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theesotericone

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Fredo Baggins
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I mean it's damned near going to clean out my 401k, but it'll leave me about 20k. It was never that high to begin with because I didn't contribute for 5 years. It'll clear all but about 3k of debt if I account for the 10% early penalty.

I'd say it's worth doing as long as you max both your 401K and a ROTH or TRAD IRA every year from here on out.
 

4runner DOA

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I'd say it's worth doing as long as you max both your 401K and a ROTH or TRAD IRA every year from here on out.

Yeah I think I'm gonna do it. Besides my current debt, I need to look at the future for my son. His eyes are getting worse. I've got him set up for a retinal specialist and I'm pretty sure there's going to be surgeries coming up for him within the next year or two. It'll give me time to save for deductibles.
 

Mike_taco4x4

Overlandbound #23345
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Debating cleaning out a big chunk of my 401k from the last job to clear up some major medical debt, leftover credit card debt from the past few years, and generally starting over. I'll be 42 next month, so 24 years until realistic retirement.

Pros:

I have a new company 401k that matches 50% up to 8% that I'm going to max out if I do this, and probably just push to 10%. Last company only paid 50% to 6% and I was barely at 8% when I got laid off. It would have been higher but I had lawyers to pay for so I stopped contributing for like 5 years and was working my way back up.

I'll save 650/month just on medical bills that can go into my Roth account until it maxes out for the year then I can go into savings. As it stands I'm looking at 4 years of payments to pay off medical. That's 4 years of not making money off interest/dividends.

I'll save 500/month on credit card debt. Lawyers, emergency repairs, etc added up more than I would have liked and being laid off/taking a pay cut put me back on getting things paid off.

My credit score will sky rocket (I'm already at 745, but clearing the credit cards should shoot me above 800)

Cons:

Taxable income. It's going to shoot me way over 6 figures for the year.

10% early withdrawal penalty. 20% fed and 10% state are taken out from the top before I even get the money.

Destroying my biggest piece of savings I have in my portfolio.

-----

So do I pay off everything now and start rebuilding my retirement/savings debt free, or keep spending the money to pay shit off. I'm still dealing with lawyer/child custody shit, and have money put away for the current situation, but I have no idea how much more that's going to draw out over the next 6 years either. I'm thinking I'd rather squirrel away as much as I can now vs paying off shit that I made bad decisions over in the past few years.
I withdrew my 401k without penalty under the cares act for thsi covid shit. I qualified cause I had a paycut for a cluple months. Ask your 401k people about it.
 

Mike_taco4x4

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Yeah I think I'm gonna do it. Besides my current debt, I need to look at the future for my son. His eyes are getting worse. I've got him set up for a retinal specialist and I'm pretty sure there's going to be surgeries coming up for him within the next year or two. It'll give me time to save for deductibles.
My brother got laser surgery on his eyes. No more glasses. Pretty sure he paid a lot for it. That shits scary to me
 

4runner DOA

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My brother got laser surgery on his eyes. No more glasses. Pretty sure he paid a lot for it. That shits scary to me

Robbie's eyes are fucked. He's been at risk of retinal detachment since he was 5. Gonna be 12 in May and they've only gotten worse. Best case scenario we can keep him from going blind. :sad:
 

4runner DOA

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I withdrew my 401k without penalty under the cares act for thsi covid shit. I qualified cause I had a paycut for a cluple months. Ask your 401k people about it.

I already initiated it. I'll talk to a tax person next year. Worst case I have to pay the extra 10% early withdrawal, best case I get to keep that amount in my account.
 

AssBurns

will wheel for beer
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Wow BTC is taking a nice hit this morning. Hoping we get back under $30k so I can start picking up some of my limit orders I have set. Grabbed some at $31k this morning, but still hoping it dips a bit before it picks back up.
 

Mike_taco4x4

Overlandbound #23345
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Putting 1k on FUBO yesterday is looking awesome right now. Wish I put more. If that company grows it could be huge. The streaming service battle is gonna be fuckin war this year. So much competition
 

theesotericone

Build It Beat It Break It. Repeat
Fredo Baggins
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Wow BTC is taking a nice hit this morning. Hoping we get back under $30k so I can start picking up some of my limit orders I have set. Grabbed some at $31k this morning, but still hoping it dips a bit before it picks back up.

Oh, it's gonna go down. Way down. I was so sure of it that I picked up RIOT puts 8 days ago. It always falls hard after an ATH. I was down 75% on those puts until today. Their at break even right now and will print me much money tomorrow. Be careful. It can easily fall to 15K. What's left for resistance is 30K(broken once), 24.5K and 19K. If it breaks down I'm going to be rich bitch. lol
 

AssBurns

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Oh, it's gonna go down. Way down. I was so sure of it that I picked up RIOT puts 8 days ago. It always falls hard after an ATH. I was down 75% on those puts until today. Their at break even right now and will print me much money tomorrow. Be careful. It can easily fall to 15K. What's left for resistance is 30K(broken once), 24.5K and 19K. If it breaks down I'm going to be rich bitch. lol
Good to know. Maybe I'll back off on things for now. I've only got $1k into it at the moment so I'll back off for a bit.
 

theesotericone

Build It Beat It Break It. Repeat
Fredo Baggins
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Good to know. Maybe I'll back off on things for now. I've only got $1k into it at the moment so I'll back off for a bit.

It's hard to predict BTC but all equities tend to follow one charting rule. If a gap forms in the chart the stock will eventually return to fill that gap. BTC futures gapped from 24500 to 26500 on about the 18th of Dec. Then it took the fuck off. It will try and fill that gap. If it drops below 25000 I'd fell pretty comfortable getting in.

ovAKkS0h.png
 

AssBurns

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It's hard to predict BTC but all equities tend to follow one charting rule. If a gap forms in the chart the stock will eventually return to fill that gap. BTC futures gapped from 24500 to 26500 on about the 18th of Dec. Then it took the fuck off. It will try and fill that gap. If it drops below 25000 I'd fell pretty comfortable getting in.

ovAKkS0h.png
What causes the gap? Just a huge jump is people wanting to buy in at a higher price overnight?
 

theesotericone

Build It Beat It Break It. Repeat
Fredo Baggins
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What causes the gap? Just a huge jump is people wanting to buy in at a higher price overnight?

A gap up is formed when there's not a lot of shares available to trade but there's a lot of buyers in the queue. That drives the price up super fast. Once more shares come available they are snapped up at the new asking price. Then it continues up from there. A gap down is the opposite.
 

Mike_taco4x4

Overlandbound #23345
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Looks like GME is up finally. When are you guys expecting to sell?
Its a complicated stock right now. Its a game of beating out short sellers. You could see a quick spike or it could build up over next couple months.Thats my understanding of it right now. The info on short interest hasnt been updated in a while. Everybodies banking on a squeeze but who knows. I got in at $36.
 
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