Quit job, should I cash in my 401K?

[brendan_ryan]

This is a no brainer. ABSOLUTELY NOT!!!. Seems to me you have to to cut to bear bones. You have to eliminate all the "extras". Dining out, movies, travel, etc. Even go so far as to cut the cable/dish bill. Please don't tell me you have the 60" LCD tv, surround sound and the 30K car?!?!?!

 

[AlwayzRight]

This is a no brainer. ABSOLUTELY NOT!!!. Seems to me you have to to cut to bear bones. You have to eliminate all the "extras". Dining out, movies, travel, etc. Even go so far as to cut the cable/dish bill. Please don't tell me you have the 60" LCD tv, surround sound and the 30K car?!?!?!

no I do not .

 

[brendan_ryan]

Glad to hear that. It needs to become an obsession. My wife and I paid off 2 cars and our house in 3 years. We eliminated everything except the basics. There is no better feeling than being debt free. Good luck.

 

[WharfRat+]

I'm a Ron Paul guy who will be voting for Obama.

And put me in the 'don't cash it in' camp.

 

[NES]

Hell yeah, take that shit out and use it to post up for football season dawg.

 

[barman]

LOL at NES.....But only if you go to gulpbetternotsayit.com for your post up.

SERIOUSLY...I agree with one of the early Replies in this thread.

"From the little acorn grows the mighty oak."

Roll that $13K over into a fresh 401K and let it keep building.

At even 10% a year, you're looking at $3-5K in next three years and that's before your new job income is calculated.


My wife and I are in mid 40s and have a 401K that we started in 2003 and it's now over $30K. I only WISH we had been smart enough to start it five years earlier when we first started pooling our incomes as unmarried couple.

Bang that CC debt down by taking an extra job for 8-12 hours a week for one year. And watch as at the same time, your 401K grows.