[–] burns29 0 points 9 points (+9|-0) ago 

401K contributions are good up to the company match. If they match 5% and you are able to put in only 2% you are still getting a 2% raise before taxes because of the company match. The money grows tax free until you start to draw from it at 59 1/2. If you need to take out the money before retirement,you have to pay a 10% penalty and claim it as income for that year. If you take out the money for college tuition, medical expenses, or a house, there is no penalty. So if you are saving for a house or an emergency medical fund in your budget, put it in the 401k instead of paying income taxes on it right from the start. I am not a financial advisor, just a married home owner with a family with a 401K.

[–] RoundWheel 0 points 8 points (+8|-0) ago 

As much as they match.

[–] Pattern_Blind 0 points 4 points (+4|-0) ago  (edited ago)

^ This is good advice 90% of the time. You are talking to an Ant philosopher with money.

[–] slwsnowman40 0 points 2 points (+2|-0) ago 

Do you have 6 months of expenses in cash? Are you debt free? That's when you should focus on a 401k account or other retirement accounts.

[–] Pattern_Blind 0 points 1 points (+1|-0) ago  (edited ago)

^ This is an old wise one on the hill, listen to their words.

[–] slwsnowman40 0 points 0 points (+0|-0) ago 

No, I'm up to my waist in debt. I listen to Dave Ramsey, he's had millions and lost it and got it back.

[–] 13018377 0 points 1 points (+1|-0) ago 

Convert it to an LLC IRA and then invest it how you want.

[–] heretolearn 0 points 0 points (+0|-0) ago 

how do you do all that

[–] 13018540 0 points 3 points (+3|-0) ago  (edited ago)

You can just set it up your self if you know all the ins or outs of it but you can pay a firm like Perpetual Assets to set it up. Its sweet because you can do something like buy gold and store it in your basement for free as opposed to getting FAKE paper gold debt contracts. You can also do something like buy a piece of land with the money or crypto currencies or whatever you want and keep the tax status. Its fucking killer. https://www.perpetualassets.com/ira has this shit and other stuff.

[–] EvilSeagull 0 points 1 points (+1|-0) ago 

Go to Dave Ramsey's baby steps. He has a decent plan you can follow.

[–] Pattern_Blind 0 points 1 points (+1|-0) ago 

Pay off any high interest loans or Credit Cards first.

Next step start listening to the Clark Howard Show. His podcast will be like Personal Finance 101 to you. If you have an Apple phone click the Podcast Icon you never use, do a search for his show and upgrade yourself.


You are welcome.

[–] MrPim 0 points 1 points (+1|-0) ago 

I cashed mine in and got drunk for three years.

[–] Pattern_Blind 0 points 1 points (+1|-0) ago  (edited ago)

^ This is bad advice 90% of the time. Marijuana is much cheaper and lasts longer, could have wasted that 401K and paid rent/online gaming mmo/food electricity/water for 6 years, but this degenerate took the Grasshopper mentality to life.

[–] TheBuddha 0 points 1 points (+1|-0) ago 

6 months expenses and one immediate emergency stash remains in cash at the bank. The rest can be invested. 401k isn't your only option.

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