Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: John34 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 25277  
Subject: Re: should I or should I not?? Date: 1/5/2000 8:02 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
I fell into the trap of taking out a loan with my 401K to pay off bills... The best advice, don't. I ended up paying of the bills, have a 401K loan and then ended up racking up more bills. Meanwhile, I lost great returns on my money if I just left it there.

I now find that what I take home in money is generally my expense. So, I suggest pay yourself first by investing at the maximum for your 401K, put money away for unseen problems, save for college, etc. then what ever is left have fun... It takes discipline but once you have paid off the car without touching your 401K, you will be happy you did. Also you will have found money, becuase now the money you were paying for the truck, now can be used somewhere else.

good luck,
j
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | 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."
Post of the Day:
Value Hounds

Considerable Headwinds for Profire Energy?
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