So I just got $400 from some expired 401k thing I had, and I'm looking for a way to blow it. I'm willing to drop another $400 out of pocket if it gets me something cool. Thoughts?
Yeah, a couple of old farts. Having a 7 week old sitting here wide awake makes you think about things a bit more.
haha- hey man i'm 26! speak for yourself
to the OP-in all seriousness, if you want to blow some cash on your truck, how about a cai, maf cal., short shifter, etc.?
i don't know, what do you want?
if you can't decide, set it aside for something bigger like a super charger and save up.
In the current times, I'd agree with the extra payment or the CD idea. To the OP: you do realize that cashing in a 401(k) will mean income tax plus a 10% penalty at the end of the year. I think you have like 3 month after cashing it to reverse the decision. That's what I would do. Assuming you are in the 25% bracket, then uncle Sam will take 35% of that $400 from you, that's $140, leaving you with only $260. Granted, not a huge amount, but why would you just basically throw away $140???
This purchase will cost you much more than you think. It's a purchase with a significant penalty. Never draw money out of an retirement account unless it saves your life our something like that.
Roll it over into an IRA, that's a 35% instant savings for you.
Ok, now I do sound boring as well.
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2006 DC short bed 6 spd 4x4 TRD off road. MB 72 16x8.5 with 275/70-16 Yokohama AT's. 5100's (front) set at 1.75". Leaf TSB & 1" blocks. Toyo front skid. Toyo Tube Steps. Weathertech floorliners. Coverking Seat Covers. GPS.
In the current times, I'd agree with the extra payment or the CD idea. To the OP: you do realize that cashing in a 401(k) will mean income tax plus a 10% penalty at the end of the year. I think you have like 3 month after cashing it to reverse the decision. That's what I would do. Assuming you are in the 25% bracket, then uncle Sam will take 35% of that $400 from you, that's $140, leaving you with only $260. Granted, not a huge amount, but why would you just basically through away $140???
This purchase will cost you much more than you think. It's a purchase with a significant penalty. Never draw money out of an retirement account unless it saves your life our something like that.
Roll it over into an IRA, that's a 35% instant savings for you.
Ok, now I do sound boring as well.
I didn't choose to do it, it was done by AIG who's shady as hell and they just decided one day that since I hadn't put anything into this account in over a year that I didn't need it anymore. Uncle Sam already took his cut. Only about $80. It was pretax in the first place, so that's what I would have lost if I got it as income anyways.
To everyone else: Thanks for the ideas. It's helping me narrow it down. I've got a lift, tires, shocks, fully built stereo system, and driving lights already. Now I'm thinking one of the following is the way to go:
1. Exhaust
2. Tint
3. Spinners (jk)
4. ARB Bumper (but I don't really want to lose my fogs)
5. I like the bed bar idea, but I have to be able to haul dirtbikes. Will it interfere?
How about voting on those? New ideas are also welcome.
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