Comments on: What Do You Think About This? http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/ My blog about life and getting out of debt. Tue, 06 Jan 2009 12:46:03 +0000 http://wordpress.org/?v=2.6.2 By: messy http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-60 messy Mon, 21 Apr 2008 16:26:01 +0000 http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-60 Thank you all so much for the comments. I'm still considering paying off all our debt with my husbands 401K. After we take the money, he'll still have approximately $400,000 in the account. We'd also have an additional $3,000 a month to save, invest or whatever. It's so appealing, we could stop struggling every month and not have to pinch pennies here and there. My husband makes a great money but we don't really see any of it because it all goes out in payments every month. Thank you all so much for the comments.

I’m still considering paying off all our debt with my husbands 401K. After we take the money, he’ll still have approximately $400,000 in the account. We’d also have an additional $3,000 a month to save, invest or whatever. It’s so appealing, we could stop struggling every month and not have to pinch pennies here and there. My husband makes a great money but we don’t really see any of it because it all goes out in payments every month.

]]> By: Chicky http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-59 Chicky Sun, 20 Apr 2008 02:24:03 +0000 http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-59 I know you want to get rid of CC debt as soon as possible that's why you are dipping in your 401K.However, most experts dont recommend this at all. Even though it is very appealing, if I were you I wouldnt touch it. If you continue making your payment every month as you do, slowly but surely you will win this war. I know you want to get rid of CC debt as soon as possible that’s why you are dipping in your 401K.However, most experts dont recommend this at all. Even though it is very appealing, if I were you I wouldnt touch it. If you continue making your payment every month as you do, slowly but surely you will win this war.

]]> By: David http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-58 David Sat, 19 Apr 2008 23:23:09 +0000 http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-58 I honestly like the idea. If your 401k is getting an average return of 5% but your debt's average interest is, say, 15% then your net loss is still 10%. If you used your savings to pay off your debt, then your net worth would turn sharply to the positive; not to mention that all your monthly payments to debt could now go to wealth. I honestly like the idea. If your 401k is getting an average return of 5% but your debt’s average interest is, say, 15% then your net loss is still 10%. If you used your savings to pay off your debt, then your net worth would turn sharply to the positive; not to mention that all your monthly payments to debt could now go to wealth.

]]> By: Christy http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-57 Christy Sat, 19 Apr 2008 22:05:26 +0000 http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-57 My DH says sell all those additional assets! You shouldnt have ATVs if you have $40,000 CC debt! My DH says sell all those additional assets! You shouldnt have ATVs if you have $40,000 CC debt!

]]> By: Christy http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-56 Christy Sat, 19 Apr 2008 22:01:31 +0000 http://mycrazydebt.com/2008/04/19/what-do-you-think-about-this/#comment-56 Get rid of the dump truck! Can you part with the broken tractor, a few chainsaws and the jeep? Not sure where you live, but Jeeps go for quite a bit where i am due to hunters and off road stuff. And since your DH is pretty close to retirement, I wouldnt touch the 401K. Do you have any retirement savings? If not, you will need the 401k for you both. No one said getting out of debt was easy. But just think of the reward once you are out of debt. Get rid of the dump truck!

Can you part with the broken tractor, a few chainsaws and the jeep? Not sure where you live, but Jeeps go for quite a bit where i am due to hunters and off road stuff.

And since your DH is pretty close to retirement, I wouldnt touch the 401K. Do you have any retirement savings? If not, you will need the 401k for you both.

No one said getting out of debt was easy. But just think of the reward once you are out of debt.

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