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Pulling about 11k out of my 401K :) Need help on a

This is a discussion on Pulling about 11k out of my 401K :) Need help on a within the LT1 forums, part of the Vehicle Specific category; Originally Posted by 35th-ANV-SS I can't believe no one has told the OP how pulling $11K out of his 401K ...

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    '02 White, '95 Black
    '02 Camaro B4C, '95 9C1

    Quote Originally Posted by 35th-ANV-SS View Post
    I can't believe no one has told the OP how pulling $11K out of his 401K for car parts is a DUMB idea!!!

    You are 26 yrs old. Taking out $11K now is going to take a big hit on your overall value later on.

    I personally would save up on my own until I could afford it. Don't mess with your retirement. That's my 2 cents.
    Ya know. . . I was thinking the same thing. It is really a dumb idea to take money from an appreciating asset and put it into a depreciating asset.

    Sit down and run the numbers on what $11K would be worth at an average of 8% per year for 25 years. Whatever number you come up with. . . That will be the true cost of this dumb ass motor upgrade you wanna do.

    And oh. . . Add the extra tax bite to that total too.

    UPDATE:

    Never mind. . . I ran the numbers for you. The future value of that $11K (25 years down the road) is:

    $80,741.94 !!! Now you can add the tax bite to that.

    Rip
    Last edited by Ripinator; 04-21-2010 at 09:18 AM.

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