Should I max my 401K contributions?

[Sad Bunny]

I dunno breh just as a rule I wouldn't do it unless you're looking at some crazy interest rate on your CC.

i am not gonna do it

i can knock off these little ass cards in no time

i owe 300 on two of them and 350 on one of them

 

[Maddmike]

i am not gonna do it

i can knock off these little ass cards in no time

i owe 300 on two of them and 350 on one of them

Hell no breh, don't touch that shyt.

I did they same thing once but to a annuity 8 years ago and got major fees. I regret it.

And 950 bucks aint debt bruh. I got friends 40gs in the hole on credit cards.

I only have a TSP for my daughter, because I know I wont live to retirement age. To me that makes it worth it.

 

[R.E.N. Spells Ren]

Yeah, its a retirement account in title perse, but at the end of the day its your money and it takes an act of congress to get access to your 401k money before said age of 59.5 and that is a bunch of BS

You don't need an act of congress, you just gotta pay a penalty. This is true of any long term investment.

Invest in real estate, then if something happens and you NEED that capital, then you have to divest and take that hit. Difference with this is you know for certain the maturity time and penalties for divesting early. Given that information, it's up to you to assess your own situation to decide what to invest.

Given the tax benefit and the employer match it usually makes sense to make some contributions.

 

[Stuntone]

Rule #1 in investing. Buy low, sell high.

The main problem, with 401ks you can't sell at all.

The second problem, your plan only allows you to select from a dozen options if that, when there's millions of other options in the market . The plan manager gets a lot of kick backs from these few options.

 

[BlvdBrawler]

The main problem, with 401ks you can't sell at all.

Jesus Christ breh just stop.

 

[Stuntone]

I will say, if you do acquire around 50k+. You should definitely cash out and start over. Take that 60k and invest in something else. You have to be a complete idiot to leave your money in any volatile market for 30-40 years straight. Most of us are around 25-35. You're going to let certified crooks hold and gamble with your money for til your 65?

You have to crash out and start over. It's like walking out of the casino up 60k, putting that 60k and the bank. And then going back to the casino. Never stay in the casino.

 

[BlvdBrawler]

I will say, if you do acquire around 50k+. You should definitely cash out and start over. Take that 60k and invest in something else. You have to be a complete idiot to leave your money in any volatile market for 30-40 years straight. Most of us are around 25-35. You're going to let certified crooks hold and gamble with your money for til your 65?

You have to crash out and start over. It's like walking out of the casino up 60k, putting that 60k and the bank. And then going back to the casino. Never stay in the casino.

Goddamn dude.

To everyone reading this, do the *exact* opposite of this.

 

[-G$-]

I will say, if you do acquire around 50k+. You should definitely cash out and start over. Take that 60k and invest in something else. You have to be a complete idiot to leave your money in any volatile market for 30-40 years straight. Most of us are around 25-35. You're going to let certified crooks hold and gamble with your money for til your 65?

You have to crash out and start over. It's like walking out of the casino up 60k, putting that 60k and the bank. And then going back to the casino. Never stay in the casino.

you've posted a lot of asinine things about 401ks but this post takes the cake.




i'll just chalk it up to you @ this point.

 

[Sad Bunny]

if my company matches at 5%, should i only put that toward it?

or go higher?

 

[Marciano]

Good to see there are some folks who know about their 401k or Roth IRA & are investing....maybe our generation won't be so doomed after all lol

 

[PewPew]

I will say, if you do acquire around 50k+. You should definitely cash out and start over. Take that 60k and invest in something else. You have to be a complete idiot to leave your money in any volatile market for 30-40 years straight. Most of us are around 25-35. You're going to let certified crooks hold and gamble with your money for til your 65?

You have to crash out and start over. It's like walking out of the casino up 60k, putting that 60k and the bank. And then going back to the casino. Never stay in the casino.

Ok I'll bite. How are you saving for retirement? And how is it better than a 401K?

 

[BlvdBrawler]

Ok I'll bite. How are you saving for retirement? And how is it better than a 401K?

I've asked him that before. His answer is gonna make you .

 

[Field Marshall Bradley]

at the awful financial advice in this thread. Lemme do what I can to mitigate the damage...



It's a retirement account, breh. You don't put money in there that you're going to need sooner rather than later. That's investing 101. Stocks, bonds, commodities and rental property are all double-taxed (but double-taxed in a real way). First you pay the tax on the income you use to purchase those assets, then you pay tax on the gains. There's no way around paying taxes, it's funny that dudes point to 401(k) as a tax scam somehow, but in reality that money is GROWING tax free for 30 years. That sounds fukking great to me, but do you.

Dat lost value!!!



Again, why would I pull money out of a retirement account? Maybe YOU would do that, but I sure wouldn't unless it was life-or-death, and even in *that* scenario, isn't it better to have that 401(k) to draw from rather than not?



And that impacted ONLY 401(k) accounts, or did that impact anybody with any type of investment account like the stocks and bonds you mentioned above?



If the dollar tanks, you're gonna have bigger problems than what happened to your 401(k). And yes you name a beneficiary to receive the benefits of your account if you die before you withdraw it.



Negative. Pay yourself FIRST. Gotta get started on that "time value of money" wealth.

If the pay aint liquid, you aint paying yourself.

 

[BlvdBrawler]

If the pay aint liquid, you aint paying yourself.

Exactly.

 

[The Nigerian]

Ok I'll bite. How are you saving for retirement? And how is it better than a 401K?

Invest in assets… like rental properties and businesses.