Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev | Next
Author: Crazylegs883 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5069  
Subject: Re: Condo down payment source (long) Date: 10/27/2003 12:46 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 7
Another point is that an IRA, once cashed out, cannot be reclaimed. You will have lost all opportunities for tax-deferred compounding. Any future contributions are subject to limitations ($3500?). Add in the the 10% penalty and you're really throwing away your hard-earned money. From his POV, it isn't his money, so why should he care? (Sorry if that sounds crass) I'd definitely look for alternate sources for the down payment.

Mark
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement