Is this a terrible financial decision? He's 31, makes 45,000 a year before taxes, and will only have a few thousand left in his 401k after. He took out 30,000 to invest in a house within the next couple years and then sell it and make some money back, then repeat the process, or to start a business. In any world is this a good idea? I know nothing about money but I know everyone says don't take money out your 401k. He decided to take it out because with COVID it's pretty much penalty free sans some taxes and he won't be able to save up the 30,000 he already planned on saving up in a few years to invest in a business.
Btw he already is receiving the money in the mail so he already qualified
Edit: I just asked him if he’s worried about losing money from retirement. Guess what? He didn’t even know 401k money collects interest. Wtf
Submitted December 09, 2020 at 11:22PM by sadittygyal https://ift.tt/3n6dI3H
