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Subject: "How much do you know about your 401k?" Previous topic | Next topic
shamus
Member since Oct 18th 2004
4435 posts
Mon Nov-22-21 11:11 AM

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"How much do you know about your 401k?"


  

          

If you wanted to use it in an emergency, would you be able to? How much would you be able to use?

If you leave your company, what's going to happen to your money afterwards? What are your options?

If you have old 401k money from old jobs, do you know the names of the firms where it's held? is it still there? when's the last time you checked?

What are you currently invested in? How's that working out for you?


--
the untold want by life and land ne'er granted
now voyager sail thou forth to seek and find

  

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Topic Outline
Subject Author Message Date ID
I know where my current 401K is located
Nov 22nd 2021
1
yep to alladat.
Nov 22nd 2021
2
Yes to all. Job matches up to 5% and has been for most of 20 years
Nov 22nd 2021
3
Can I tell a crazy story I've been keeping to myself.
Nov 22nd 2021
4
damn.. that is a nice come up
Nov 22nd 2021
5
That’s what’s up!! I’m too risk averse to even entertain such a th...
Nov 22nd 2021
6
same
Nov 22nd 2021
8
that's amazing. congrats
Nov 22nd 2021
7
I learned it was a thing from Peter Theil...after my man had already don...
Nov 22nd 2021
11
      wow. now i just need a brilliant friend to invest in
Nov 22nd 2021
13
           RE: wow. now i just need a brilliant friend to invest in
Nov 22nd 2021
14
I'd figure out some way to pull some out immediately.
Nov 22nd 2021
9
      These are the wrong take aways my risk averse brother!!!!
Nov 22nd 2021
10
      Honestly hope it makes you rich
Nov 22nd 2021
17
           It won't make me rich
Nov 23rd 2021
19
      came in with the cold rag
Nov 22nd 2021
12
           lol
Nov 22nd 2021
15
yes to all, I hit max each year, I used some of it for a downpayment
Nov 22nd 2021
16
that care act allowed me to flip a portion to crypto. 😃
Nov 22nd 2021
18
RE: How much do you know about your 401k?
Nov 23rd 2021
20
might roll my 700 hours into one
Nov 23rd 2021
21
Everything. I take my monies seriously.
Nov 23rd 2021
22

legsdiamond
Member since May 05th 2011
71593 posts
Mon Nov-22-21 01:02 PM

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1. "I know where my current 401K is located"
In response to Reply # 0


          

and what its invested in and what the company matches

my previous 401K’s have been rolled over into an IRA and its in an M1 account.

just wish there was more in there.. lol.

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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FLUIDJ
Member since Sep 18th 2002
43973 posts
Mon Nov-22-21 01:18 PM

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2. "yep to alladat. "
In response to Reply # 0
Mon Nov-22-21 01:19 PM by FLUIDJ

  

          

We’ve tapped into ours once…non emergency but a solid investment need/want/ mechanism …
I’d do it again for the same reason if necessary.
I’d advise that if you do, do your math and really understand what’s needed for you to recoup and not end up in a bad place. We came up with a solid plan and understood and 5 years later it’s paid off and we’re ahead overall because it was a solid investment.


"Get ready....for your blessing....."
"Bury me by my Grand-Grand and when you can come follow me"

  

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Lach
Charter member
43915 posts
Mon Nov-22-21 02:32 PM

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3. "Yes to all. Job matches up to 5% and has been for most of 20 years"
In response to Reply # 0


  

          

  

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Buddy_Gilapagos
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46586 posts
Mon Nov-22-21 02:37 PM

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4. "Can I tell a crazy story I've been keeping to myself. "
In response to Reply # 0


  

          

Some time ago my boy hit me up to invest in his company. I said I had no spare money. He said what about your 401k. It just so happened I had an orphan 401k. That is, I changed jobs and I never got around and rolled it into my newer main 401k with 10 years of contributions.

he said he could roll that over into his business without actually breaking my 401k (i.e, no tax consequences). I said knock yourself out. I signed a bunch of paperwork to make it happened and forgot about it.

This year he hit me up with notice of a dividend. turns out they were paying out dividends. the dividend came back at 3x and I am still invested in the company. Infact, because I am so early I am a 1 percent owner of his company and its killing the game. valuation is like 10x my main 401k. He needs to not make it disappear by the time I retire. But if he keeps growing it. It's all good. Its wild.


**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson

"what's a leader if he isn't reluctant"

  

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legsdiamond
Member since May 05th 2011
71593 posts
Mon Nov-22-21 02:51 PM

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5. "damn.. that is a nice come up"
In response to Reply # 4


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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FLUIDJ
Member since Sep 18th 2002
43973 posts
Mon Nov-22-21 03:00 PM

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6. "That’s what’s up!! I’m too risk averse to even entertain such a th..."
In response to Reply # 4


  

          

You a trusting ass dude for that!!!!



"Get ready....for your blessing....."
"Bury me by my Grand-Grand and when you can come follow me"

  

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shamus
Member since Oct 18th 2004
4435 posts
Mon Nov-22-21 03:13 PM

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8. "same"
In response to Reply # 6


  

          


--
the untold want by life and land ne'er granted
now voyager sail thou forth to seek and find

  

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shamus
Member since Oct 18th 2004
4435 posts
Mon Nov-22-21 03:12 PM

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7. "that's amazing. congrats"
In response to Reply # 4


  

          

definitely want to look up how this works

"he said he could roll that over into his business without actually breaking my 401k (i.e, no tax consequences)."


--
the untold want by life and land ne'er granted
now voyager sail thou forth to seek and find

  

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Buddy_Gilapagos
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46586 posts
Mon Nov-22-21 03:50 PM

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11. "I learned it was a thing from Peter Theil...after my man had already don..."
In response to Reply # 7


  

          

it for me.

https://www.propublica.org/article/lord-of-the-roths-how-tech-mogul-peter-thiel-turned-a-retirement-account-for-the-middle-class-into-a-5-billion-dollar-tax-free-piggy-bank

In short, I think he rolled my 401k into a roth and then used the roth to invest in his business (all by the books but I think its a bit complex still). I can't touch it for a minute without tax consequences but yeah, its good to have there and no think about.

**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson

"what's a leader if he isn't reluctant"

  

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shamus
Member since Oct 18th 2004
4435 posts
Mon Nov-22-21 04:17 PM

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13. "wow. now i just need a brilliant friend to invest in"
In response to Reply # 11


  

          

"Yet, from the start, a small number of entrepreneurs, like Thiel, made an end run around the rules: Open a Roth with $2,000 or less. Get a sweetheart deal to buy a stake in a startup that has a good chance of one day exploding in value. Pay just fractions of a penny per share, a price low enough to buy huge numbers of shares. Watch as all the gains on that stock — no matter how giant — are shielded from taxes forever, as long as the IRA remains untouched until age 59 and a half. Then use the proceeds, still inside the Roth, to make other investments."


--
the untold want by life and land ne'er granted
now voyager sail thou forth to seek and find

  

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Buddy_Gilapagos
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46586 posts
Mon Nov-22-21 04:23 PM

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14. "RE: wow. now i just need a brilliant friend to invest in"
In response to Reply # 13


  

          

My other friends made it possible to find brilliant "friends" to invest in.

https://seedatthetable.com/homepage


**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson

"what's a leader if he isn't reluctant"

  

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Triptych
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Mon Nov-22-21 03:14 PM

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9. "I'd figure out some way to pull some out immediately."
In response to Reply # 4


  

          

Also what happens if the company folds or is sold?

Yikes

____________________________

http://twitter.com/irefox
http://stackoverflow.com/users/43089/triptych
http://github.com/djtriptych

  

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Buddy_Gilapagos
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Mon Nov-22-21 03:47 PM

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10. "These are the wrong take aways my risk averse brother!!!!"
In response to Reply # 9
Mon Nov-22-21 04:12 PM by Buddy_Gilapagos

  

          

I should have mentioned that this just wasn't some dude. He is literally one of the most dedicated, hardest working brothers I know. He did superwell in the mortgage brokerage business and had to start over from scratch when all that collapsed in 2008. I trust him with my money more than I trust myself. My man, who I trust implicitly, who already gave me a 3x return on my initial investment, says stick around there is lot more where that comes from and I still believe in him (and I know where the business is headed from my line of work)....why would I pull out now? In fact, we had a laugh about the mutual homey who asked to pull out to flip some real estate because he was sick once he heard what the return would have been in he stayed in.

Look if the company folds he still gave me a 3x return on my investment so its all good. What would really make me kick myself is if I pulled out now and they do what they say there are going to do (and which I believe they can do).


I also forgot to mention is that when I had a creative project and asked for him to invest he did so without hesitation...despite the project going flop. I invested way more in his venture then he did in mine but I did feel an obligation to invest with him because he had my back when I ask.



At any rate, I do plenty of safe stuff but if all the safe investment and safe career stuff plays out the way it is headed, I would kinda disappointed that I did it all too safe. Careerwise and investment wise, I am at the point where I need to take more risk and go for more moonshoots....infact, I emailed you some time ago about one of those moonshoots, to no response, my brother



**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson

"what's a leader if he isn't reluctant"

  

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Triptych
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Mon Nov-22-21 11:04 PM

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17. "Honestly hope it makes you rich"
In response to Reply # 10
Mon Nov-22-21 11:06 PM by Triptych

  

          

I'm just thinking about basic mechanics of any investment. How do you get your money out and when? Just whenever he feels like it? Whenever you ask? Was the 401K converted to stock in the company or an actual ownership percentage?

Not trying to rain on the parade. Just never heard of anything like this.

Thinking about it now though, I suppose basically all 401Ks are invested in something. Curious about the regulations when accepting tax-advantaged money as an investment in a startup basically.

____________________________

http://twitter.com/irefox
http://stackoverflow.com/users/43089/triptych
http://github.com/djtriptych

  

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Buddy_Gilapagos
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Tue Nov-23-21 08:34 AM

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19. "It won't make me rich"
In response to Reply # 17


  

          

I'm responsible for that

**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson

"what's a leader if he isn't reluctant"

  

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legsdiamond
Member since May 05th 2011
71593 posts
Mon Nov-22-21 04:06 PM

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12. "came in with the cold rag"
In response to Reply # 9


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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ThaTruth
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Mon Nov-22-21 06:25 PM

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15. "lol"
In response to Reply # 12


          

________________________________________
"Stay out the dark, cause if I catch you when the sun is down..."
https://youtu.be/eaaTxVRG06c?t=89

  

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double negative
Member since Dec 14th 2007
22051 posts
Mon Nov-22-21 06:49 PM

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16. "yes to all, I hit max each year, I used some of it for a downpayment "
In response to Reply # 0


  

          

on a second property

the terms were good, the only thing I don't like is the move I will have to make when I quit my job

***********************************************************
https://soundcloud.com/swageyph/yph-die-with-me

  

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LAbeathustla
Member since Jan 24th 2004
33793 posts
Mon Nov-22-21 11:15 PM

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18. "that care act allowed me to flip a portion to crypto. 😃"
In response to Reply # 0


  

          

------------------------------------
2019 CABG Survivor

2016 OK Survivor Champion

be about it or be without it

RIP GOATs

  

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ChampD1012
Member since Sep 27th 2003
8311 posts
Tue Nov-23-21 09:13 PM

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20. "RE: How much do you know about your 401k?"
In response to Reply # 0


  

          

>If you wanted to use it in an emergency, would you be able
>to? How much would you be able to use?

I can borrow up to $50,000 for general use or to buy a house...terms can be different though...

if I have a financial hardship, I can do a withdrawal...but that's taxed and you'll have to pay a 10% penalty on top of that...

>If you leave your company, what's going to happen to your
>money afterwards? What are your options?

You have three options at my company...

1) Keep it where it is...
2) Transfer to an IRA
3) Cash it out

>
>If you have old 401k money from old jobs, do you know the
>names of the firms where it's held? is it still there? when's
>the last time you checked?

Can't relate to this one. Been at the same gig my whole career...19 years in...

>What are you currently invested in? How's that working out for
>you?

I have a mix of my money being in two funds...one fund follows the S&P 500...and another fund follows the Small Cap 400...

And I will say...it's doing pretty damn well to say the least...I can't expect 20% per year...but the last few years have been pretty damn good...

as long as it evens out to around 8%-10% per year aggregate...ill be fine...

I'm on pace to retire at my eligibility date...

  

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rdhull
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32549 posts
Tue Nov-23-21 09:50 PM

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21. "might roll my 700 hours into one"
In response to Reply # 0


  

          

>If you wanted to use it in an emergency, would you be able
>to? How much would you be able to use?
>
>If you leave your company, what's going to happen to your
>money afterwards? What are your options?
>
>If you have old 401k money from old jobs, do you know the
>names of the firms where it's held? is it still there? when's
>the last time you checked?
>
>What are you currently invested in? How's that working out for
>you?

  

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jetblack
Member since Nov 14th 2004
44713 posts
Tue Nov-23-21 10:41 PM

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22. "Everything. I take my monies seriously."
In response to Reply # 0


  

          

Money = options.

Index funds, FAANG (MAANG?) and REITs.

---
Knock knock, Neo...
---
Stay +.
---

  

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