 What do you think the real reason is for high gas prices in the United States ? |
Gas stations are way to high, to travel you would have to think twice.
Gas here where I live is 2.79 ---2.93... |
|
 Do I have enough money to survive? |
| I am 34. I am still live with my mother. I don't have a girlfriend and will never have a girlfriend or get married. I have two jobs - one full time and one part time. I have saved about $150,000,... |
|
 IPhone money? |
| Okay, I got permission from my parents to get an iPhone, but they said that I have to save up for two years of service plus the iPhone before I get it, so overall thats about $1500. I have an ... |
|
 How I do stop debt collector calls from calling here at home? |
| A call from National Financial Systems, Inc. When I received a payment of $194.53 after my checking account from Chase closed. Me and my brother both receiving Supplemental Security Income (SSI) ... |
|
 How can I get my credit rating good again? |
| I was silly girl when thinking i would like a credit card i went online and thought i was shopping for a good deal when i applied for about 10-15 cards.. little did i realise this would affect me ... |
|
 How can i earn money when i'm younger than 15 year old? |
I need a part-time job in the north shore area in sydney but i am younger than 15.
I've tried newspaper delivery but it is really difficult and it is cheap pay...
I also ... |
|
 How do I make money real fast? |
| I am behind on my bills and need to make 800.00 dollars by the end of the month. Please help!!!!!!!!!!... |
|
 What should I do with my tax refund? |
| I am getting $3,500.00. I have $2,200 in credit card debt, and I make 20k a year. I live with my folks but want to move out by fall, hopefully. If I pay all my credit, I'm afraid I may rack it ... |
|
 Is there any way of cancelling your credit card accounts? |
| do I just call up the creditor and request for my account to be cancelled?... |
|
 How can a normal person get rich? |
| what actions do they take? how is it done?... |
|
 Mary checking account had a starting blance of 785.63 she wrote a check for 57.00 for groceries and a check? |
| for 125.00 for a car payment yesterday she deposited 57.25 in her checking account what is mary current balance?... |
|
 If your income is $100,000 a year, how much do you have left? |
If you earn $100,000 USD and you live in a $300,000 home, how much money do you make after paying all the bills, grocery, other items(PS3), tax, etc.?
You live by yourself and a dog.
... |
|
 How can i make 10 20 or whatever dollars right now. a scam or idea? |
| i need at least 10$. but i need it today or tomorow so i need a scam idea or something. theirs a tiny family owned gas station right up the road.... |
|
 Who is the UK's worst bank? |
| I nominate Lloyds TSB and the Royal Bank of Scotland in joint ... |
|
 How can I make money after Christmas shopping? |
I'm not old enough to get a work permit, so I can't work at a business, but I am dead broke after Xmas shopping. How can I make more money? (I am a teenager)
Additional Details
... |
|
 If you have reson to believe that a check you deposited into your bank account will bounce? |
| ya know a check you received from someone - if i transfer the money to another bank account -will they still be able to take the money back if it DOES bounce ? from the account i transferred it to ?S... |
|
 Debit cards? |
| does anyone know if they can be used on e bay.and where would i get a cheap once off payment debit ... |
|
|  |
fastdrver27 | I am thinking about taking a loan from my 401K, how bad is it? |
I have over 6k in my 401k right now and I want to take out a loan to do some things around my house (pay property taxes) and things like that. How bad is it to do this? |
 |
 
Pantera Rosa
 |
If you need a loan to pay taxes or do things around the house, then there is no better place to get a loan than your 401K account.
The deal is that it is YOUR money in the account so therefore you are taking out a loan from YOURSELF.
In addition, when you make monthly payments from your pay check, all the payment toward principal AND interest you are paying back to YOURSELF. It's the best deal around. |
|
Twinkie Thief
 |
you have to determine if the taxes on the 401k and the penalties are worth doing that....i will give you an example, say you pull out a net 1000, how much is needed above that to get your needed one thousand dollars....for taxes and such probably 200-300 to cover that, how much in penalties, guessing since i have no clue....so i will toss out another 200-300 for penalties(just a guess but if you follow the logic you will get the point i am coming to).....also factor in lost interest over the duration of the 401k......say 5 yrs, 10 yrs, etc....up to when you whould actually draw the money....only guessing when you retire....if your 401k matures lets say in 35 yrs, then i would use that figure for the 1000 plus dollars...(1400-1600) you withdraw to get a net $1000.....this is how much it would cost you to pull the $1000.........in lost interest
this figure that you finally occur at could be many thousands of dollars.....personally i would look for other ways to get the money, extra job, low interest loan (short term) gifted money from parents, spend less money, tighten the budget....
it may seem harmless to pull the money but factor in would you borrow $1000 for 5 years at 50% interest rate, probably not, yet i am speculating the money you pull from the 401K would net a loan rate that high or higher as an equivelent...... |
|
Anna, CA
 |
The more you borrow, the less money you have to potentially grow for your retirement. If you take out any of your retirement savings plan money for a loan, that money is not invested and, therefore, is missing a potential opportunity for growth. Leave your money untouched and you could be looking at a better retirement lifestyle or an earlier retirement.
If you leave your company, you may have to repay the outstanding balance immediately, or within a shortened period of time. If you don’t, the outstanding amount will be considered a distribution, which will be subject to ordinary income taxes, and possibly a 10% early withdrawal penalty if you’re younger than age 59½.
You may pay for the privilege of taking a loan – with initial and ongoing fees such as initial setup and annual loan maintenance fees (depending on your plan provisions).
If your loan is for a home purchase, your fees may be lower than those for a mortgage. But you may not be able to refinance if rates drop, and you won’t be able to take a mortgage interest deduction on your income taxes. (Those deductions are reserved for mortgages.)
If you default on your loan, the IRS considers the outstanding balance a distribution.The distribution is subject to ordinary income taxes, and possibly to a 10% early withdrawal penalty if you’re younger than age 59½. |
|
Mom of 2
|
Most 401k plans will allow you to borrow up to 50% of your balance. The interest that is charged is paid back to your account. If your investment isn't making as much as the interest being charged, then it would definately be a good idea as you would in effect be earning more by repaying the loan.
A loan can be taken for any reason, since you are going to repay it, a "hardship withdrawal" however you can only get for very specific reasons, have proof of the debt, and proof of no other avenue to get the amount to pay the debt, and you will get taxed on the amount of the distribution. |
|
marathonbdogg
|
I would avoid it, if possible. You're better off letting it grow in a tax-deferred account. Sure, the interest you pay goes back to yourself, but you can generally earn more interest in your 401(k) investment than you can on the loan interest. Also, one thing a lot of people don't realize is that if it's a traditional 401(k), you're getting double-taxed on a loan. How? You contribute money on a pre-tax basis, but you pay it back with after-tax dollars. When you take it out at retirement, you pay taxes on it again. |
|
TrentonQ
 |
Good luck, you can't touch it without severe penaltys.........This is why I have most of my investments in liquid assets. |
|
richkvegas
 |
One thing to consider is if you have an outstanding loan balance and you lose your job that loan becomes due in full rather quickly or else it turns into a distribution with a 10% penalty from the IRS plus income tax. OUCH. |
|
jackson
|
If it is to pay property taxes or things around the house...... thats fine. But you need to make sure you get the money back in by a certain time as to avoid paying taxes on it. |
|
Sara
 |
oh man, that sucks! THAT IS B>A>D!!!! |
|
rebecca m
|
i have no idea what a 401k is is it an american thing??? |
|
Starduster55
 |
The only way you can borrow from your 401K is for an emergency like medical, or for a down payment on a house or tuition for school. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
12 | 33 minutes(s) ago
| | | |
12 | 2 hour(s) ago
| | | |
12 | 4 hour(s) ago
| | | |
12 | 7 hour(s) ago
| | | |
12 | 10 hour(s) ago
| | | |
12 | 2 day(s) ago
| | | |
12 | 6 day(s) ago
| | | |
9 | 2 week(s) ago
| | | |
12 | 3 week(s) ago
| | | |
12 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
