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Crisis on Infinite [Chat]

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Posts

  • VishNubVishNub Registered User regular
    dpd0213cli4l.png

    Fuckin' yikes

  • 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 Putting Nintendo out of business with AI nips 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.
  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    edited January 2020
    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 Registered User regular
    Is

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

  • 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
  • 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 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

  • 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 Poyo! 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.

    I ate an engineer
  • 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
  • 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

  • ChanusChanus Harbinger of the Spicy Rooster Apocalypse The Flames of a Thousand Collapsed StarsRegistered User regular
    edited January 2020
    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
    Allegedly a voice of reason.
  • milskimilski Poyo! 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.

    I ate an engineer
  • Kid PresentableKid Presentable Registered User regular
    y'all rich

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

    I write you a story
    But it loses its thread
  • milskimilski Poyo! 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

    I ate an engineer
  • Kid PresentableKid Presentable Registered User regular
    Winky follow your heart 💖

  • Donkey KongDonkey Kong Putting Nintendo out of business with AI nips 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.
  • milskimilski Poyo! Registered User regular
    Also life is hell etc

    I ate an engineer
  • 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 ski-bap ba-dapModerator 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.

  • 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.

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

    The sequel to Warhammer 400k I think.

    I write you a story
    But it loses its thread
  • Donkey KongDonkey Kong Putting Nintendo out of business with AI nips Registered User regular
    edited January 2020
    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.
  • milskimilski Poyo! Registered User regular
    edited January 2020
    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
    I ate an engineer
  • ChanusChanus Harbinger of the Spicy Rooster Apocalypse The Flames of a Thousand Collapsed StarsRegistered 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

    Allegedly a voice of reason.
  • 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

  • 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.
  • ChanusChanus Harbinger of the Spicy Rooster Apocalypse The Flames of a Thousand Collapsed StarsRegistered User regular
    ze72d37obod7.jpeg

    Allegedly a voice of reason.
  • 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.
  • 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.

    8i1dt37buh2m.png
  • zepherinzepherin Russian warship, go fuck yourself Registered User regular
    Chanus wrote: »
    ze72d37obod7.jpeg
    zps7prv5axku.jpeg

  • Kid PresentableKid Presentable Registered User regular
    🐊💦👩‍👦

  • CouscousCouscous Registered User regular
    Being around alligators every once in a while has killed my sense of fear of them because I haven't had the luck to see them do anything.

    Looking up alligator deaths on Wikipedia, it looks like it is mostly getting attacked due to having dogs that are about the right size for prey, being a child that is about the right size, or swimming in the water with alligators.

This discussion has been closed.