Should we pull it to pay off debt?
Details. I work in the film industry. I am an "Owner Operator Gaffer" aka Cheif lighting dude.
I usually make about a hundred a year, but my industry is dead now, totally shut down for several months at least.. Stupid virus.
I have 2 heavy work vehicle loans, both at 23k each. Payments are over 2k a month. I will not be able to pay them after next month.
My wife has 58k in her 401k . Should we pay off my trucks and credit cards? We would be debt free but lose her 401k and probably have to 3at 30 percent next year, which is also an issue.
But if my trucks get repossessed I will lose my business and virtually all earning potential. I'll be dead and I'm certainly getting to old to start from scratch. To make it worse, the trucks have well over 100k of additional modifications and equipment into them.
With inflation certainly coming, and potentially even bank runs. It seems best to pull the 401k and just pay all debt so we can survive 6 to 12 months of non employment while this virus does its thing...
I know it's not going away any time soon.
Need to decide today.
Submitted March 16, 2020 at 05:13PM by jediboogie https://ift.tt/38XcOyu
