd]

I'm not going to get into details. But there are hidden fees that are being taken out.

tell us about the details

this oughta be good

 

[Ou812fu]

They're clearly shown under statement
If you think 40 or 50 cents a month for every $100,000 is too much of a fee then you should check out some other firms

Tell me why I had the same amount of money in both the management side and hourly side. In the same fund. And the only one that has increased is the management one. So explain that please.?

 

[IVE GOTTA PACKAGE 4U]

Tell me why I had the same amount of money in both the management side and hourly side. In the same fund. And the only one that has increased is the management one. So explain that please.?

Maybe they are trying to get you back into management?

 

[ManInBrown]

Tell me why I had the same amount of money in both the management side and hourly side. In the same fund. And the only one that has increased is the management one. So explain that please.?

So someone is stealing hourlies money from the fund? Lmao

 

[Overpaid Union Thug]

Get maybe 50k from 401k and invest somewhere else to gain profit. Then use profits for taxes owed over 3 years? Since the window closes Dec 31. Probably once in lifetime opportunity.

Can you guarantee what the market will do over next 3 years?
It's not called retirement savings plan for nothing

If someone withdrew 50,000 of their non-Roth contributions the taxes would be substantial. Well, based on my tax bracket anyway. I’m thinking it is not worth the gamble. It would take quite a bit to make a hefty profit on that. Let alone recoup it. It doesn’t take much for the stock market to drop like a sack of rocks. An election, virus, hurricane/gas prices, etc.

Being able to have control over my money, or more specifically, having immediate access to it, sounds really nice. But, it’s just not worth the risk for me. I don’t have the time, patience, or knowledge of investing to take such a risk. It did sound really good at first but it’s kind of like the idea of borrowing from your 401(k). First it sounds very enticing. But once you figure out that, unless you pay your self back according to the market gains during that time, you are missing out on what makes a 401(k) a retirement plan work.

 

[IVE GOTTA PACKAGE 4U]

If someone withdrew 50,000 of their non-Roth contributions the taxes would be substantial. Well, based on my tax bracket anyway. I’m thinking it is not worth the gamble. It would take quite a bit to make a hefty profit on that. Let alone recoup it. It doesn’t take much for the stock market to drop like a sack of rocks. An election, virus, hurricane/gas prices, etc.

Being able to have control over my money, or more specifically, having immediate access to it, sounds really nice. But, it’s just not worth the risk for me. I don’t have the time, patience, or knowledge of investing to take such a risk. It did sound really good at first but it’s kind of like the idea of borrowing from your 401(k). First it sounds very enticing. But once you figure out that, unless you pay your self back according to the market gains during that time, you are missing out on what makes a 401(k) a retirement plan work.

what would have happened if you pulled out in the middle of March and have not invested that money yet?

 

[IVE GOTTA PACKAGE 4U]

So someone is stealing hourlies money from the fund? Lmao

I'm filing a grievance

 

[freehoodies]

A war or an invasion HARDLY..... all it takes is one terrorist attack on the USA. Not only will you loose 20-40% over a short span, but depending on the type of attack we could be under martial law and on lock down for who knows how long. We already were conditioned to accept lock downs for perceived safety. That’s done. Lots of people want the nation guard to come in their city and make them safe from the soy boy antifa cuckservatives. That’s done too. It’s all in place fren. The conditioning has been completed and is an absolute success. People are literally gestapo-ing their neighbors for party’s. Everybody should have a boomer rock stash and a decent amount of cash.

“hurr durrr is society collapses paper money and pms won’t be worth anything, you can’t eat them or shoot them”. Every modern society has had a defacto monitory system. Americans cannot barter because we are retarted, and we already have been conditioned to value a green piece of cloth, that doesn’t go away over night. Rock that shines goes back too.

I don’t have kids, we are not going to have kids, and If I did I would not be concerned about leaving them money. I started from 0 and made it.

Not everybody wants to ball out when they are 57, and possibly dead. I don’t have children. My wife makes good money as do I. We have lots of valuable assets, a large crypto account, and half a year of liquid monies. I’m not worried about loosing everything right now. I’m still young.

It’s amazing so see how the average person low key seeths when somebody doesn’t want to take the normal conservative path to life.

“I hope it works out for you”
“I wouldn’t do that”

good for you, I don’t care if I loose it all.

Ups is just a job, if your smart, money comes and goes. Being financial conservative results in mediocrity. Mediocrity is not for me, that’s cool if it’s for you.

Thats easy for you to say because you don't have children. You have no skin in the game. There are alot of people who think like that, they are all downtown LV at a ty slot machine. With a large enough sample size one or two of them will win big.

Should a man with a sick wife and 3 kids go to the casino and put it all on red?

a guy with 2 kids and a healthy wife shouldn't do that. He has responsibilities.

You are like a 40 year old spinster trying to convince a married woman that ing strangers from the local bar is actually better.

 

[Overpaid Union Thug]

what would have happened if you pulled out in the middle of March and have not invested that money yet?

I’d feel like a clown that got beat up by his audience.....in a retirement home.

 

[IVE GOTTA PACKAGE 4U]

Pa

I’d feel like a clown that got beat up by his audience.....in a retirement home.

Part time supervisor?

 

[Overpaid Union Thug]

Pa

Part time supervisor?

Or a sales rep.

 

[Over70irregs]

Anytime you have a prolonged bull market a lot of get rich quick schemes start popping up. Remember Day Trading?

With no charge brokerages and a lot of time on hand. Plenty of day traders made a lot of $.

 

[Over70irregs]

Tell me why I had the same amount of money in both the management side and hourly side. In the same fund. And the only one that has increased is the management one. So explain that please.?

union dues. Lol. Couldn’t resist.

 

[Ou812fu]

union dues. Lol. Couldn’t resist.

Exactly.

 

[Ou812fu]

Maybe they are trying to get you back into management?

Lmao. I just pissed myself. Thanks for the laugh.

 

[CoffeeStainedUniform]

I also took a pretty big chunk of mine, but here’s what I’m wondering. Technically the Cares Act allows you to access your 401K penalty free, if you've been Affected by Covid. Come tax time, is the IRS going to require proof that you or I were affected? We’re still employed. I paid 15% off the top for taxes so I’m not worried about that.

If you change your mind, you can put it back in. You do you, but I like tax free compounded growth.

You're bottleneck in those tax advantaged accounts is your yearly deposit limits. 19.5k isn't very much so why waste that opportunity?

FWIW: I have a custodial account and an IRA with Schwab that I manage. A qualifiable TIAA 457 for bridge retirement, and a maxed out Roth 401k.

 

[Faceplanted]

I think this right here sums things up pretty well.



I'm a crypto investor, and have been since 2016. And this is some of the most asinine advice I've ever heard.
Stablecoins?
Lol.

First off, platform risk. Let's say you invest in USDC. Any potential future ERC20 security flaws will take your holdings down to zero.

Then you have ports of entry to factor in. You can spend stablecoins in even far fewer places than the "big 3" of crypto. So you have to trust an exchange when you want to exit your position for other assets. And if you don't trust banks, but do trust anonymous KYC absent exchanges based in overseas countries, you're a maroon.

Finally you have to consider the method of keeping the stablecoin pegged. I know that some stablecoins have had a lot of issues with this in the past. I used to trade on Bitshares quite a bit. They had a devil of a time keeping their stables pegged to a dollar. So if something actually volatile happens in the world, that peg may end up meaning absolutely zero.

I'm not saying I put a lot of trust in the banks.
But if you put all your trust in crypto, you'll end up just as burned, or worse.

You’ve been investing in crypto since 2016 and still don’t understand the basics. You sound like one of those “what if they hack Bitcoin” people This is what I’m saying here. You don’t put your trust in an exchange. There are numerous exit points out of crypto, on top of that, places like ampx sell gold and silver for btc. ETH network is more secure than any legacy network, this is literally the point of blockchain. Let’s look at these 2 option.

1. Hold 120k in a Bank of America account
2. Hold 120k worth of dai token In a cold wallet where you have actual possession of your private keys

I would choose option 2 any day. i am saying option 2 is better because you are not depending on 1 single failure point (your bank). People have had issues trying to make large withdraws or even gaining access to their safe deposit boxes during the lock down. Appointments had to be made and banks were not running at full capacity. I would much rather have access to all of my money, and not depend on a bank

numerous governments around the world at one time or another have limited bank withdraws, actually taken portions of people’s accounts away, frozen peoples accounts due to “suspicious activity” changed policy and put large taxes on withdraws. These things have happened and will happen again.

it’s not far fetch at all to think that very soon, depending on witch group is in power, a donation from your bank account to a group like blm or an alt right group can result in your account being frozen and the funds seized Pending investigation for terrorism.

this cannot he done to your crypto on a hardware wallet.

you’ve been in crypto since 2016 and I guarantee you are a disgusting Nolinker.

 

[BadIdeaGuy]

You’ve been investing in crypto since 2016 and still don’t understand the basics. This is what I’m saying here. You don’t put your trust in an exchange. There are numerous exit points out of crypto, not on that lots of places like ampx sell gold and silver for btc, on top of that the ETH network is more secure than any legacy network. Let’s look at these 2 option.

1. Hold 120k in a Bank of America account
2. Hold 120k worth of dai token In a cold wallet where you have actual possession of your private keys

I would choose option 2 any day. i am saying option 2 is better because you are not depending on 1 single failure point (your bank). People have had issues trying to make large withdraws or even gaining access to their safe deposit boxes during the look down. Appointments had to be made and banks were not running at full capacity. I would much rather have access to all of my money, and not depend on a bank

you’ve been in crypto since 2016 and I guarantee you are a disgusting Nolinker.

Okay.

Let's sort through this. (I'm going to do so without resorting to personal attacks. Hope that's OK with you.)

ETH is more secure than any legacy network? Lol. What?
Were you here for the DAO hack?
No. No Ethereum has a LOT of issues. As someone who can program in Solidity, I can tell you that the security boils down to the programmers, rather than the blockchain. There are SO many pitfalls you can run into. Just because no one has found an ERC20 flaw, doesn't mean it is secure. It is still massively obscure to most hackers.


Second, 120k in a BoA account is FAR more safe and secure than DAI. Hands down, just because of the mechanics.

Have you read the MakerDAO whitepaper?

The vault makers have priority over DAI holders, meaning that in any sort of emergency shutdown situation, the USD soft peg goes away completely. Hodlers are going to get hurt.

If collateral prices keep falling after the reference prices are frozen, doesn’t that mean people redeeming Dai and closing-out Vaults may experience a haircut?

Yes, it is possible for users to get less than a dollar worth of collateral for their Dai. Vault owners are able to immediately redeem their excess collateral and are less likely to experience a haircut. Dai holders are subject to the volatility of the underlying collateral portfolio after Emergency Shutdown is triggered.

So one black swan event for Ethereum, and y'all are in trouble. Massive trouble. DAI is only as stable as the Ethereum or other tokens used to create it.

I believe in cryptocurrencies. I just don't think it is at all fair to treat all crypto like it is the God given answer to everything. It isn't.