Should I Cash Out My 401K to Pay For a Car?

Should I Cash Out My 401K to Pay For a Car?

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[gmc]

I would never withdraw from a retirement account to pay off debt because once you do it, you're more likely to do it again (and again) in the future. It's better to punish yourself for getting into debt by reducing your lifestyle than using a workaround.

[j.mney]

Cash out an appreciating asset for a depreciating asset? Bad plan….

[Patiomcl]

when it seems like everyone is driving a nice truck, just remember most of them are fools and it's all debt

[wtk]

This is one you clicked on just to see if Dave rants. Admit it. Lol

[Gus_Chiggins]

Yo you gotta act like the 401k and IRA isn’t there people

[bluegillmich]

I just Knew this time, ,Dave was going to say ' Go Ahead ' and do your plan.. automobiles are a great financial investment----

[jblue]

Dave speaks from rightly earned wisdom and experience!!!!

[TheDjcarter]

I owe $19k on a truck...my husband makes $24K and I make $7k per year....smh. it is crazy to think most Americans are financially killing themselves to have a new shiny car in the driveway. They have no savings, college fund or retirement but are making $600/ month truck payments and can't figure out why they are paycheck to paycheck.

[devo]

I haven’t watched the video and the answer is NO!!!!

[samysamy]

The worst part is that ppl buy trucks but dont even use them for their intended purpose. Only for compensating.

[machelleking]

Stop telling people the cleaning business is easy and you make alot of money. It's hard work and more to it than you think. I make good money but between scheduling, keeping records, paying taxes, insurance and supplies, keeping everyone happy is exhausting!!!

[chrislanejones]

$300k a year for a handyman job. No way. They use the term "handyman" for someone that gets paid a low wage and needs to find a niche. They need to have proof of these people making this much money and not just yacking about it

[FrankS]

THIS is the reason why most people are in debt and unable to retire later in life

[Harperrr.]

Retirement is not an end, but a new beginning.Your dedication today will pave the way for a future filled with financial security and the freedom to pursue your passions.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..

[CruzzzControl]

Caller: I know this is bad idea. But can I still do it in my scenario?
Dave: What do you think genius?

[ripvanwinkle]

If she buys a 2000 dollar car I hope one of them has some mad automotive skills. The biggest problem seems to be income.

[FreeAgent]

I'm still trying to understand what made them think they could afford this truck only making 30k a year. What was going through their minds when they were at that dealership??? Did they even check their budget at all before making their decision????

[betitos]

I havent seen a car for sale priced at $1k - $2k in looong time. Where do these cars exist Dave 🤔

[rodneyevans]

If you stop talking and listen, Dave will make your life so much easier!

[Benmoore]

What’s the point of even taking these calls? Everybody already knows the answer.