hows the bitcoin thing going now....?


anyone hear about this exclusive presidential stockmarket that is out there...it had returns that made bit coin seem like chump change...

hows the gold market....

do you think its a good time to pull out of all 401k etc... dispite the penalties etc..

i think some real shit is going down in the near future....

regular guys still sit with fucked up 401ks while the market hits new highs....
no one upset about this?
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Originally posted by KingHillBilly
I respect players like Chayliss

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quote:

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Originally posted by Fast Luck
Top quality trolling Chayliss. Hat tip to you

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Originally posted by Sparkz102
also in this post - special shout out to my boy chay

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I would not cash out my 401k if I were you, with the penalties it's not worth it. If the mutual funds in your 401k are performing poorly, you can try your hand at trading individual stocks if you like. I could not do this directly in my previous 401k plan. But after I left my last job I rolled over my 401k into an IRA. My IRA has options for trading individual stocks. I don't take advantage of this and just use my brokerage account for that. I left my IRA with mutual funds. My self managed brokerage account is getting 5x the returns my IRA is. But then I am not diversified at all in my brokerage account either. You never want to put all your eggs in one basket. So I left the mutual funds in the IRA to get some diversification. If you are still employed with the company that setup the 401k, you can just reduce your contributions to your existing 401k plan and contribute instead to an IRA plan. I would max out your company match first though.

Same idea with precious metals, don't put all of your eggs in one basket. I would say no more than 5-10% of your wealth in precious metals. Check out asset allocation for you investment portfolio. You might want to see a financial advisor as well. Fidelity will meet you for free.

quote:

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Originally posted by article
One of the advantages of an IRA is having access to a wide range of investments, often more extensive than 401(k)s. Many IRAs allow you to choose from individual securities, such as stocks, bonds, certificates of deposit (CDs), mutual funds, exchange-traded funds (ETFs), or a "single-fund" option, where the asset allocation is done for you.

Buying and selling in an IRA vs. in a taxable account
In addition to an IRA, you may have or may be considering a taxable brokerage account for investing. Investing as much as you can through IRAs has a few advantages:
Trading investments in an IRA offers an important advantage over a taxable account-you'll defer taxes on your gains within an IRA until you take withdrawals (when you could be in a lower tax bracket).
Typically for both Roth and Traditional IRAs, most transactions within the accounts, including capital gains, dividends, and interest, incur no immediate tax liability, making them tax-advantaged ways to build assets.

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whats 401k? i didnt understand half the post.





bitcoin is not for investment, or at least not the way i think you think.
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401k is a retirement savings plan provided by your employer... you can put money into it from your paycheck before taxes get taken out.

i dont know the exact numbers, but only "X" amount of dollars can be put into it tax free. after that taxes must be taken out.

employers will also contribute.. it all depends on the employer. but some will match dollar for dollar. you put 3 dollars in, they put 3 dollars in.... some will match like 15% of whatever you put in.
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quote:

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Originally posted by kublikhan
I would not cash out my 401k if I were you, with the penalties it's not worth it. If the mutual funds in your 401k are performing poorly, you can try your hand at trading individual stocks if you like. I could not do this directly in my previous 401k plan. But after I left my last job I rolled over my 401k into an IRA. My IRA has options for trading individual stocks. I don't take advantage of this and just use my brokerage account for that. I left my IRA with mutual funds. My self managed brokerage account is getting 5x the returns my IRA is. But then I am not diversified at all in my brokerage account either. You never want to put all your eggs in one basket. So I left the mutual funds in the IRA to get some diversification. If you are still employed with the company that setup the 401k, you can just reduce your contributions to your existing 401k plan and contribute instead to an IRA plan. I would max out your company match first though.

Same idea with precious metals, don't put all of your eggs in one basket. I would say no more than 5-10% of your wealth in precious metals. Check out asset allocation for you investment portfolio. You might want to see a financial advisor as well. Fidelity will meet you for free.

quote:

---

Originally posted by article
One of the advantages of an IRA is having access to a wide range of investments, often more extensive than 401(k)s. Many IRAs allow you to choose from individual securities, such as stocks, bonds, certificates of deposit (CDs), mutual funds, exchange-traded funds (ETFs), or a "single-fund" option, where the asset allocation is done for you.

Buying and selling in an IRA vs. in a taxable account
In addition to an IRA, you may have or may be considering a taxable brokerage account for investing. Investing as much as you can through IRAs has a few advantages:
Trading investments in an IRA offers an important advantage over a taxable account-you'll defer taxes on your gains within an IRA until you take withdrawals (when you could be in a lower tax bracket).
Typically for both Roth and Traditional IRAs, most transactions within the accounts, including capital gains, dividends, and interest, incur no immediate tax liability, making them tax-advantaged ways to build assets.

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Choosing Investments for Your IRA

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quote:

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Originally posted by KingHillBilly
I respect players like Chayliss

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quote:

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Originally posted by Fast Luck
Top quality trolling Chayliss. Hat tip to you

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quote:

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Originally posted by Sparkz102
also in this post - special shout out to my boy chay

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The penalty is 10%, in additional to standard income taxes. The tax bracket used is your standard income + 401k distribution amount. For the 25% tax bracket that would be 40% total taxes. Figure 43% if you income + distribution is between $89,350 and $186,350.

25% federal tax rate(income + 401k = $36,900 to $89,350)
10% penalty
3.4% Indiana income tax
1.16% county taxes?
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40% taxes

So if you are taking out $50k, $20k would be eaten up by taxes, and you would get $30k.

That's assuming your plan even allows early distribution. You might want to check with your HR department for details. There are some exceptions to the 10% penalty such as medical bills. But you would still have to pay regular income taxes. If you just need cash for a short term emergency, you might be better off taking out a loan from your 401k. There are no tax penalties for a loan, and the only interest you pay is to yourself.

Needless to say, this should only be done in an emergency. Not because you fear the economy is going to collapse or you see a better investment.
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