Thursday, May 6, 2010

Part 2 of Saving Yourself in this Bad Economy

Here is another thing that I learned while going through a rough time over a decade ago.
Do not use your 401k. If you cash in your 401k to help you out of a financial bind  you
will pay a big price. There are penalties for early withdrawl and a huge tax cut. By the
time you get the funds it will be a third of what you had. The best way to come up with
revenue is to sell some of your things or pawn them if you have no one that can help you
out. Remember these are just things that you can't take with you when you die.  Where
will you keep it all if you don't have a place to live. Storing it cost you money also.
Keep you chin up. You can always e-mail me if you have any questions.


Becca said...

Oooh I forgot about my 401K!! :D

That's probably for the best, though, eh?

SnowflakeDreams1 said...

Yes Becca it is a good thing.
Velma M.