1. 04-11-20 09:50 PM #1
    gauchojake
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    How Many Of You Will Access Your 401K For A Bankroll?????

    Stimulus package allows for 100k loans and 100k withdrawals tax deferred for 3 years. Great way to build a bankroll and start Sports Investing
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  2. 04-11-20 09:51 PM #2
    Booya711
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    Tax deferred but what about the penalty?
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  3. 04-11-20 09:51 PM #3
    jjgold
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    I don’t even know that for people that have that stay away don’t touch it
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  4. 04-11-20 09:56 PM #4
    gauchojake
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    Quote Originally Posted by Booya711 View Post
    Tax deferred but what about the penalty?
    No penalty

    I think you need to pay back in 3 years to avoid the taxes on the w/d

    If you pay the taxes over the 3 years and pay back the w/d you will get a refund
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  5. 04-11-20 09:56 PM #5
    clockwise1965
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    Don't do it.
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  6. 04-11-20 09:58 PM #6
    gauchojake
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    Stock market will tank again. Take the money out and bet sims. Safer
    Nomination(s):
    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: El Nino
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  7. 04-11-20 10:12 PM #7
    jjgold
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    Pass
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  8. 04-11-20 10:13 PM #8
    pimike
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    Don’t do it!

    Country will open soon
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  9. 04-11-20 10:18 PM #9
    clockwise1965
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    Quote Originally Posted by pimike View Post
    Don’t do it!

    Country will open soon
    ^^^^ this...
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  10. 04-11-20 10:29 PM #10
    gauchojake
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    Quote Originally Posted by jjgold View Post
    Pass
    you actually need a 401k to do this. Public assistance and betpoints were left out of the legislation.
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  11. 04-11-20 10:32 PM #11
    TommieGunshot
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    My bankroll is all my assets. Asking if I will access my 401k for a bankroll is like asking if that sandwich is food or of it is lunch.

    I will always use it to do whatever I think has the most value. Sometimes that means funding a retirement account, other times it means paying off housing, and other times it means buying clothes, food, weed, and women. And still other times it means betting on State U -6.5. For obvious reasons, bets on sports are way down, so my bankroll is doing other things -- mostly just sitting there. Once sports start back up, then my bankroll will be spent getting as much action with as much value as possible. In both stocks and sport bets.
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    gauchojake gave TommieGunshot 2 Betpoint(s) for this post.

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  12. 04-12-20 06:12 AM #12
    pologq
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    i am not touching any of my retirement accounts unless i am desperate. the potential for disaster is too high with me blowing the money and not paying back in time.
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  13. 04-12-20 06:19 AM #13
    lonegambler23
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    Quote Originally Posted by TommieGunshot View Post
    My bankroll is all my assets. Asking if I will access my 401k for a bankroll is like asking if that sandwich is food or of it is lunch.

    I will always use it to do whatever I think has the most value. Sometimes that means funding a retirement account, other times it means paying off housing, and other times it means buying clothes, food, weed, and women. And still other times it means betting on State U -6.5. For obvious reasons, bets on sports are way down, so my bankroll is doing other things -- mostly just sitting there. Once sports start back up, then my bankroll will be spent getting as much action with as much value as possible. In both stocks and sport bets.
    lol your gonna be broke by the time its time to retire
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  14. 04-12-20 07:21 AM #14
    clockwise1965
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    Quote Originally Posted by gauchojake View Post
    you actually need a 401k to do this. Public assistance and betpoints were left out of the legislation.
    This is true. Banks don't accept betpoints.
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  15. 04-12-20 07:22 AM #15
    jjgold
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    interesting thread
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  16. 04-12-20 08:13 AM #16
    jose21_us
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    Worse time to take out money is now... Most accounts are down 20% this year...
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  17. 04-12-20 08:28 AM #17
    funnyb25
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    Lol
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  18. 04-12-20 08:44 AM #18
    jjgold
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    Someone post about the penalties are there any the first three years, are there any at all
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  19. 04-12-20 08:54 AM #19
    d2bets
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    Quote Originally Posted by jose21_us View Post
    Worse time to take out money is now... Most accounts are down 20% this year...
    3 weeks ago would have been worse. Its actually down now about 15% YTD. It was double that a few weeks ago.
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  20. 04-12-20 08:56 AM #20
    d2bets
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    Quote Originally Posted by jjgold View Post
    Someone post about the penalties are there any the first three years, are there any at all
    Nope. For someone who loses their job and has little 2020 income, it makes sense.
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  21. 04-12-20 09:15 AM #21
    pavyracer
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    Best time to take money out is now. The stock market will see new lows in November when coronavirus comes back and you can pay it back and buying the lows and make even more money.
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  22. 04-12-20 10:27 AM #22
    hubie69
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    Absolutely not. Not only is this a terrible idea any tine, it's especially bad now with the markets down.
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  23. 04-12-20 10:45 AM #23
    7deuceoff$uit
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    I took out a loan against my 401k to pay off gambling debt before. I did it shortly before my 401k took a dip so I think I might have saved $$.
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  24. 04-12-20 10:53 AM #24
    unlearn
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    My best guess is <5% of posters here have any sort of retirement plan
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  25. 04-12-20 10:58 AM #25
    mrpapageorgio
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    Quote Originally Posted by gauchojake View Post
    No penalty

    I think you need to pay back in 3 years to avoid the taxes on the w/d

    If you pay the taxes over the 3 years and pay back the w/d you will get a refund
    You can also pay the income tax on the w/d all at once (which would make since if you're withdrawing to replace your lost income so you expect to make less this year, but plan on having a job in the next tax year which would make it higher) or spread the tax bill out over 3 years.
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  26. 04-12-20 11:22 AM #26
    jjgold
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    Quote Originally Posted by pavyracer View Post
    Best time to take money out is now. The stock market will see new lows in November when coronavirus comes back and you can pay it back and buying the lows and make even more money.
    Paver always thinking
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  27. 04-12-20 11:25 AM #27
    Booya711
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    Quote Originally Posted by pavyracer View Post
    Best time to take money out is now. The stock market will see new lows in November when coronavirus comes back and you can pay it back and buying the lows and make even more money.
    when it comes back? it is not leaving....
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  28. 04-12-20 11:41 AM #28
    pavyracer
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    Quote Originally Posted by Booya711 View Post
    when it comes back? it is not leaving....
    I guess the best term was to say when it spikes up again.
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  29. 04-12-20 12:27 PM #29
    d2bets
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    Quote Originally Posted by hubie69 View Post
    Absolutely not. Not only is this a terrible idea any tine, it's especially bad now with the markets down.
    Markets are not down compared to 2-3 weeks ago. It's all relative and nobody knows where the markets go from here.
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  30. 04-12-20 12:37 PM #30
    SBR_Guest_Pro
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    dumbest idea ever
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  31. 04-12-20 04:16 PM #31
    jjgold
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    after we researched it more do not do it
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  32. 04-12-20 04:19 PM #32
    lonegambler23
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    Quote Originally Posted by gauchojake View Post
    you actually need a 401k to do this. Public assistance and betpoints were left out of the legislation.
    raking leaves gardening and mowing lawns only pays the bills!
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  33. 04-12-20 05:14 PM #33
    jjgold
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    We do not have any $$

    ALTHOUGH SBR RECOMMENDS NOT TO DO IT
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  34. 04-12-20 05:44 PM #34
    gauchojake
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    Quote Originally Posted by SBR_Guest_Pro View Post
    dumbest idea ever
    You live in the bay area right? What are rents for a 400 sq ft ADU going for?

    Here in LA the average cost of a garage conversion is ~100k
    Rent for a small ADU is around 2k per month
    Construction and design takes ~ 6 months so you have around 30 months of rent to pay back the disbursement without penalty
    If you just put the 60k in rent back and come up with another 40k in 3 years, you will have taken an interest free loan where the ROI is ridiculous. You get rental income and added equity to the house.

    I wouldn't take it out to gamble necessarily, but that seems like a no brainer.
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  35. 04-12-20 05:44 PM #35
    JIBBBY
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    You don't touch it!!!

    You hold out on the 401's and long term stock sell offs, if you need cash tap your Credittt Carrdds that are offering 0% APR for 12 months.. Many CCs companies are offering that right now.. I know I get those 0% offers almost every day in the mail with all my Carrds..

    You buy low not sell low with stocks right now in a down market.. Gut it out. Be patient!! Don't get tempted and panicked and begin selling now just because you are seeing big losses on paper..

    I'd say with your 401K retirement don't even think about it or look at the monthly statements, just forget you have it and check back in 2 or 3 years.. Probably be right back to where it was before Corona hit..
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