Crisis on Infinite [Chat]

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  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    Winky wrote: »
    Winky wrote: »
    Alright, I'm pretty settled on my course of action, which is that I'm going to save for the next few months, then cash out my 401k and see if I can get these two projects I've been working on to release state. I've also got some other freelance work lined up that I could pursue if I'm not seeing early returns on either of those projects.

    I'm also maybe considering seeing if I could convince my dad to make a legitimate investment in my company, but that plan of action has all the downsides you might imagine.

    Doing it this way, rather than moving right on to a new job, means I'm a lot more flexible and can be a lot more straightforward in negotiating with my boss, which is something I really appreciate.

    The only reason I'm so comfortable with cashing out on my 401k, of course, is simply because my actual retirement plan remains what it has always been; inheritance.

    Your dad who just lost his job

    *Entered early retirement with a big severance package

    Mine did that and promised me $250,000 for a house 10 years ago. He recently backed out on that because not having an income or shit to do led to lifestyle creep. See if you can get him to finance your dreams today.

    zepherin
  • VishNubVishNub Registered User regular
    dpd0213cli4l.png

    Fuckin' yikes

    cB557BurnageHahnsoo1jungleroomxDoodmannzepherinEvil MultifariousKanajakobaggerBlameless Cleric
  • WinkyWinky rRegistered User regular
    i mean if your dad has money and is willing to help you in any regard it probably makes more sense tax wise for him to gift you some money (and, if needed, pay him back) than for you to cash out the 401k which is just bad for tax reasons

    Right, the issue there has more to do with the family politics of it. It maybe says a lot that I would rather lose a few thousand dollars in taxes than ask my dad to give me money, but...

    Before I actually go ahead with cashing out my 401k I'll talk to him about it and see where he stands, but I just don't see the advantage of spending any more time than I have to working for someone else when it makes me this unhappy and all the real money is in the ownership of something.

  • WinkyWinky rRegistered User regular
    Deebaser wrote: »
    Winky wrote: »
    Alright, I'm pretty settled on my course of action, which is that I'm going to save for the next few months, then cash out my 401k

    ...

    The only reason I'm so comfortable with cashing out on my 401k, of course, is simply because my actual retirement plan remains what it has always been; inheritance.

    This is a roadmap for failure.

    Define failure. I'm fucking sick of living scared in the shadow of wealth.

  • Donkey KongDonkey Kong Wrote, directed, and starred in a Chick-fil-a commercial about respecting the police Registered User regular
    Cashing out your 401k early is not a good plan. It's never a good plan. It's an emergency plan for when you are going to die or end up sleeping rough.

    Thousands of hot, local singles are waiting to play at bubbulon.com.
    SummaryJudgmentmilskiVishNubKamiroDeebaserA Kobold's KoboldPowerpuppiesDemonStaceyShazkar Shadowstormoverride367YoshisummonsEvil MultifariousshrykeMazzyx
  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    edited January 15
    Winky wrote: »
    Deebaser wrote: »
    Winky wrote: »
    Alright, I'm pretty settled on my course of action, which is that I'm going to save for the next few months, then cash out my 401k

    ...

    The only reason I'm so comfortable with cashing out on my 401k, of course, is simply because my actual retirement plan remains what it has always been; inheritance.

    This is a roadmap for failure.

    Define failure. I'm fucking sick of living scared in the shadow of wealth.

    Imagine the golden girls, but in a shitty apartment with no money where bill collectors call daily, arguing with your roommate over who ate your store brand can of beans, and internet that is occasionally shut off for non payment.

    Deebaser on
  • BurnageBurnage irregular Registered User regular
    Is

    Is being in the shadow of wealth a bad place to be?

    jakobagger
  • KrathoonKrathoon Registered User regular
    I remember this depressing story I read in grade school about this teenager that had a vacation in the city and then jumped in front of a train.

  • ArchArch Neat-o, mosquito! Registered User regular
  • VishNubVishNub Registered User regular
    403c 4 lyfe

  • HonkHonk Honk is this poster. Registered User, __BANNED USERS regular
    Burnage wrote: »
    Is

    Is being in the shadow of wealth a bad place to be?

    “As I walk through the valley in the shadow of wealth” etc

    PSN: Honkalot
    SurfpossumBrodyjakobagger
  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    Arch wrote: »
    What's a 401k

    an investment account with limited options that you can contribute to pre-tax. Often your employer matches a portion of your contributions. It's a great way for companies to reduce their payroll costs since they don't have to pay Medicare or Social Security on either the employee or employer contributions.


  • ArchArch Neat-o, mosquito! Registered User regular
    I'll be honest though- reading Winky's plight has made me look long and hard at what I'm doing

    I love teaching, I love it a lot and it's the thing I'm most extensively trained in

    But there is no world that I'd be able to cash out ANY kind of account and be comfortable for even a week

    My wife is struggling to find a job plus she has mounting health issues

    Maybe I do need to find some sort of data analyst job???

    Hmmm

    I'd prefer to freelance/ do contract tho since I already have stable employment

    hmmm

  • BurnageBurnage irregular Registered User regular
    Deebaser wrote: »
    Arch wrote: »
    What's a 401k

    an investment account with limited options that you can contribute to pre-tax. Often your employer matches a portion of your contributions. It's a great way for companies to reduce their payroll costs since they don't have to pay Medicare or Social Security on either the employee or employer contributions.

    I guess that you could say Arch's post was a case of

    poor sarcasm

    ArchBrody
  • ArchArch Neat-o, mosquito! Registered User regular
    Deebaser wrote: »
    Arch wrote: »
    What's a 401k

    an investment account with limited options that you can contribute to pre-tax. Often your employer matches a portion of your contributions. It's a great way for companies to reduce their payroll costs since they don't have to pay Medicare or Social Security on either the employee or employer contributions.


    (the joke wasn't that I don't know what it was, the joke is that I barely have one)

    (actually I don't remember what kind of account my paltry retirement account is hmmm I should look at that)

  • milskimilski UNTZ UNTZ UNTZ UNTZ Registered User regular
    Winky wrote: »
    Deebaser wrote: »
    Winky wrote: »
    Alright, I'm pretty settled on my course of action, which is that I'm going to save for the next few months, then cash out my 401k

    ...

    The only reason I'm so comfortable with cashing out on my 401k, of course, is simply because my actual retirement plan remains what it has always been; inheritance.

    This is a roadmap for failure.

    Define failure. I'm fucking sick of living scared in the shadow of wealth.

    Winky, tanking your financial stability by simultaneously leaving your job for an independent venture, pulling out from your 401k, and tapping your backup inheritance plan for money is way more likely to result in you being stuck in a corporate job "in the shadow of wealth" than going about things in a less risky way.

    Pursue your projects, sure, but don't do so by simultaneously cutting or straining every anchor you have. Leave the 401k alone, set up the independent freelance work before doing the projects, and guarantee the projects with your own cash or family loans instead of your 401k.

    You can't write me off like that! You're just a voice, pal! You don't know a DAMN THING ABOUT RACING!!
    Hahnsoo1ArchKamiroBurnagecB557A Kobold's KoboldRhesus PositiveSummaryJudgmentDemonStaceyKanashrykeMazzyx
  • HonkHonk Honk is this poster. Registered User, __BANNED USERS regular
    Real talk though good and bad is a scale and point of reference thing. Being in the shadow of wealth means you won’t starve but economic control even if passive is a very strong form of control.

    I essentially in hindsight feel like I had no autonomy over myself before about age 27 when I started making comfortable money, enough money to never ever have to ask my family for anything ever again.

    PSN: Honkalot
    Couscous
  • Kid PresentableKid Presentable Registered User regular
    It is very funny to see everyone warning against the certain doom to follow Winky cashing out a retirement account while sitting here with definitely not a retirement account to even consider cashing out

    ArchSir LandsharkSniperGuyEddyA Kobold's Koboldoverride367YoshisummonsEvil MultifariousKanaVanguardjakobagger
  • ChanusChanus Ribbit! Registered User regular
    edited January 15
    i had access to a 401k for the first time in my life last april

    then i changed jobs and it was contract-to-hire so i didn't have a 401k for like four months

    so now i have one with $1,400 in it and one with $240 in it

    the idea of ever being able to retire is such a fucking joke to me at this point

    Chanus on
    **Winner Softest and Most Comfy Hugs Award Summer 2018**

    Blueberrywerewlf on the Sony Anime Games Box | BluberryWerewlf on the BroBone
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  • milskimilski UNTZ UNTZ UNTZ UNTZ Registered User regular
    Or, in other words: Everyone is three really bad months from being homeless. Nobody is three really good months from being rich.

    Quitting your job and pulling your 401k out to fund a project is 2.5 bad months right off the bat. Easing workload and tapping other resources is, like, 1 bad month.

    You can't write me off like that! You're just a voice, pal! You don't know a DAMN THING ABOUT RACING!!
    Hahnsoo1
  • Kid PresentableKid Presentable Registered User regular
    y'all rich

    ArchSniperGuyKanajakobagger
  • JebusUDJebusUD Adventure! Candy IslandRegistered User regular
    Winky, I think you should sell all your belongings and ride the rails. Trading harmonica songs for sandwiches.

    And I won, so you lose,
    Guess it always comes down to.
    WinkyMojo_JojojakobaggerCarson Vendetta
  • milskimilski UNTZ UNTZ UNTZ UNTZ Registered User regular
    It is very funny to see everyone warning against the certain doom to follow Winky cashing out a retirement account while sitting here with definitely not a retirement account to even consider cashing out

    Cashing out a retirement account to spend it down is a lot less stable than just not having one, tbf

    You can't write me off like that! You're just a voice, pal! You don't know a DAMN THING ABOUT RACING!!
  • Kid PresentableKid Presentable Registered User regular
    Winky follow your heart 💖

    Carson Vendetta
  • Donkey KongDonkey Kong Wrote, directed, and starred in a Chick-fil-a commercial about respecting the police Registered User regular
    Maybe Winky is setting up for a knives out sequel.

    Thousands of hot, local singles are waiting to play at bubbulon.com.
    Yoshisummons
  • milskimilski UNTZ UNTZ UNTZ UNTZ Registered User regular
    Also life is hell etc

    You can't write me off like that! You're just a voice, pal! You don't know a DAMN THING ABOUT RACING!!
    Kid Presentable
  • Kid PresentableKid Presentable Registered User regular
    milski wrote: »
    It is very funny to see everyone warning against the certain doom to follow Winky cashing out a retirement account while sitting here with definitely not a retirement account to even consider cashing out

    Cashing out a retirement account to spend it down is a lot less stable than just not having one, tbf

    huh?

  • EchoEcho Moderator mod
    I started an investment savings account last May. It's up 12% since then.

    I've put about *maths* 4 months of salary into it so far.

    Echo wrote: »
    Let they who have not posted about their balls in the wrong thread cast the first stone.
    Honk
  • HozHoz Cool Cat Registered User regular
    I just read this NYTimes story about my future self:
    He Says He Stabbed a Student to Defend His Home. His Home Is a Box.

    Honk
  • JebusUDJebusUD Adventure! Candy IslandRegistered User regular
    Arch wrote: »
    What's a 401k

    The sequel to Warhammer 400k I think.

    And I won, so you lose,
    Guess it always comes down to.
    Kid PresentableHonkHahnsoo1Rhesus PositiveBrodyArchBethryn
  • Donkey KongDonkey Kong Wrote, directed, and starred in a Chick-fil-a commercial about respecting the police Registered User regular
    edited January 15
    milski wrote: »
    It is very funny to see everyone warning against the certain doom to follow Winky cashing out a retirement account while sitting here with definitely not a retirement account to even consider cashing out

    Cashing out a retirement account to spend it down is a lot less stable than just not having one, tbf

    huh?

    Cashing out a retirement account isn't just dangerous because you eats all your retirement funds, it's indicative of an unstable financial situation which can end catastrophically if the 401k funds aren't replaced as an income source before they run out.

    Donkey Kong on
    Thousands of hot, local singles are waiting to play at bubbulon.com.
    milskiSurfpossumDemonStacey
  • milskimilski UNTZ UNTZ UNTZ UNTZ Registered User regular
    edited January 15
    milski wrote: »
    It is very funny to see everyone warning against the certain doom to follow Winky cashing out a retirement account while sitting here with definitely not a retirement account to even consider cashing out

    Cashing out a retirement account to spend it down is a lot less stable than just not having one, tbf

    huh?

    Intentionally burning down retirement savings for a project puts you in a position where loans or necessary continued expenses continue long after the project fails to recoup money and those savings are exhausted.

    A person getting by with no savings is more stable than a person who cashes out their savings to spend $20,000/mo on a restaurant, even if the latter has more liquid cash.

    milski on
    You can't write me off like that! You're just a voice, pal! You don't know a DAMN THING ABOUT RACING!!
  • ChanusChanus Ribbit! Registered User regular
    milski wrote: »
    It is very funny to see everyone warning against the certain doom to follow Winky cashing out a retirement account while sitting here with definitely not a retirement account to even consider cashing out

    Cashing out a retirement account to spend it down is a lot less stable than just not having one, tbf

    huh?

    Cashing out a retirement account isn't just dangerous because you eats all your retirement funds, it's indicative of an unstable financial situation which can end catastrophically if the 401k funds aren't replaced as an income source before they run out.

    say what you will about poverty, it's a stable condition

    **Winner Softest and Most Comfy Hugs Award Summer 2018**

    Blueberrywerewlf on the Sony Anime Games Box | BluberryWerewlf on the BroBone
    jungleroomxKid PresentableDoodmannRhesus PositiveBrodyArchjakobagger
  • Kid PresentableKid Presentable Registered User regular
    Yeah, I have a "Retirement Plan"

    R - death
    E - from
    T - treatable
    I - but
    R - unaffordable
    E - illness
    M - ent Plan

    EddyP10Archjakobagger
  • Sir LandsharkSir Landshark resting shark face Registered User regular
    I would trade my entire 401k and any hopes of ever retiring for the ability to work 20 hrs/week until my kids go to college

    Please consider the environment before printing this post.
    DoodmannBrody
  • ChanusChanus Ribbit! Registered User regular
    ze72d37obod7.jpeg

    **Winner Softest and Most Comfy Hugs Award Summer 2018**

    Blueberrywerewlf on the Sony Anime Games Box | BluberryWerewlf on the BroBone
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  • Sir LandsharkSir Landshark resting shark face Registered User regular
    that sign doesn't say what you should do, but what will definitely happen should you hold the baby offering out to lord croc

    Please consider the environment before printing this post.
    zepherinjakobagger
  • KamiroKamiro Registered User regular
    The bad part about eating lunch at 11:30 is that 30 minutes after you've finished it, you think oh man it's been a while since I had lunch, it must be getting late!

    But no, it's still only 12:30

    IlpalaVishNubLaOs
  • Hahnsoo1Hahnsoo1 Make Ready. We Hunt.Registered User regular
    that sign doesn't say what you should do, but what will definitely happen should you hold the baby offering out to lord croc
    What's that little splash next to Lord Cro... oh. Oh no. God no.

    Di87pOF.jpg
    PSN: Hahnsoo | MHGU: Hahnsoo, Switch FC: SW-0085-2679-5212
    Kid PresentableEddy
  • zepherinzepherin Registered User regular
    Chanus wrote: »
    ze72d37obod7.jpeg
    zps7prv5axku.jpeg

    Hahnsoo1BurnageChanusshrykejakobagger
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