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Are We Being Stupid????

Discuss Finances Here. *Note, this is not a replacement for Professional advice and should not be used for such.

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Re: Are We Being Stupid????

Postby Halmic73 » Fri Feb 10, 2017 7:51 pm

I think that you need to pay off the credit cards and then see if you can get a job somewhere else doing something you enjoy for reasonable compensation.

The odds are that if you cash in the retirement the penalties for early withdrawal will exceed the benefit of paying off the cards.
Also, if you don't gain experience living within your income you are likely to end up back where you started. It is very hard and disciplined work but it is achievable and worth it.
If you ain't got time to do it right the first time you won't have time to do it right the second time.
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Re: Are We Being Stupid????

Postby theoutback » Sat Feb 11, 2017 6:42 am

ohiosusan89 wrote:
theoutback wrote:Well, since this was resurrected from a few years ago, is there an update you care to share ohiosusan89? Just wondering if you made that big change.

I will give an update. My husband actually held on for another year at his old job and gave his notice in November 2015 with his last day being the first Friday in December. Almost right away he got in with a temp service working for Honda. He started that in January of 2016 and we paid off all debts but the house.


You paid off your debts with all that going on? Well done! :clap:

We went through similar things in our younger days. Keep on going, life isn't easy, but if you keep working hard, things tend to work out. Good luck!
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Re: Are We Being Stupid????

Postby ohiosusan89 » Sat Feb 11, 2017 11:19 pm

Well we did it with the help of his 401k. Now that he is back at his old company we are working on building up the retirement account again with the strong conviction that we will not make the mistake of borrowing from it like we did with his old one.
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Re: Are We Being Stupid????

Postby handyman777 » Mon Feb 13, 2017 7:44 am

ohiosusan89 wrote:Well we did it with the help of his 401k. Now that he is back at his old company we are working on building up the retirement account again with the strong conviction that we will not make the mistake of borrowing from it like we did with his old one.


Good for you; and I'm glad things are working out for the better (all a round).
Now that you don't have the CC payments, you can always add that extra to your new 401K and try and get that retirement savings back...stock market is doing good, don't hesitate.
Don't forget to put a little in the "coffee can" for a rainy day.
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Re: Are We Being Stupid????

Postby Renerylee2 » Mon Feb 13, 2017 6:30 pm

I was a single mother, worked crappy jobs, worked in pain, and missed out on a lot because I couldn't afford it. All my choice and I'm not blaming anyone or whining about it. You appear to me to be some lazy, stay at home mother, who has idly watched as your finances dwindled, watched as your husband's health took it's toll, watched as he ate crappy take out food because there's obviously nothing in the house healthy enough to eat, and now, you're just THINKING about getting a job to help out. I've always lived by "God helps those who help themselves". I would have loved to be a stay at home mom but I couldn't afford it but then neither could you. I just can't relate!!!!!
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Re: Are We Being Stupid????

Postby rebnavy1862 » Mon Feb 13, 2017 7:08 pm

Renerylee2 wrote:I was a single mother, worked crappy jobs, worked in pain, and missed out on a lot because I couldn't afford it. All my choice and I'm not blaming anyone or whining about it. You appear to me to be some lazy, stay at home mother, who has idly watched as your finances dwindled, watched as your husband's health took it's toll, watched as he ate crappy take out food because there's obviously nothing in the house healthy enough to eat, and now, you're just THINKING about getting a job to help out. I've always lived by "God helps those who help themselves". I would have loved to be a stay at home mom but I couldn't afford it but then neither could you. I just can't relate!!!!!

Do you know OhioSusan personally? I think you are a little out of line making character judgements and posting derogatory comments that are unjustified.
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"Then call us Rebels if you will, we glory in the name, for bending under unjust laws and swearing faith to an unjust cause, we count as greater shame". Richmond Daily Dispatch May 12 1862

Semper Fi, Sic Semper Tyrannis, Remember The Alamo, and Aide'toi et Dieu T'aidera!
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Re: Are We Being Stupid????

Postby ohiosusan89 » Mon Feb 13, 2017 7:29 pm

rebnavy1862 wrote:
Renerylee2 wrote:I was a single mother, worked crappy jobs, worked in pain, and missed out on a lot because I couldn't afford it. All my choice and I'm not blaming anyone or whining about it. You appear to me to be some lazy, stay at home mother, who has idly watched as your finances dwindled, watched as your husband's health took it's toll, watched as he ate crappy take out food because there's obviously nothing in the house healthy enough to eat, and now, you're just THINKING about getting a job to help out. I've always lived by "God helps those who help themselves". I would have loved to be a stay at home mom but I couldn't afford it but then neither could you. I just can't relate!!!!!

Do you know OhioSusan personally? I think you are a little out of line making character judgements and posting derogatory comments that are unjustified.
Reb


Thanks Reb.
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Re: Are We Being Stupid????

Postby Anna » Wed Feb 15, 2017 6:41 pm

I would never call you stupid. The decision is obviously yours to make.

However, at your age I would never cash in a 401-K and lose so much to taxes and penalties. Plus at your age with retirement just 20 years away, you will likely never be able to rebuild. I've seen a lot of people do this and live to regret it when they are facing retirement with only Social Security income. I prepared bankruptcies for 25 years and I saw numerous people who'd done just that and once the money is gone, its gone and basically thrown away on temporary financial problems.

Are you still using credit cards? If yes, STOP digging yourselves in deeper. I would look at seriously reducing expenses and throwing every penny possible at the credit cards. I'd also look at ways of earning extra income or possibly selling stuff you don't need and applying that to the credit cards. Once they are paid off your dh could take a lower paying job and you'd still have your retirement cushion.
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