For all of you guys who are homeowners or newly owned

[23]

Quote: Originally Posted by mjb2124

I don't mean to pry, but I sure hope you aren't dipping into your 401k to pay off things? Or did I read that wrong. I've known people who have done it (co-worker dipped into his to put a down payment on his house), but he had to pay a nice bit in taxes on the money he took out. Plus, it's often not a good idea to take money out of a retirement fund.

Nah, I did to pay off some bills that pretty much would position us to be able to try for a home like right now

Ours allows us to borrow at least half of what we put in unpenalized then we pay it back to ourselves within the amount of time we want to

They match us 75c on the dollar, its a really good one

[fistofrage]

Quote: Originally Posted by 23

Nah, I did to pay off some bills that pretty much would position us to be able to try for a home like right now Ours allows us to borrow at least half of what we put in unpenalized then we pay it back to ourselves within the amount of time we want to They match us 75c on the dollar, its a really good one

75 cents on the $ up to 15%? Tha's awesome. Hopefully you contribute the max.

[bigeastbumrush]

Quote: Originally Posted by 23

Nah, I did to pay off some bills that pretty much would position us to be able to try for a home like right now Ours allows us to borrow at least half of what we put in unpenalized then we pay it back to ourselves within the amount of time we want to They match us 75c on the dollar, its a really good one

I, like the other poster, was thinking you were about to get hit with a 30% tax from early withdrawal...but didn't want to pry.

Great company. Wow.

[23]

OHhh I see

No im fully vested so I have no penalty issues at all

I just took out a little bit to pay some bills off that I needed off my credit, but it was all within the rules and available to me

fistofrage...not the max, thats another story, but it has built up a bit over the years as you can imagine.. just so happened I didnt know and went conservative the first few years but then the market crashed and everyone who went aggressive was losing money while my little teeny weenie amount stayed steady, but I did end up changing it later

Everything has a story, but yeah, the 401k is just fine

[mjb2124]

Quote: Originally Posted by 23

Nah, I did to pay off some bills that pretty much would position us to be able to try for a home like right now Ours allows us to borrow at least half of what we put in unpenalized then we pay it back to ourselves within the amount of time we want to They match us 75c on the dollar, its a really good one

Ahhh...nice. I actually have never heard of anyone doing that before - outside of the co-worker I worked with who got hit with penalties.

My company matches $1 per $1 up to 6% of salary and we're vested from day 1. It's pretty nice even though the economy is crap right now and I lost some money last quarter. My Roth IRA's are even worse...I lost a lot last quarter. Can't wait until the economy turns around and investments are back to being worth something. I hate looking at my statements nowadays.

[23]

I get the courage to look at mine every blue moon lol


beyond that, its almost like its not there if you know what i mean

what i mean is, what goes in, I act like I dont have it, so I dont touch it, dont think about it, so its money im paying to myself

Best part about borrowing from your 401k is, whatever larger amount you're payin back to yourself, they match that amount as well... its a win win

That dollar for dollar thing is awesome!

I just wish my salary was much better, but combined with my wife, we're no different than any other average couple in the world I guess...either way im not complaining, I've been blessed

I remember the days of getting 800 bucks every two weeks taking care of everything, rent, carn note, food, family and have no idea how i made it but i did

[bigeastbumrush]

Same here.

The more you make; the more you spend.

It's all about lifestyle.

[23]

Yep pretty much..and while I might want something big once or twice a year, I dont do it always, so I think I'd be ok...just want the mortgage to be affordable

jumping from rent to that is a scary thought...but i wont worry too much