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South Carolina BS thread under new MANAGEMENT and lives in SC

Discussion in 'South East' started by ahspurlock, Jan 18, 2016.

Page 1989 of 8432
  1. Sep 12, 2016 at 9:21 AM
    #39761
    SC2SC

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    SC2SC Likes Pineapple on Pizza

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    I google on it.

    Fed takes about 20 percent in penalties and fees. It would take years to get back to where you were, let alone get ahead. Would you like to pay the fed taxes for a loan- i mean to use tour own money?? Never do a 401k loan. Get debt free and live cheaply.

    Read on this stuff. It could give you a whole new perspective on anything you "need" to buy.
     
    SC2SC, Sep 12, 2016
    #39761
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  2. Sep 12, 2016 at 9:23 AM
    #39762
    jpneely

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    jpneely Well-Known Member

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    got any sites you read up on regularly or just randomly google stuff?
     
    jpneely, Sep 12, 2016
    #39762
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  3. Sep 12, 2016 at 9:27 AM
    #39763
    Acerwin

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    Acerwin The unNORM NORM

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    Even if you pay it back on time every month? This is all new news to me. I get stuff in the mail all the time trying to get me to take a loan out through my 401k I just throw them away
     
    Acerwin, Sep 12, 2016
    #39763
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  4. Sep 12, 2016 at 9:36 AM
    #39764
    SC2SC

    #39764
    SC2SC Likes Pineapple on Pizza

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    Bloomberg, morningstar, motley fool, usaa, dave ramsey are a few.
     
    SC2SC, Sep 12, 2016
    #39764
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  5. Sep 12, 2016 at 9:40 AM
    #39765
    Acerwin

    #39765
    Acerwin The unNORM NORM

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    So taking out a loan through 401k and paying it back on time is still bad? I ask because I got a buddy at work that took out one for $1500 about 4 months ago to help him get caught up on bills. I just would hate to see him fall back down in the hole like he is/was
     
    Acerwin, Sep 12, 2016
    #39765
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  6. Sep 12, 2016 at 9:44 AM
    #39766
    The_Hodge

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    The_Hodge Volunteer Moderator

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    Seeing the third gen section forced me to get a Ford...
    usually paid back on a low interest rate. you dont earn any more money off the amount that was loaned while the payments are still being made back.
     
    The_Hodge, Sep 12, 2016
    #39766
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  7. Sep 12, 2016 at 9:46 AM
    #39767
    Acerwin

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    Acerwin The unNORM NORM

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    Gotcha that's what I was thinking also.
     
    Acerwin, Sep 12, 2016
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  8. Sep 12, 2016 at 9:49 AM
    #39768
    SC2SC

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    SC2SC Likes Pineapple on Pizza

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    This. ^^^ and your friend will pay a penalty for withdrawal in his taxes.

    Doesnt sound weird to pay a penalty to the fed for using your own money, then pay finance charges for paying your self back??

    Do not do it. If you cant afford your 401k then pay all your debt off first. Spend very wisely.
     
    SC2SC, Sep 12, 2016
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  9. Sep 12, 2016 at 9:52 AM
    #39769
    The_Hodge

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    The_Hodge Volunteer Moderator

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    Seeing the third gen section forced me to get a Ford...
    i thought the taxes deal was only if you withdrew the 401k funds, not loaned?
     
    The_Hodge, Sep 12, 2016
    #39769
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  10. Sep 12, 2016 at 9:54 AM
    #39770
    EricL

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    EricL Tomahawk Chopper

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    I did this to buy a piece of land, and boy did that hurt. I'm still getting over the pain that caused to my retirement plans. Never again.

    Bloomberg is my goto, especially in the morning on XM. I don't really care for how liberal they are, but eh, I'm in it for the money. All of those are good reading, watching, and listening options.

    Add Seeking Alpha to that list. It's another good one.
     
    EricL, Sep 12, 2016
    #39770
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  11. Sep 12, 2016 at 9:54 AM
    #39771
    SC2SC

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    SC2SC Likes Pineapple on Pizza

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    Could be- I have never done it... Either way, a 401k loan is a sign of other finacial issues.
     
    SC2SC, Sep 12, 2016
    #39771
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  12. Sep 12, 2016 at 9:56 AM
    #39772
    SC2SC

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    SC2SC Likes Pineapple on Pizza

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    Amen, brother. :amen:
     
    SC2SC, Sep 12, 2016
    #39772
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  13. Sep 12, 2016 at 9:59 AM
    #39773
    EricL

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    EricL Tomahawk Chopper

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    Consider that if you ever go broke, you will always have a roof over your head! :rofl:
     
    EricL, Sep 12, 2016
    #39773
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  14. Sep 12, 2016 at 10:02 AM
    #39774
    Daria

    #39774
    Daria Can I pet your dog? Moderator

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    My mom is my tax lady, she said a loan shouldn't be taxed, but a distribution is most definitely taxed. Shes pulling her tax book to double check and see what the fine print says.

    But look at it this way, there is a small "interest" for borrowing, and the funds for paying the loan back are after tax. So its sort of double dipping.
     
    Daria, Sep 12, 2016
    #39774
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  15. Sep 12, 2016 at 10:07 AM
    #39775
    Acerwin

    #39775
    Acerwin The unNORM NORM

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    Nah not me. I would never mess around with my money for the future. To me that's crazy to loose money that you'll need later on in life
     
    Acerwin, Sep 12, 2016
    #39775
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  16. Sep 12, 2016 at 10:08 AM
    #39776
    SC2SC

    #39776
    SC2SC Likes Pineapple on Pizza

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    Unless the truck is repo'd- if you still owe money on it.:D
     
    SC2SC, Sep 12, 2016
    #39776
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  17. Sep 12, 2016 at 10:10 AM
    #39777
    SC2SC

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    SC2SC Likes Pineapple on Pizza

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    Bingo!
     
    SC2SC, Sep 12, 2016
    #39777
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  18. Sep 12, 2016 at 10:11 AM
    #39778
    SC2SC

    #39778
    SC2SC Likes Pineapple on Pizza

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    :facepalm:
     
    SC2SC, Sep 12, 2016
    #39778
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  19. Sep 12, 2016 at 10:11 AM
    #39779
    Daria

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    Daria Can I pet your dog? Moderator

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    This!

    As someone that deals with repos, anything attached to the truck becomes ours... :devil:
     
    Daria, Sep 12, 2016
    #39779
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  20. Sep 12, 2016 at 10:16 AM
    #39780
    Acerwin

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    Acerwin The unNORM NORM

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    Fuck I just called up 401k just to see what they say.
    • You can take out half of what's in your 401k (loan)
    • They take out of each pay check and you still get money towards your 401k as it takes out of your check every week also.
    • The going rate right now for a 401k loan is 3.7%
    • Won't get taxed during tax period


    I'm still fine without borrowing money from my future needs
     
    Acerwin, Sep 12, 2016
    #39780
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