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Author: Smurfette823 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75611  
Subject: Newbie IRA question Date: 12/31/2004 3:24 PM
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Hi all,

I have a very little IRA I started a year or two ago that has $302. I also have in the neighborhood of $20,000 of debt (credit cards and car loan). I'm wondering if I should withdraw the money and take the penalty to start my mini e-fund and snowball payments.

I am contributing 6% to my 401k, taking full advantage of the employer matching (50% up to 6)... my 401k has a few thousand dollars in in already and I'm just coming up on a year with my employer. I am surprised how fast it has grown, and the $300 IRA now seems very small.

What do you think I should do?

Thanks for your help,
Smurfette

PS - I'm a young and single (no dependents or partner), if that makes a difference.
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