No. of Recommendations: 3
(Long pause....)
I mean W O W!
OKay okay okay!! I won't smote the 401k! :-) All good advice, some even chewing me out for having debt, which I probebly deserve. (Much of what you don't know, is that I was not blowing money to live outside of my means. However, divorce can be a costly life changing event too!)

Back on track. The debt comes up to only about $13000.00 ( I say only, because that seems small to the size of my 401k ) I have been dedicated to not spending more then I take in, and I have been working this down month after month, year after year. Right now, about $6500.00 of it is all on one card. A Capitol One card that I have 0% interest from a balance transfer. That is the largest of the debt, and it's coming down fast with monthly $250.00 payments. Many of you may not realize the nature of the concrete business, either. (Some of you may) It is cyclical, to say the least. 9 good months, followed by 3 bad. Really bad. "Make hay whilst the sun doth shine" planning for it is always easier said then done. But I try ...
I (we) did cave into taking on more debt about a year ago. Home improvment. ($4k) Some of it neccessary, (repairs) the other although cosmetic, boosts my homes value. So you know that I am not a total boob.
I see the tax/penalty hit is wayyyy to much to put any of this other debt down. Due dillegence, working to pay it all off, is going to be the only way out. I really liked the one comment that paying off debt by robbing my 401k, was not paying it off, but rather shifting my balance sheet around. As I said, all good advice. Thank You Thank You for not letting me become a true...Fool.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.