getting pumped up!!!

i have been putting money into my 401k for the sole purpose of taking out a loan of 50% of what i put in to bag the mazda and more! i would just save the money but myself and the wife are very bad about saving money so this is really the best way. haha. the company i work for puts a total of 5% of the 8% i put into it. so far i have just about put 8 grand into it. as soon as it hits 10 grand....wooohooo. take out 5 g's and hooking it up!!! say what you want about taking money out of the 401k...i am sure someone will but i don't care. i am 25 yrs old and don't plan on retireing anytime soon, unless i win the lotto. so in a few months i will be turning the beater into a show stoppa! can't wait!

sounds cool! hope it all works out! but like you said, some one would say, so here goes (by no means trying to ruin your parade) they will tax the 5k that you take out, plus they will hit you with a penalty for early withdrawal....out of the 5k you'll do good to see 3k, plus there could be implications @ tax time too......check into it before you do it, it may be worth taking the money you withdraw & putting it in a cd or something for 6 mo. to a year to regain what you will loose....but deff don't take my word for it i am not money savy at all......

no man, i am not withdrawing it i am just taking a loan out. it is just like walking into a bank and taking a loan out only you are paying yourself back. whatever i take out i see all of it and there are no taxes on it. now if withdrew my entire 401k than you are 100% correct. but i am just taking a loan out. it actually works out real nice.

Guy at work done that to get his Tbird I think he took like 3g out and paid it back at 20 bucks a check

ah, i see said the blind man.....pardon my ignorance.....now it don't sound so bad at all! i wish i had a 401k to take some $$ out of....i would gladly pay to have mine on the road as it seems as if i'll never get off work long enough to get it done! in our union retirement "plan" we have to be in for 5 years to be fully invested (i'll be in 4 years working nov. 4) then you can't take any out until you have served 20 years....i think you can pull your money out if you become disabled, but with a huge penalty...

NYTRD-Start a self-directed IRA.U can have $ payroll deducted,it goes out pretax which means u dont have to pay tax on it upfront,u direct where and what kind of investments it goes into.Win-win.u pay tax when u take it out,hopefully when u r in a lower tax bracket.Ask at ur bank. BJ

That $5k will be a difference of about $200k+ by time you're ready to retire....just so you know

damn that sucks man. we are fully vested after 1 year and i just hit my year mark. but from what i hear about yours it is going to be a badass machine when you finally get it done. i am starting to think i will just take out 4k and do the wheels, bags, train horns, and little stuff. the most important thing is the bags though! i want this so bad...ever since high school, just never have been able to afford it until now.

thanks for the info bj, i'll deff look into it!!

maztang, i know the feeling, i've been wanting to "pimp my ride" since i was in h'school when i first got the truck, & two years ago finally started working on bringing it back from the dead (10 yr later)....i know how the mad doctor felt trying to give frankenstein life haha! very tru of what you said all the little stuff adds up.....when i first started i thought 5k would get mine to where i want it....to date (i figured it up a little while back) i've spent almost 10k, & i don't even have the motor, new hoses & mounts & other small things just to get the engine running once i get it back from the shop, trim pieces on the exterior & tonneau cover, interior stuff: carpet, door panels, & seats reupolstered, then i still have to get it painted......i figure at the least i'll have sunk close to 16k into it once its done......but it will be how i wanted it....just sux i haven't had time to work on it...all in do time!

And whats all this $401k for? retirement?