Just cashed out the rest of my 401K to gamble bigger

[Brock Landers]

Can't believe you haven't offed yourself...

its just money

[No coincidences]

It's funny that you mention this: I have a 401(k) account, and not that I'm ready to pull the plug on the entire thing, but I'm starting to think it's an overrated practice to contribute as much as I do to it. Let's face it: since about '98, the stock market hasn't been the investment that we all believed it would be. I see what the Dow is today, but given inflation, I just view it as an inflated number more than anything else given the value of the dollar today and in the future. It's kind of like following a home run hitter's numbers during the steroid era.

I'm not going to cash it out, but I'm wondering if setting a decent % aside monthly for your 401(k) is something the government and in-the-box "experts" want you to do because it helps inflate the stock market and keep their own investments afloat. I understand the concept of compound interest, but that's assuming the economy is growing along with it, which it isn't. A regressing economy isn't going to put your 401(k) in the shape you think it will be in 5, 10 or 20 years down the road. I think you need to be more creative with your investments than blindly dumping money into an entity like this one.

[jarvol]

Unless you have absolutely no ability to save money and invest on your own you shouldn't contribute anymore to your 401k than is required to get your company's full match due to the few investments allowed in most 401ks and the inability to get short.

With that said, the OP needs to bet all that he cashed out on the Heat to win the series.

[No coincidences]

Unless you have absolutely no ability to save money and invest on your own you shouldn't contribute anymore to your 401k than is required to get your company's full match due to the few investments allowed in most 401ks and the inability to get short.

With that said, the OP needs to bet all that he cashed out on the Heat to win the series.

I think the company match is the variable factor.

When I opened my account some 15 years ago, I had a decent company match. Three years ago, they pulled the plug on it. Without that match and given the shape of our economy (which isn't getting better anytime soon), it feels like a much more stagnant, square investment.

[jarvol]

I think the company match is the variable factor.

When I opened my account some 15 years ago, I had a decent company match. Three years ago, they pulled the plug on it. Without that match and given the shape of our economy (which isn't getting better anytime soon), it feels like a much more stagnant, square investment.

If your company doesn't match then you'd be a fool to tie up money in a 401k. Put any retirement savings you want into an IRA at ETrade or Schwab or Scottrade or Ameritrade.

[Emily_Haines]

100% correct. You'll owe the IRS a 10% early cashout penalty PLUS you'll be taxed on the total amount as income. Congratulations, you just gave 30-40% to the government.

big fuking deal so i have to pay the government 10% more in addition to the 30%. you think these fukers are not going to increase taxes on 401K withdraws later? how you think the government is going to get out from under 20T debt? That's right they want you in 401K's so they can take it away later. fuk that shit i'm getting it now!!

[30K Millionaire]

[Emily_Haines]

Great idea keeping your money in 401K's earning 1% interest while all you clowns are pissing away 1300-1400 in interest a month on your homes.

[jjgold]

Emily we love guys like you

best of luck

[Emily_Haines]

Emily we love guys like you

best of luck

Just added 53K to my roll and I'm in action on UEFA 2012 this afternoon and WNBA and Gold Cup tonight.

Well everyone else is at work and getting home later tonight only to be greeted by an ugly women, screaming kids and a luke warm tv dinner I'll be getting up from my afternoon nap and biggest decision will be to stay home and watch games or go to casino play poker and watch games.

[Ninersnut]

Great idea keeping your money in 401K's earning 1% interest while all you clowns are pissing away 1300-1400 in interest a month on your homes.

Once again who's 401k is earning 1% interest that is called a CD. You should be way over 4-5% on ur earnings if you have any clue what your doing. That will trump your poker ROI I'm sure. Just from reading your poker posts it looks like you got the unlucky poker bug like most do when you get sucked out on. It won't be long b4 you go on tilt, which u will, once again another post I read. Anyway BOL but you should've kept it in there. No one says you have to keep it there til ur 65 but I guess people don't understand the compound interest concept.

[Grits n' Gravy]

Great idea keeping your money in 401K's earning 1% interest while all you clowns are pissing away 1300-1400 in interest a month on your homes.

You have to be a real dummy to only be getting a 1% return on 401k. Pulling 16% this quarter and am now eligible to sell some of my company stock options that I was given. The've increased just over $93 a share. Your 53k will be gone within a year.

[Ninersnut]

You have to be a real dummy to only be getting a 1% return on 401k. Pulling 16% this quarter and am now eligible to sell some of my company stock options that I was given. The've increased just over $93 a share. Your 53k will be gone within a year.

Agreed I'm in double digits return for the YTD. I think whoever set up the 401k has everything in like money market holdings earning not a god damn thing.

[Emily_Haines]

You have to be a real dummy to only be getting a 1% return on 401k. Pulling 16% this quarter and am now eligible to sell some of my company stock options that I was given. The've increased just over $93 a share. Your 53k will be gone within a year.

Wow, you must almost be back to even after the market went from 14K to 8K three and a half years ago.

[ChileCheese]

This Emily chick turns me on with her brash style.
I hope she isnt fat though.

[No coincidences]

Pulling 16% this quarter and am now eligible to sell some of my company stock options that I was given.

Yeah, my portfolio has more than doubled in the past two years -- to get to about 80% of what it was before the collapse.

[Grits n' Gravy]

Wow, you must almost be back to even after the market went from 14K to 8K three and a half years ago.

Actually didn't take a loss when markets dumped, as you can change your portfolio around whenever you want. A little brain power goes a long way. Good luck making back the 30% in taxes you just forked over to cash out. Now go eat some Bon bons and watch the Oprah network you unemployed freeloader.

[Kindred]

Getting a 0.60% return on my fixed investment plus Obama is doing his best to destroy the country. Fuk that shit I'll take the 10% hit now because I got a felling these coksuckers will end up taxing the living shit out of it later.

Who says I'm going to live to 59.5 anyways?

Why did you have your 401K in fixed investments? That's -EV unless you are near retirement age. But cashing out to gamble is +EV GL

[Going4Broke]

Yeah, my portfolio has more than doubled in the past two years -- to get to about 80% of what it was before the collapse.

Yeah... Being in the financial industry, I have seen many people rebound quite nicely like yourself. Others have regained everything by moving some monies around and catching a few hot trains. Anyway, imaging if you were the one who took your 401(k) out then. Or if you got scared and took everything out of the market back in 2008. You'd be SOL and would have missed the boat.

[Emily_Haines]

Actually didn't take a loss when markets dumped, as you can change your portfolio around whenever you want. A little brain power goes a long way. Good luck making back the 30% in taxes you just forked over to cash out. Now go eat some Bon bons and watch the Oprah network you unemployed freeloader.

Another one of the many internet clowns that never loses, has a big cok and fuks lots of hot runway models.

[trixtrix]

It's funny that you mention this: I have a 401(k) account, and not that I'm ready to pull the plug on the entire thing, but I'm starting to think it's an overrated practice to contribute as much as I do to it. Let's face it: since about '98, the stock market hasn't been the investment that we all believed it would be. I see what the Dow is today, but given inflation, I just view it as an inflated number more than anything else given the value of the dollar today and in the future. It's kind of like following a home run hitter's numbers during the steroid era.

I'm not going to cash it out, but I'm wondering if setting a decent % aside monthly for your 401(k) is something the government and in-the-box "experts" want you to do because it helps inflate the stock market and keep their own investments afloat. I understand the concept of compound interest, but that's assuming the economy is growing along with it, which it isn't. A regressing economy isn't going to put your 401(k) in the shape you think it will be in 5, 10 or 20 years down the road. I think you need to be more creative with your investments than blindly dumping money into an entity like this one.

a lot of this is not meaningful, you can rebalance your 401k portfolio at any time, you don't like how the stock market is doing, you can transfer it all to fixed income. you should always diversify your 401k portfolio from more aggressive when you're younger to more stabilized investments (such as bonds, blue chip stocks etc..)

blaming the stock market when you failed to diversify seems irrational.

[jwbjwbjwb12]

love it good luck brother

[sweethook]

0.60% you are suckin hintit , 6.3-6.85% is on the board. +ev, gl

[thezbar]

Wait until you do your taxes next year!

You will feel like throwing up!

Been there to a smaller degree. Done that! Fun while it lasted. Then Uncle Sam taught me a lesson I won't forget. G.L.

[yisman]

well how are ya gonna use it? bet bigger units? If u only watch for big plays and only bet on 90% certain games u can litterally risk 40k a game and not be worryin

What?

And I figure Emily is thinking the world will end soon. After all, the world was supposed to end in May and it was convinced.

[underthe total]

It's funny that you mention this: I have a 401(k) account, and not that I'm ready to pull the plug on the entire thing, but I'm starting to think it's an overrated practice to contribute as much as I do to it. Let's face it: since about '98, the stock market hasn't been the investment that we all believed it would be. I see what the Dow is today, but given inflation, I just view it as an inflated number more than anything else given the value of the dollar today and in the future. It's kind of like following a home run hitter's numbers during the steroid era. I'm not going to cash it out, but I'm wondering if setting a decent % aside monthly for your 401(k) is something the government and in-the-box "experts" want you to do because it helps inflate the stock market and keep their own investments afloat. I understand the concept of compound interest, but that's assuming the economy is growing along with it, which it isn't. A regressing economy isn't going to put your 401(k) in the shape you think it will be in 5, 10 or 20 years down the road. I think you need to be more creative with your investments than blindly dumping money into an entity like this one.

dont listen to these numb nuts

do the max on the 401k that you can afford, because it is not taxed and you have a match. one day when you need it you will be in a lower tax bracket, if you dont need it then it will be there oto withdraw tax free.

you dont have to buy stocks, you can do other safer shit

the point here is to grow tax deferred

ira's and 401ks are good

[trixtrix]

Great idea keeping your money in 401K's earning 1% interest while all you clowns are pissing away 1300-1400 in interest a month on your homes.

let's look at this rationally now, assuming even that you get 1% positive return on your 401k. assuming you get 100% match pretax by your employers, that's equivalent to 200%+ positive return post-tax return on your mortgage

[tony_come]

Straight winners!

[tony_come]

Buying a home is a good thing...just don't buy that mansion

[THE HITMAN]

Stupidest thing you can ever do. No one says you'll live to 59.5, but 30 dollars a week makes 1 million when you retire if you do your homework and can attain a 7% return. Id rather not be broke when i retire than to get a extra fix in.

What he said

[SpeedPro]

Just hope you don't run out early. Livin on the streets isn't as fun as you might think.

[HoulihansTX]

No sense trying to help the o.p. He is essentially a full on retard.

[xyzky]

its just money

Sure...just money that has wrecked you numerous times...

[Darkside Magick]

Smart move

[marcojuiceman]

Thats good invest your money into something that is wise and profitable like sports betting. Its better to invest into sports than to get no money interest from these sorry ass banks