Should I Pull From My 401(k) To Buy A House?
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- Опубликовано: 8 сен 2022
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It's not that I disagree with the answer, but a one-time penalty of 35% is not at all like a 35% interest rate (which is paid every year until the money is paid back).
Yeah, we are completely debt free, we just have a 30K and 6K car loan 🤦♀️😅😅
Besides all the debt I have, I’m debt free!
I got a 401k loan for a house down payment. Didn’t realize the loan must be paid in full when you leave the employer. I had a job offer for over $15 more per hour than what I was making. Had to pay the loan off in full when I left that job. A lot of my former coworkers were “stuck” at that job because they were so in debt with multiple 401k loans. It’s not worth it. I know better now.
He has like 20 videos of people asking the same question, and I will click on it every single time lol
I can't stand fire works. I find it really disrespectful to be shooting them off in a neighborhood.
I think people are seeing car debt like a mortgage: its some big payment that you just have with you for years and years at a time and then the car gets old and you get a new one and continue paying for years and years. They don't consider it debt because its just going to be there for significant portions of your life.
Am I wrong by saying this……. Taking the money out of your 401k and paying the house outright, is not like financing it with 35% interest. You’re getting taxed that on your 401k money regardless, no matter if it’s today or in 20 years. I’m not saying it’s a good idea but Dave is wrong with that comment.
Since when is 30k an expensive car? Have you priced any new car in today's market? If you buy a 10k car it better come with a good mechanic.
They’ve got enough in 401k to buy a house. Why would you guess that they’re in their mid 20’s? Most 25 year olds are lucky if they’ve got $20k in 401k.
Dave: I'm guessing you're in your 20s.
"How old are you"?
I just paid off my house this morning.
Pay off both vehicles with your cash. Take the remaining cash and put down on new house and finance the rest and pay that mortgage as quickly as you can. Don't touch your retirement savings!
It’s not true what Dave said , Some employers allow 401k withdrawals up to 50k without penality. Also interest you pay is not to bank but yourself so you don’t really loose money. Also if you leave job it depends on 401k policy of employer many allow to carry loan as long as you are paying monthly minimum payments. It’s works pretty well in this scenario
I must have misunderstood something. I thought there was a way to make a one time withdraw on 401k without taxes and penalty if it's put toward mortgage.
Thank you Dave as always!
Disagree. I took a $15k 401k loan to buy a house in early2021, bought it
Man, people love car debt
I love when people call in, Dave asks them if they have any debt, they say no and then proceed to rattle off how much debt they have 😂