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Techie Personal Finance Bootcamp
I help tech employees use their finances to create the life of their dreams by helping you take your financial confidence to the next level!Are you a tech employee who wants to learn how to better manage your finances?Working in tech you may experience extreme pay increases, which may allow you the ability to accomplish goals you've only dreamed of. However, if mismanaged, you can also find yourself stressed out and under pressure to increase your income in order to fit your lifestyle.The good news, is through education and a little bit of determination, you have the power to control your future and create your best life.Not only will we cover basic personal finance concepts, but we'll dive deep into tech specific benefits and issues that I regularly help my clients build strategies to maximize. (Examples: working for start ups, restricted stock units, stock options, and layoffs) Also, on a regular basis, I will have special guests that will highlight their stories with unique stories about their tech experiences.
Techie Personal Finance Bootcamp
Should You Cash Out Your 401(k) Retirement Account?
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Should You Cash Out Your 401(k) Retirement Account?
In this episode of Techie Personal Finance Bootcamp, we explore the critical question of whether you should withdraw from your 401k. We discuss common reasons for considering a withdrawal, such as emergencies and market fears, and highlight the financial downsides, including taxes and penalties. The episode also covers alternative solutions like 401 (k) loans and emphasizes the importance of informed decision-making to avoid long-term financial stress.
00:00 Intro
06:24 10% Penalty
07:04 Federal & State Income Taxes
08:27 Special ROTH Features To Avoid Penalty and Taxes
09:04 Less Resources, Less Time To Build It Back
11:53 401 (k) loan alternative
13:10 Different Exemption Rules To Be Aware Of
14:03 Separation after age 55
15:24 Home Equity Loan/ Line of Credit
17:20