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Author: USconcrete Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75336  
Subject: Re: Company SOLD!! - My 401K !!? Date: 4/3/2007 8:24 PM
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Wow!
(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.
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